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CII IF1 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Contract and Agency Law | 9% | - Law of agency and authority - Essentials of a valid contract - Application to insurance contracts |
| Ethics and Professional Standards | 3% | - Application to insurance scenarios - CII Code of Ethics |
| Proximate Cause | 2% | - Application to claims settlement - Definition and identification |
| Consumer Protection and Dispute Resolution | 8% | - Complaints handling procedures - Financial Services Compensation Scheme (FSCS) - Financial Ombudsman Service (FOS) - Consumer Insurance (Disclosure and Representations) Act 2012 |
| Contribution and Subrogation | 6% | - Right of subrogation and its limits - Right of contribution between insurers |
| Principle of Indemnity | 7% | - Methods of providing indemnity - Average clause application - Exceptions to indemnity - Meaning and purpose of indemnity |
| Risk and Insurance | 10% | - Features of insurable risk - Risk management and control methods - Concepts of risk and types of risk |
| Principle of Insurable Interest | 5% | - When insurable interest must exist - Definition and legal basis - Application in different insurance types |
| Compulsory Insurance and Legislation | 3% | - Statutory requirements for compulsory insurance - Key relevant statutes |
| Principle of Utmost Good Faith | 11% | - Remedies for breach of duty - Insurance Act 2015 provisions - Duty of disclosure and representation |
| UK Regulatory Framework | 12% | - Insurance Distribution Directive (IDD) - Authorisation and supervision - Role of PRA and FCA - ICOBS rules and conduct standards |
| Nature and Structure of Insurance | 14% | - Classification of insurance business - Market structures and distribution channels - Participants in the insurance market - Purpose and benefits of insurance |
CII Insurance Legal and Regulatory (IF1) Sample Questions:
What is the legal standing of the Charioted Insurance Institute's Code of Ethics?
- A. It has full stand-alone legal recognition.
- B. It has full force of Jaw except where overridden by pre-existing Acts.
- C. It does not have the force of law.
- D. It is to be applied in conjunction with existing Acts.
Correct Answer: C 🗳️
The principle of indemnity is the
- A. obligation of the insurer to pay all valid claims according to the terms and conditions of the policy.
- B. obligation of the insurer to provide a maximum sum insured or limit of liability.
- C. placing of the insured, after a loss, in the same financial position as enjoyed immediately before the loss.
- D. placing of the insured, at expiry of a policy, in the same financial position as enjoyed at inception.
Correct Answer: C 🗳️
For which professional is professional indemnity insurance compulsory by statute?
- A. A loss assessor.
- B. A solicitor.
- C. A loss adjuster,
- D. A chartered surveyor. .
Correct Answer: B 🗳️
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.
Correct Answer: B 🗳️
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. He does not need to disclose this.
- B. At the date of the next premium payment.
- C. Immediately, but only if the diagnosis is terminal.
- D. Immediately, irrespective of prognosis.
Correct Answer: A 🗳️
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