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CII IF1 Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Topic 1: Insurance Market and Environment | - Types of insurance products and services - Structure of the UK insurance market - Key participants and their roles (insurers, brokers, intermediaries) |
| Topic 2: Agency and Insurance Practice | - Authority and responsibilities of agents and brokers - Principles of agency law |
| Topic 3: Legal Principles Relevant to Insurance | - Law of tort
|
| Topic 4: Insurance Regulation and Compliance | - Conduct of business rules and consumer protection - Ethics and professional standards - Regulatory framework in the UK (FCA and PRA) |
| Topic 5: Insurance Principles and Practice | - Claims handling and underwriting basics - Principles of insurance (insurable interest, utmost good faith, indemnity) |
CII Insurance Legal and Regulatory (IF1) Sample Questions:
1. When motor insurance is purchased directly with an insurer, what is usually the main disadvantage to the policyholder in the event of a claim compared to purchasing indirectly through a different marketing channel?
A) The policy excess is higher.
B) A courtesy car is not available.
C) There is no intermediary to provide assistance.
D) The risk of losing a no claims discount is greater.
2. 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) placing of the insured, after a loss, in the same financial position as enjoyed immediately before the loss.
C) obligation of the insurer to provide a maximum sum insured or limit of liability.
D) placing of the insured, at expiry of a policy, in the same financial position as enjoyed at inception.
3. John wishes to insure his friend's house. Why would an insurer refuse to provide a quotation?
A) He does not live in the house.
B) He does not have any insurable interest.
C) He does not have any subrogation rights.
D) His name is not on the mortgage.
4. How does insurable interest arise, if at all. when an insurer arranges reinsurance?
A) The policyholder is considered to have assigned the insurable interest to the insurer.
B) Insurable interest does not arise.
C) Insurable interest is created by statute.
D) The insurer is considered to have insurable interest by virtue of its liability to pay claims.
5. The capital requirements of insurers and intermediaries are set out by
A) Prudential Regulation Authority rules.
B) Data Protection legislation.
C) Proceeds of Crime Act 2002.
D) Money Laundering Regulations.
Solutions:
| Question # 1 Answer: C | Question # 2 Answer: B | Question # 3 Answer: B | Question # 4 Answer: D | Question # 5 Answer: A |
