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CII IF1 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Contract and Agency Law | 9% | - Essentials of a valid contract - Law of agency and authority - Application to insurance contracts |
| Topic 2: UK Regulatory Framework | 12% | - Role of PRA and FCA - Authorisation and supervision - ICOBS rules and conduct standards - Insurance Distribution Directive (IDD) |
| Topic 3: Principle of Indemnity | 7% | - Exceptions to indemnity - Methods of providing indemnity - Meaning and purpose of indemnity - Average clause application |
| Topic 4: Principle of Utmost Good Faith | 11% | - Insurance Act 2015 provisions - Remedies for breach of duty - Duty of disclosure and representation |
| Topic 5: Principle of Insurable Interest | 5% | - Definition and legal basis - When insurable interest must exist - Application in different insurance types |
| Topic 6: Consumer Protection and Dispute Resolution | 8% | - Financial Services Compensation Scheme (FSCS) - Financial Ombudsman Service (FOS) - Complaints handling procedures - Consumer Insurance (Disclosure and Representations) Act 2012 |
| Topic 7: Contribution and Subrogation | 6% | - Right of contribution between insurers - Right of subrogation and its limits |
| Topic 8: Ethics and Professional Standards | 3% | - CII Code of Ethics - Application to insurance scenarios |
| Topic 9: Proximate Cause | 2% | - Definition and identification - Application to claims settlement |
| Topic 10: Compulsory Insurance and Legislation | 3% | - Key relevant statutes - Statutory requirements for compulsory insurance |
| Topic 11: Nature and Structure of Insurance | 14% | - Purpose and benefits of insurance - Classification of insurance business - Participants in the insurance market - Market structures and distribution channels |
| Topic 12: Risk and Insurance | 10% | - Risk management and control methods - Features of insurable risk - Concepts of risk and types of risk |
CII Insurance Legal and Regulatory (IF1) Sample Questions:
1. A Terms of Business Agreement between an insurer and an intermediary sets out the
A) framework for the commercial relationship, which defines and allocates the respective responsibilities and rights to each party.
B) disaster recovery procedures to apply if there is a major disaster affecting the insurer.
C) agreed claims procedures as stated in the Insurance: Conduct of Business sourcebook (ICOBS).
D) criteria to apply when reporting suspicious incidents to the Money Laundering Reporting Officer.
2. The Financial Services Compensation Scheme was established to help policyholders in the event of
A) unreasonable policy terms and conditions.
B) fraud perpetrated by an insurance broker.
C) the financial failure of an insurance company.
D) the repudiation of liability by an insurer.
3. What legally recognised financial relationship must exist, between a policyholder and the items being insured, to constitute a valid household contents insurance policy?
A) Insurable interest.
B) Risk indemnity.
C) Vicarious liability.
D) Delegated authority.
4. How would an insurer's portfolio of motor claims be shown in terms of frequency and severity?
A) High frequency, low severity.
B) Low frequency, high seventy.
C) High frequency, high seventy.
D) Low frequency, low seventy.
5. A Terms of Business Agreement between an insurer and an intermediary will normally state that the insurer will deal with the policyholder
A) via the intermediary.
B) only when collecting premiums.
C) on a direct basis,
D) outside normal business hours,
Solutions:
| Question # 1 Answer: A | Question # 2 Answer: C | Question # 3 Answer: A | Question # 4 Answer: A | Question # 5 Answer: A |
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