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CII IF1 Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Topic 1: Professional and Ethical Standards | - Understand the CII Code of Ethics and apply principles to non-complex scenarios |
| Topic 2: Insurance Fundamentals | - Understand the main features of insurance - Know the structure and main features of the insurance market |
| Topic 3: Principles of Contract and Agency | - Understand contract and agency - Understand the principle of insurable interest |
| Topic 4: Regulation and Legal Requirements | - Understand main regulatory and legal requirements applicable to insurance business - Know methods of preventing, handling and resolving consumer complaints - Understand consumer protection and dispute resolution |
| Topic 5: Key Insurance Principles | - Understand the principles of contribution and subrogation - Understand the principle of indemnity - Understand the principle of good faith - Understand the doctrine of proximate cause |
| Topic 6: 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 |
CII Insurance Legal and Regulatory (IF1) Sample Questions:
Question #1
The purpose of Insurance Premium Tax is to
A. pay for flood defences.
B. raise revenue for the Government.
C. reimburse for claims of insolvent insurers
D. fund the Association of British Insurers.
Question #2
What are the other key components of risk apart from uncertainty?
A. Low severity losses and low frequency losses.
B. Financial losses and speculation.
C. The level of risk, peril and hazard.
D. Financial losses.
Question #3
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. Proximate cause.
B. Insurable interest.
C. Indemnity.
D. Good faith.
Question #4
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 be ignored in accordance with the provisions of the Rehabilitation of Offenders Act 1974.
B. They will be classed as relevant information and will affect the premium.
C. They will not be considered as this is not an underwriting factor in motor insurance risk assessment.
D. They will only be considered if Tom had a further speeding conviction in the last 12 months.
Question #5
What type of reduction is sometimes applied to the replacement cost of an item under an insurance policy claim in order to reflect the application of indemnity?
A. Brokerage.
B. Loss of interest.
C. An excess.
D. Wear and tear.
Solutions:
| Question #1 Correct Answer: B | Question #2 Correct Answer: C | Question #3 Correct Answer: B | Question #4 Correct Answer: A | Question #5 Correct Answer: D |
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