Insurance Legal and Regulatory (IF1) Exam IF1 exam torrent materials
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CII IF1 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Ethics and Professional Standards | 3% | - CII Code of Ethics - Application to insurance scenarios |
| Contract and Agency Law | 9% | - Application to insurance contracts - Law of agency and authority - Essentials of a valid contract |
| UK Regulatory Framework | 12% | - Insurance Distribution Directive (IDD) - Authorisation and supervision - ICOBS rules and conduct standards - Role of PRA and FCA |
| Principle of Utmost Good Faith | 11% | - Remedies for breach of duty - Insurance Act 2015 provisions - Duty of disclosure and representation |
| Principle of Insurable Interest | 5% | - Application in different insurance types - When insurable interest must exist - Definition and legal basis |
| Consumer Protection and Dispute Resolution | 8% | - Financial Ombudsman Service (FOS) - Consumer Insurance (Disclosure and Representations) Act 2012 - Financial Services Compensation Scheme (FSCS) - Complaints handling procedures |
| Compulsory Insurance and Legislation | 3% | - Key relevant statutes - Statutory requirements for compulsory insurance |
| Contribution and Subrogation | 6% | - Right of subrogation and its limits - Right of contribution between insurers |
| Proximate Cause | 2% | - Definition and identification - Application to claims settlement |
| Nature and Structure of Insurance | 14% | - Classification of insurance business - Participants in the insurance market - Market structures and distribution channels - Purpose and benefits of insurance |
| 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 - Concepts of risk and types of risk - Risk management and control methods |
CII Insurance Legal and Regulatory (IF1) Sample Questions:
1. An owner of a building reduces its sum insured from £1,000.000 lo £500.000 to save premiums. A Tire causes
£300,000 damage to the building. If the building has a reinstatement value of £750,000 and average is applied, how much will the insured receive in settlement?
A) £200.000
B) £300.000
C) £150.000
D) £500.000
2. John has a whole of life policy and has recently been diagnosed with cancer. When, if at all. must he disclose this to his insurer?
A) Immediately, but only if the diagnosis is terminal.
B) He does not need to disclose this.
C) Immediately, irrespective of prognosis.
D) At the date of the next premium payment.
3. It is important to ensure the fair treatment of customers in order to comply with rules set by the
A) Association of British Insurers.
B) Financial Conduct Authority.
C) Chartered Insurance Institute.
D) British Insurance Brokers' Association.
4. An agent, acting outside the terms of her agency agreement, binds her principal to a contract with a third party who has reason to believe that the agent can act in that capacity. On what basis, if al all, is the principal bound by the agent's actions?
A) Not at all.
B) Apparent authority.
C) Necessity.
D) Consent.
5. Barbara owns a factory employing 20 people. What insurance is she required to hold by law?
A) Professional indemnity insurance.
B) Products liability insurance.
C) Employers' liability insurance.
D) Public liability insurance.
Solutions:
| Question # 1 Answer: A | Question # 2 Answer: B | Question # 3 Answer: B | Question # 4 Answer: B | Question # 5 Answer: C |
