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CII IF1 Exam Overview:
| Certification Vendor: | Chartered Insurance Institute (CII) |
|---|---|
| Exam Name: | Insurance, Legal and Regulatory Principles |
| Exam Number: | IF1 |
| Passing Score: | 70% |
| Exam Price: | Member: £115 / Non-member: £145 (approx. $145 / $183 USD, subject to change) |
| Exam Format: | Scenario-based, Multiple Choice Questions (MCQ) |
| Exam Duration: | 120 minutes |
| Related Certifications: | Advanced Diploma in Insurance Diploma in Insurance Certificate in Insurance |
| Real Exam Qty: | 100 |
| Available Languages: | English |
| Certificate Validity Period: | Unit credit does not expire; certification remains valid unless withdrawn |
| Recommended Training: | CII Study Text & RevisionMate CII Revision Courses |
| Exam Registration: | Official CII Registration |
| Sample Questions: | CII IF1 Sample Questions |
| Exam Way: | Computer-based test (CBT) at approved test centres or remote online invigilation |
| Pre Condition: | No formal prerequisites; open to all candidates, recommended for those new to insurance |
| Official Syllabus URL: | https://www.cii.co.uk/learning/qualifications/unit-insurance-legal-and-regulatory-if1/ |
CII IF1 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Proximate Cause | 2% | - Definition and identification - Application to claims settlement |
| Topic 2: UK Regulatory Framework | 12% | - Role of PRA and FCA - ICOBS rules and conduct standards - Authorisation and supervision - Insurance Distribution Directive (IDD) |
| Topic 3: Ethics and Professional Standards | 3% | - Application to insurance scenarios - CII Code of Ethics |
| Topic 4: Compulsory Insurance and Legislation | 3% | - Key relevant statutes - Statutory requirements for compulsory insurance |
| Topic 5: Contribution and Subrogation | 6% | - Right of subrogation and its limits - Right of contribution between insurers |
| Topic 6: Principle of Insurable Interest | 5% | - Definition and legal basis - Application in different insurance types - When insurable interest must exist |
| Topic 7: Principle of Utmost Good Faith | 11% | - Insurance Act 2015 provisions - Remedies for breach of duty - Duty of disclosure and representation |
| Topic 8: Contract and Agency Law | 9% | - Essentials of a valid contract - Application to insurance contracts - Law of agency and authority |
| Topic 9: Risk and Insurance | 10% | - Concepts of risk and types of risk - Features of insurable risk - Risk management and control methods |
| Topic 10: Consumer Protection and Dispute Resolution | 8% | - Financial Ombudsman Service (FOS) - Complaints handling procedures - Financial Services Compensation Scheme (FSCS) - Consumer Insurance (Disclosure and Representations) Act 2012 |
| Topic 11: Nature and Structure of Insurance | 14% | - Classification of insurance business - Participants in the insurance market - Purpose and benefits of insurance - Market structures and distribution channels |
| Topic 12: Principle of Indemnity | 7% | - Exceptions to indemnity - Average clause application - Meaning and purpose of indemnity - Methods of providing indemnity |
CII Insurance Legal and Regulatory (IF1) Sample Questions:
Question #1
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.
Correct Answer: D 🗳️
Question #2
Under the Consumer Rights Act 2015. a clause in a household insurance policy may be considered unfair if it
- A. causes a significant imbalance in the parties' rights and obligations arising under the contract, to the disadvantage of the insured.
- 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. discriminates against one of the persons insured on the grounds of nationality, gender or sexual orientation only.
- D. allows any party other than the insured to enforce the insurer's obligations under the policy.
Correct Answer: A 🗳️
Question #3
What is the basis of settlement under a new for old insurance policy if a television is stolen?
- A. The original cost, less wear and tear.
- B. The replacement cost in full.
- C. The original cost in full.
- D. The replacement cost, less wear and tear.
Correct Answer: D 🗳️
Question #4
Bye-laws are passed at the Lloyd's Market by the
- A. Lloyds Managing Agent.
- B. Lloyd's Market Association.
- C. Council of Lloyd's.
- D. Corporation of Lloyd's.
Correct Answer: C 🗳️
Question #5
Insurers and intermediaries are required to adhere to solvency requirements as stipulated by the
- A. Association of British Insurers.
- B. Financial Ombudsman Service.
- C. Financial Services Compensation Scheme.
- D. European Union.
Correct Answer: D 🗳️
By Gustave
