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CII IF1 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Principle of Insurable Interest | 5% | - Application in different insurance types - Definition and legal basis - When insurable interest must exist |
| Topic 2: Principle of Indemnity | 7% | - Meaning and purpose of indemnity - Exceptions to indemnity - Methods of providing indemnity - Average clause application |
| Topic 3: Ethics and Professional Standards | 3% | - Application to insurance scenarios - CII Code of Ethics |
| Topic 4: Contribution and Subrogation | 6% | - Right of subrogation and its limits - Right of contribution between insurers |
| Topic 5: Risk and Insurance | 10% | - Features of insurable risk - Concepts of risk and types of risk - Risk management and control methods |
| Topic 6: Proximate Cause | 2% | - Application to claims settlement - Definition and identification |
| Topic 7: Nature and Structure of Insurance | 14% | - Classification of insurance business - Participants in the insurance market - Purpose and benefits of insurance - Market structures and distribution channels |
| Topic 8: UK Regulatory Framework | 12% | - Insurance Distribution Directive (IDD) - ICOBS rules and conduct standards - Role of PRA and FCA - Authorisation and supervision |
| Topic 9: Principle of Utmost Good Faith | 11% | - Insurance Act 2015 provisions - Remedies for breach of duty - Duty of disclosure and representation |
| Topic 10: Contract and Agency Law | 9% | - Essentials of a valid contract - Application to insurance contracts - Law of agency and authority |
| Topic 11: Consumer Protection and Dispute Resolution | 8% | - Complaints handling procedures - Consumer Insurance (Disclosure and Representations) Act 2012 - Financial Ombudsman Service (FOS) - Financial Services Compensation Scheme (FSCS) |
| Topic 12: Compulsory Insurance and Legislation | 3% | - Statutory requirements for compulsory insurance - Key relevant statutes |
CII Insurance Legal and Regulatory (IF1) Sample Questions:
Insurers and intermediaries are required to adhere to solvency requirements as stipulated by the
- A. Association of British Insurers.
- B. European Union.
- C. Financial Ombudsman Service.
- D. Financial Services Compensation Scheme.
Which principle of insurance prevents a member of the public from taking out an insurance policy on the life of a celebrity in the hope of receiving a windfall on the celebrity's death?
- A. Insurable interest.
- B. Indemnity.
- C. Good faith.
- D. Proximate cause.
Under the Consumer Rights Act 2015. a clause in a household insurance policy may be considered unfair if it
- A. discriminates against one of the persons insured on the grounds of nationality, gender or sexual orientation only.
- B. causes a significant imbalance in the parties' rights and obligations arising under the contract, to the disadvantage of the insured.
- C. imposes unreasonable obligations on the insurer in terms of costs or expenses that must be paid in addition to the amount of any loss.
- D. allows any party other than the insured to enforce the insurer's obligations under the policy.
John wishes to insure his friend's house. Why would an insurer refuse to provide a quotation?
- A. He does not live in the house.
- B. He does not have any insurable interest.
- C. He does not have any subrogation rights.
- D. His name is not on the mortgage.
A broker collects premiums on behalf of an insurer and subsequently goes into liquidation. Various premiums are outstanding to the insurer, despite policyholders having paid the broker What action is the insurer most likely to take?
- A. Write to the liquidator to register the debt.
- B. Cancel the policies from inception for non-payment.
- C. Offer a discounted premium payment to the policyholders.
- D. Apply for a second payment from the policyholders.
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