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CII IF1 Exam Overview:
| Certification Vendor: | The Chartered Insurance Institute (CII) |
| Exam Name: | Insurance, Legal and Regulatory (IF1) |
| Exam Number: | IF1 |
| Available Languages: | English |
| Exam Duration: | 120 minutes |
| Real Exam Qty: | 100 |
| Exam Format: | Multiple Choice Questions (MCQs) |
| Related Certifications: | Certificate in Insurance Diploma in Insurance Advanced Diploma in Insurance |
| Passing Score: | 70% |
| Sample Questions: | CII IF1 Sample Questions |
| Exam Way: | Assessment entry includes an exam voucher valid for 18 months and is generally taken in person or via authorised testing centres |
| Official Syllabus URL: | https://www.cii.co.uk/learning/qualifications/unit-insurance-legal-and-regulatory-if1/ |
CII IF1 Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Topic 1: Professional and Ethical Standards | - Understand the CII Code of Ethics and apply principles to non-complex scenarios |
| Topic 2: Principles of Contract and Agency | - Understand the principle of insurable interest - Understand contract and agency |
| Topic 3: Key Insurance Principles | - Understand the principle of indemnity - Understand the principles of contribution and subrogation - Understand the doctrine of proximate cause - Understand the principle of good faith |
| Topic 4: Insurance Fundamentals | - Know the structure and main features of the insurance market - Understand the main features of insurance |
| Topic 5: Risk and Risk Management | - Understand the nature and main features of risk within the insurance environment - Apply main features of risk and risk management to scenarios |
| Topic 6: 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 |
CII Insurance Legal and Regulatory (IF1) Sample Questions:
1. Under the Insurance: Conduct of Business sourcebook (ICOBS) on product disclosure, what information about the claims-handling process must an intermediary provide to a consumer?
A) The number of days the settlement should take.
B) The contact details of the insurer.
C) The policy number only.
D) The contact details of the loss adjuster used by the insurer.
2. The principle of indemnity is the
A) placing of the insured, at expiry of a policy, in the same financial position as enjoyed at inception.
B) obligation of the insurer to pay all valid claims according to the terms and conditions of the policy.
C) placing of the insured, after a loss, in the same financial position as enjoyed immediately before the loss.
D) obligation of the insurer to provide a maximum sum insured or limit of liability.
3. Why is effective risk management important to an insurer?
A) It always reduces costs.
B) It increases the insurer's capacity.
C) It increases premium income.
D) It helps to reduce a company's loss exposure.
4. A Terms of Business Agreement between an insurer and an intermediary will normally state that the insurer will deal with the policyholder
A) outside normal business hours,
B) only when collecting premiums.
C) on a direct basis,
D) via the intermediary.
5. Barbara owns a factory employing 20 people. What insurance is she required to hold by law?
A) Employers' liability insurance.
B) Professional indemnity insurance.
C) Public liability insurance.
D) Products liability insurance.
Solutions:
| Question # 1 Answer: D | Question # 2 Answer: C | Question # 3 Answer: D | Question # 4 Answer: D | Question # 5 Answer: A |
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