CII IF1 Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Topic 1: Insurance Fundamentals | - Know the structure and main features of the insurance market - Understand the main features of insurance |
| Topic 2: Regulation and Legal Requirements | - Understand consumer protection and dispute resolution - Understand main regulatory and legal requirements applicable to insurance business - Know methods of preventing, handling and resolving consumer complaints |
| Topic 3: Key Insurance Principles | - Understand the doctrine of proximate cause - Understand the principle of indemnity - Understand the principles of contribution and subrogation - Understand the principle of good faith |
| Topic 4: Principles of Contract and Agency | - Understand contract and agency - Understand the principle of insurable interest |
| Topic 5: Risk and Risk Management | - Apply main features of risk and risk management to scenarios - Understand the nature and main features of risk within the insurance environment |
| Topic 6: Professional and Ethical Standards | - Understand the CII Code of Ethics and apply principles to non-complex scenarios |
CII Insurance Legal and Regulatory (IF1) Sample Questions:
1. A storm blew down the wall of a limber building. The failing wall broke electrical wiring, which short-circuited and the resultant sparks caused a fire. The lire brigade used water to put out the fire and the water caused damage to the unburnt contents. What is the proximate cause of the damage to the unburnt contents?
A) The falling wall.
B) The water damage.
C) The fire.
D) The storm.
2. 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) Wear and tear.
B) Brokerage.
C) Loss of interest.
D) An excess.
3. Under the regulator's training and competency rules, a general insurance employee carrying out a non-WiFID business activity
A) indefinitely.
B) for 20 years after the employee stops carrying out the activity.
C) for 3 years after the employee stops carrying out the activity.
D) for 10 years after the employee stops carrying out the activity.
4. The main function of an insurance broker is to
A) negotiate claims.
B) provide independent advice to clients.
C) introduce business lo a particular insurer.
D) act as the agent of the insurer.
5. The purpose of the EU solvency requirements for insurers and intermediaries is to
A) introduce monitoring procedures by the Prudential Regulation Authority.
B) create a standard format for the presentation of accounting data.
C) strengthen the financial security of the insurer or intermediary.
D) provide authorisation to transact insurance business.
Solutions:
| Question # 1 Answer: D | Question # 2 Answer: A | Question # 3 Answer: C | Question # 4 Answer: B | Question # 5 Answer: B |
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