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CII IF1 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Principle of Utmost Good Faith | 11% | - Duty of disclosure and representation - Insurance Act 2015 provisions - Remedies for breach of duty |
| Topic 2: Principle of Insurable Interest | 5% | - Application in different insurance types - Definition and legal basis - When insurable interest must exist |
| Topic 3: Principle of Indemnity | 7% | - Average clause application - Exceptions to indemnity - Methods of providing indemnity - Meaning and purpose of indemnity |
| Topic 4: Contract and Agency Law | 9% | - Essentials of a valid contract - Application to insurance contracts - Law of agency and authority |
| Topic 5: Risk and Insurance | 10% | - Concepts of risk and types of risk - Risk management and control methods - Features of insurable risk |
| Topic 6: Ethics and Professional Standards | 3% | - Application to insurance scenarios - CII Code of Ethics |
| 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% | - ICOBS rules and conduct standards - Insurance Distribution Directive (IDD) - Authorisation and supervision - Role of PRA and FCA |
| Topic 9: Contribution and Subrogation | 6% | - Right of contribution between insurers - Right of subrogation and its limits |
| Topic 10: Compulsory Insurance and Legislation | 3% | - Key relevant statutes - Statutory requirements for compulsory insurance |
| Topic 11: Proximate Cause | 2% | - Application to claims settlement - Definition and identification |
| Topic 12: Consumer Protection and Dispute Resolution | 8% | - Consumer Insurance (Disclosure and Representations) Act 2012 - Financial Ombudsman Service (FOS) - Financial Services Compensation Scheme (FSCS) - Complaints handling procedures |
CII Insurance Legal and Regulatory (IF1) Sample Questions:
Michael, an insurance company employee, strongly suspects that a recent transaction involved money laundering but decides NOT to report his suspicions to anyone. How is this treated under the current Money Laundering Regulations?
- A. It is a criminal offence.
- B. It is a disciplinary offence under the Banking Code.
- C. It is a disciplinary offence dealt with by the Money Laundering Joint Steering Committee.
- D. It is a civil offence.
Correct Answer: C 🗳️
When an insurer is aware that the total value of stock is more than the sum insured and issues a policy on this basis, this is known as
- A. an indemnity policy.
- B. a first loss policy.
- C. a real statement.
- D. a new for old policy.
Correct Answer: B 🗳️
The accident record for a printworks show that for every one major injury, there have been 30 minor incidents and 900 non-injury events reported. How would major work injuries be classified in relation to frequency and severity?
- A. High frequency, high severity.
- B. Low frequency, high severity.
- C. Low frequency, low severity.
- D. High frequency, low severity.
Correct Answer: B 🗳️
Which key test for money laundering is defined under the Proceeds of Crime Act 2002?
- A. Criminal possession.
- B. Criminal lifestyle.
- C. Criminal intelligence.
- D. Criminal record.
Correct Answer: B 🗳️
Which typo of insurer is owned by multiple policyholders?
- A. A proprietary insurer.
- B. A mutual insurer.
- C. A captive insurer.
- D. A composite insurer.
Correct Answer: B 🗳️
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