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CII IF1 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Nature and Structure of Insurance | 14% | - Purpose and benefits of insurance - Market structures and distribution channels - Participants in the insurance market - Classification of insurance business |
| UK Regulatory Framework | 12% | - ICOBS rules and conduct standards - Role of PRA and FCA - Insurance Distribution Directive (IDD) - Authorisation and supervision |
| Consumer Protection and Dispute Resolution | 8% | - Complaints handling procedures - Financial Services Compensation Scheme (FSCS) - Financial Ombudsman Service (FOS) - Consumer Insurance (Disclosure and Representations) Act 2012 |
| Proximate Cause | 2% | - Application to claims settlement - Definition and identification |
| Principle of Utmost Good Faith | 11% | - Remedies for breach of duty - Insurance Act 2015 provisions - Duty of disclosure and representation |
| Contribution and Subrogation | 6% | - Right of subrogation and its limits - Right of contribution between insurers |
| Ethics and Professional Standards | 3% | - CII Code of Ethics - Application to insurance scenarios |
| Principle of Indemnity | 7% | - Exceptions to indemnity - Meaning and purpose of indemnity - Methods of providing indemnity - Average clause application |
| Risk and Insurance | 10% | - Features of insurable risk - Risk management and control methods - Concepts of risk and types of risk |
| Contract and Agency Law | 9% | - Application to insurance contracts - Essentials of a valid contract - Law of agency and authority |
| Compulsory Insurance and Legislation | 3% | - Statutory requirements for compulsory insurance - Key relevant statutes |
| Principle of Insurable Interest | 5% | - Application in different insurance types - Definition and legal basis - When insurable interest must exist |
CII Insurance Legal and Regulatory (IF1) Sample Questions:
1. The capital requirements of insurers and intermediaries are set out by
A) Data Protection legislation.
B) Prudential Regulation Authority rules.
C) Proceeds of Crime Act 2002.
D) Money Laundering Regulations.
2. A loss adjuster normally acts on behalf of the
A) Financial Services Compensation Scheme.
B) insured.
C) insurer.
D) Financial Ombudsman Service.
3. What type of organisation is the British Insurance Brokers' Association?
A) An educational body.
B) A specialist regulator.
C) A trade body.
D) A public limited company.
4. How do an insurer's subrogation rights differ, if at all, between a theft policy and a personal accident policy?
A) Subrogation rights do not apply under either policy.
B) Subrogation rights apply under both policies.
C) Subrogation rights only apply under a personal accident policy.
D) Subrogation rights only apply under a theft policy.
5. The purpose of Insurance Premium Tax is to
A) fund the Association of British Insurers.
B) pay for flood defences.
C) reimburse for claims of insolvent insurers
D) raise revenue for the Government.
Solutions:
| Question # 1 Answer: B | Question # 2 Answer: C | Question # 3 Answer: C | Question # 4 Answer: D | Question # 5 Answer: D |
