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CII IF1 Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Principles of Contract and Agency | - Understand the principle of insurable interest - Understand contract and agency |
| Regulation and Legal Requirements | - Know methods of preventing, handling and resolving consumer complaints - Understand consumer protection and dispute resolution - Understand main regulatory and legal requirements applicable to insurance business |
| Professional and Ethical Standards | - Understand the CII Code of Ethics and apply principles to non-complex scenarios |
| Insurance Fundamentals | - Know the structure and main features of the insurance market - Understand the main features of insurance |
| Key Insurance Principles | - Understand the principles of contribution and subrogation - Understand the principle of indemnity - Understand the doctrine of proximate cause - Understand the principle of good faith |
| 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 |
CII Insurance Legal and Regulatory (IF1) Sample Questions:
1. Who cedes business to a reinsurer?
A) The insured.
B) The agent.
C) The assessor.
D) The insurer.
2. Under the Consumer Rights Act 2015. a clause in a household insurance policy may be considered unfair if it
A) discriminates against one of the persons insured on the grounds of nationality, gender or sexual orientation only.
B) imposes unreasonable obligations on the insurer in terms of costs or expenses that must be paid in addition to the amount of any loss.
C) allows any party other than the insured to enforce the insurer's obligations under the policy.
D) causes a significant imbalance in the parties' rights and obligations arising under the contract, to the disadvantage of the insured.
3. What is the current rate of Insurance Premium Tax for a motor insurance policy?
A) 20%
B) 9.5%
C) 10%
D) 12%
4. A risk that is always insurable is a
A) fundamental risk.
B) pure risk.
C) speculative risk.
D) capital risk.
5. Sara searches on a comparison website for car insurance. She selects the cheapest quotation and pays by credit card for immediate cover. This is known as
A) unconditional acceptance.
B) a Terms of Business Agreement.
C) an offer.
D) conditional acceptance.
Solutions:
| Question # 1 Answer: D | Question # 2 Answer: D | Question # 3 Answer: D | Question # 4 Answer: B | Question # 5 Answer: A |
