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CII IF1 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Contract and Agency Law | 9% | - Essentials of a valid contract - Application to insurance contracts - Law of agency and authority |
| Topic 2: Principle of Insurable Interest | 5% | - Application in different insurance types - When insurable interest must exist - Definition and legal basis |
| Topic 3: Principle of Indemnity | 7% | - Average clause application - Methods of providing indemnity - Exceptions to indemnity - Meaning and purpose of indemnity |
| Topic 4: Compulsory Insurance and Legislation | 3% | - Key relevant statutes - Statutory requirements for compulsory insurance |
| Topic 5: UK Regulatory Framework | 12% | - Insurance Distribution Directive (IDD) - ICOBS rules and conduct standards - Authorisation and supervision - Role of PRA and FCA |
| Topic 6: Consumer Protection and Dispute Resolution | 8% | - Consumer Insurance (Disclosure and Representations) Act 2012 - Financial Services Compensation Scheme (FSCS) - Financial Ombudsman Service (FOS) - Complaints handling procedures |
| Topic 7: Proximate Cause | 2% | - Definition and identification - Application to claims settlement |
| Topic 8: Principle of Utmost Good Faith | 11% | - Insurance Act 2015 provisions - Duty of disclosure and representation - Remedies for breach of duty |
| Topic 9: Ethics and Professional Standards | 3% | - Application to insurance scenarios - CII Code of Ethics |
| Topic 10: Nature and Structure of Insurance | 14% | - Participants in the insurance market - Purpose and benefits of insurance - Classification of insurance business - Market structures and distribution channels |
| Topic 11: Contribution and Subrogation | 6% | - Right of contribution between insurers - Right of subrogation and its limits |
| Topic 12: Risk and Insurance | 10% | - Concepts of risk and types of risk - Features of insurable risk - Risk management and control methods |
CII Insurance Legal and Regulatory (IF1) Sample Questions:
1. To whom, if anyone, can an agent normally delegate the responsibility imposed on net under an agency agreement?
A) To anyone able to fulfil the duties.
B) The agent cannot delegate her responsibility.
C) To suitably qualified individuals only.
D) To suitably experienced individuals only.
2. In accordance with the principle of good faith, which facts must a potential policyholder disclose to the insurer when applying for insurance?
A) Only those facts considered likely to reduce the cost of cover
B) Any facts which are in the public domain.
C) Any facts which are considered material to the risk.
D) Any facts of law.
3. Who can place business directly with a Lloyd's underwriter?
A) Lloyd's agents.
B) Members of the public.
C) Lloyd's brokers only.
D) Lloyd's brokers and other intermediaries.
4. The purpose of Insurance Premium Tax is to
A) reimburse for claims of insolvent insurers
B) fund the Association of British Insurers.
C) raise revenue for the Government.
D) pay for flood defences.
5. A loss adjuster normally acts on behalf of the
A) insured.
B) Financial Services Compensation Scheme.
C) insurer.
D) Financial Ombudsman Service.
Solutions:
| Question # 1 Answer: B | Question # 2 Answer: C | Question # 3 Answer: D | Question # 4 Answer: C | Question # 5 Answer: C |
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