CII M92 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Understand accounting principles and application | 18% | - Asset and liability recognition - Basic accounting concepts and standards - Income, expenditure and profit measurement |
| Topic 2: Understand corporate governance principles | 12% | - Governance structures and responsibilities - Risk management frameworks - Compliance and ethical requirements |
| Topic 3: Analyse business performance using financial ratios | 10% | - Interpretation and limitations of ratios - Profitability and efficiency ratios - Solvency and liquidity measures |
| Topic 4: Understand roles and functions within insurance organisations | 8% | - Key departments and their interactions - Professional roles and responsibilities |
| Topic 5: Case studies integrating all learning outcomes | 10% | |
| Topic 6: Understand insurance business management | 12% | - Underwriting and claims processes - Operational activities and controls - Business objectives and strategy |
| Topic 7: Understand the structure of the insurance industry | 10% | - Main sectors and participants - Regulatory framework and bodies - Market distribution channels |
| Topic 8: Understand insurance company accounts and standards | 10% | - Solvency and capital reporting - Statutory and regulatory reporting - Specific accounting rules for insurers |
| Topic 9: Understand financial strength of insurance companies | 10% | - Reserving and risk capital - Rating agencies and financial assessments - Capital adequacy requirements |
CII Insurance Business and Finance (IBF) Sample Questions:
1. Which management style would it be best to adopt during a period of radical change?
A) Autocratic.
B) Democratic.
C) Laissez-faire.
D) Paternalistic.
2. Standard & Poor's has placed its rating for the insurer under Creditwatch with a developing flag. what does this mean for the current rating?
A) it may be raised, lowered or affirmed.
B) The rating is withdrawn completely.
C) It will definitely be upgraded.
D) It will definitely be downgraded.
3. Mark is the managing director and Steve is the finance director of a firm of insurance brokers. They should be aware that:
A) only the finance director holds statutory liability for the accounts.
B) only the managing director is responsible for filing accounts.
C) they are both responsible for the submission of their accounts to Companies House.
D) the company secretary has sole responsibility.
4. A balance sheet records a company's what?
A) Net financial position
B) Cash inflows and outflows
C) Profit or loss for the year
D) Budgetary variances
5. The financial strength of an insurance company as measured by a ratings agency is always
A) a guarantee of the company's future stock price performance.
B) a measure of its ability to pay claims.
C) an endorsement of the company's ethical culture.
D) a forward-looking forecast of premium growth.
Solutions:
| Question # 1 Answer: A | Question # 2 Answer: A | Question # 3 Answer: C | Question # 4 Answer: A | Question # 5 Answer: B |
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