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CII IF1 Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Topic 1: Regulation and Legal Requirements | - Understand main regulatory and legal requirements applicable to insurance business - Understand consumer protection and dispute resolution - Know methods of preventing, handling and resolving consumer complaints |
| Topic 2: Key Insurance Principles | - Understand the principles of contribution and subrogation - Understand the doctrine of proximate cause - Understand the principle of indemnity - Understand the principle of good faith |
| Topic 3: Professional and Ethical Standards | - Understand the CII Code of Ethics and apply principles to non-complex scenarios |
| Topic 4: Risk and Risk Management | - Understand the nature and main features of risk within the insurance environment - Apply main features of risk and risk management to scenarios |
| Topic 5: Insurance Fundamentals | - Know the structure and main features of the insurance market - Understand the main features of insurance |
| Topic 6: Principles of Contract and Agency | - Understand contract and agency - Understand the principle of insurable interest |
CII Insurance Legal and Regulatory (IF1) Sample Questions:
1. What legally recognised financial relationship must exist, between a policyholder and the items being insured, to constitute a valid household contents insurance policy?
A) Risk indemnity.
B) Vicarious liability.
C) Insurable interest.
D) Delegated authority.
2. When should a direct insurer advise a policyholder in writing of its complaints-handling procedure, to comply with regulatory requirements?
A) At the lime of a claim.
B) Within 7 days of a complaint being made.
C) Within 30 days of cover being incepted.
D) At the time of the sale or immediately afterwards.
3. When completing a proposal form, Tom declares that he has two spent speeding convictions. How, if at all, will the spent convictions affect an underwriter's decision to write the risk?
A) They will not be considered as this is not an underwriting factor in motor insurance risk assessment.
B) They will only be considered if Tom had a further speeding conviction in the last 12 months.
C) They will be ignored in accordance with the provisions of the Rehabilitation of Offenders Act 1974.
D) They will be classed as relevant information and will affect the premium.
4. Which distribution channel for household insurance is typically characterised by high advertising and promotional costs, with no payment of commission?
A) Lloyd's.
B) Independent brokers.
C) Direct insurers.
D) Appointed representatives.
5. A risk that is always insurable is a
A) capital risk.
B) speculative risk.
C) pure risk.
D) fundamental risk.
Solutions:
| Question # 1 Answer: C | Question # 2 Answer: D | Question # 3 Answer: C | Question # 4 Answer: C | Question # 5 Answer: C |
