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CII IF1 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Contribution and Subrogation | 6% | - Right of contribution between insurers - Right of subrogation and its limits |
| Topic 2: Consumer Protection and Dispute Resolution | 8% | - Financial Ombudsman Service (FOS) - Complaints handling procedures - Consumer Insurance (Disclosure and Representations) Act 2012 - Financial Services Compensation Scheme (FSCS) |
| Topic 3: Compulsory Insurance and Legislation | 3% | - Key relevant statutes - Statutory requirements for compulsory insurance |
| Topic 4: Ethics and Professional Standards | 3% | - CII Code of Ethics - Application to insurance scenarios |
| Topic 5: Nature and Structure of Insurance | 14% | - Market structures and distribution channels - Classification of insurance business - Purpose and benefits of insurance - Participants in the insurance market |
| Topic 6: Principle of Insurable Interest | 5% | - Definition and legal basis - When insurable interest must exist - Application in different insurance types |
| Topic 7: Risk and Insurance | 10% | - Features of insurable risk - Concepts of risk and types of risk - Risk management and control methods |
| Topic 8: Principle of Utmost Good Faith | 11% | - Duty of disclosure and representation - Insurance Act 2015 provisions - Remedies for breach of duty |
| Topic 9: UK Regulatory Framework | 12% | - Insurance Distribution Directive (IDD) - Role of PRA and FCA - ICOBS rules and conduct standards - Authorisation and supervision |
| Topic 10: Proximate Cause | 2% | - Application to claims settlement - Definition and identification |
| Topic 11: Contract and Agency Law | 9% | - Law of agency and authority - Application to insurance contracts - Essentials of a valid contract |
| Topic 12: Principle of Indemnity | 7% | - Methods of providing indemnity - Meaning and purpose of indemnity - Exceptions to indemnity - Average clause application |
CII Insurance Legal and Regulatory (IF1) Sample Questions:
1. How does insurable interest arise, if at all. when an insurer arranges reinsurance?
A) The policyholder is considered to have assigned the insurable interest to the insurer.
B) Insurable interest does not arise.
C) Insurable interest is created by statute.
D) The insurer is considered to have insurable interest by virtue of its liability to pay claims.
2. When motor insurance is purchased directly with an insurer, what is usually the main disadvantage to the policyholder in the event of a claim compared to purchasing indirectly through a different marketing channel?
A) The policy excess is higher.
B) A courtesy car is not available.
C) There is no intermediary to provide assistance.
D) The risk of losing a no claims discount is greater.
3. How would an insurer's portfolio of motor claims be shown in terms of frequency and severity?
A) Low frequency, high seventy.
B) Low frequency, low seventy.
C) High frequency, high seventy.
D) High frequency, low severity.
4. The Financial Ombudsman Service will make a ruling on a dispute between
A) a third party and the insurer against whom he is making a liability claim.
B) a private individual and an insurer.
C) an insurer and a reinsurer.
D) an insurance broker and an insurer.
5. What type of risk is a widespread natural disaster?
A) A pure risk.
B) A fundamental risk.
C) A particular risk.
D) A speculative risk.
Solutions:
| Question # 1 Answer: D | Question # 2 Answer: C | Question # 3 Answer: D | Question # 4 Answer: B | Question # 5 Answer: B |
