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CII IF1 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Principle of Insurable Interest | 5% | - Application in different insurance types - When insurable interest must exist - Definition and legal basis |
| Topic 2: Risk and Insurance | 10% | - Concepts of risk and types of risk - Features of insurable risk - Risk management and control methods |
| Topic 3: Ethics and Professional Standards | 3% | - CII Code of Ethics - Application to insurance scenarios |
| Topic 4: Consumer Protection and Dispute Resolution | 8% | - Complaints handling procedures - Financial Services Compensation Scheme (FSCS) - Consumer Insurance (Disclosure and Representations) Act 2012 - Financial Ombudsman Service (FOS) |
| Topic 5: Proximate Cause | 2% | - Application to claims settlement - Definition and identification |
| Topic 6: Contract and Agency Law | 9% | - Essentials of a valid contract - Application to insurance contracts - Law of agency and authority |
| Topic 7: Compulsory Insurance and Legislation | 3% | - Statutory requirements for compulsory insurance - Key relevant statutes |
| Topic 8: Principle of Indemnity | 7% | - Average clause application - Meaning and purpose of indemnity - Exceptions to indemnity - Methods of providing indemnity |
| Topic 9: UK Regulatory Framework | 12% | - Authorisation and supervision - ICOBS rules and conduct standards - Role of PRA and FCA - Insurance Distribution Directive (IDD) |
| Topic 10: Contribution and Subrogation | 6% | - Right of contribution between insurers - Right of subrogation and its limits |
| Topic 11: Principle of Utmost Good Faith | 11% | - Insurance Act 2015 provisions - Remedies for breach of duty - Duty of disclosure and representation |
| Topic 12: Nature and Structure of Insurance | 14% | - Classification of insurance business - Purpose and benefits of insurance - Market structures and distribution channels - Participants in the insurance market |
CII Insurance Legal and Regulatory (IF1) Sample Questions:
When Susan applied for a new household contents insurance policy, she was obliged to disclose her extensive claims history. Such details are normally known as
- A. indemnity.
- B. warranties.
- C. contractual terms.
- D. material circumstances.
Correct Answer: D 🗳️
Under the Insurance: Conduct of Business sourcebook (ICOBS) on product disclosure, what information about the claims-handling process must an intermediary provide to a consumer?
- A. The policy number only.
- B. The number of days the settlement should take.
- C. The contact details of the insurer.
- D. The contact details of the loss adjuster used by the insurer.
Correct Answer: D 🗳️
Julie has cancelled her trip to tlaly as she has broken her leg. Which type of insurance policy is specifically designed to compensate Julie for any cancellation charges she has incurred?
- A. An income protection insurance policy.
- B. A travel insurance policy.
- C. A money insurance policy.
- D. A personal accident and sickness insurance policy.
Correct Answer: B 🗳️
What is the principal reason for which a proposer is asked by the insurer whether his car will be driven by anyone else?
- A. To establish whether insurable interest exists.
- B. It is a material circumstance.
- C. To enable a discount to be applied.
- D. To enable a loading to be applied.
Correct Answer: B 🗳️
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.
Correct Answer: C 🗳️
