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CII IF1 Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| 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 |
| Insurance Fundamentals | - Understand the main features of insurance - Know the structure and main features of the insurance market |
| Key Insurance Principles | - Understand the doctrine of proximate cause - Understand the principle of good faith - Understand the principle of indemnity - Understand the principles of contribution and subrogation |
| Principles of Contract and Agency | - Understand the principle of insurable interest - Understand contract and agency |
| Professional and Ethical Standards | - Understand the CII Code of Ethics and apply principles to non-complex scenarios |
| Risk and Risk Management | - Apply main features of risk and risk management to scenarios - Understand the nature and main features of risk within the insurance environment |
CII Insurance Legal and Regulatory (IF1) Sample Questions:
1. To whom, if anyone, can an agent normally delegate the responsibility imposed on net under an agency agreement?
A) The agent cannot delegate her responsibility.
B) To suitably qualified individuals only.
C) To anyone able to fulfil the duties.
D) To suitably experienced individuals only.
2. An intermediary needs to place a large properly risk, however the insurance company can only write 25% of the risk. What type of insurance arrangement would the intermediary require to complete the risk?
A) Coinsurance.
B) Self-insurance.
C) Reinsurance.
D) Dual insurance.
3. A firm of insurance brokers invite Stuart. an underwriter who handles its account, on a Caribbean cruise with his family. How should Stuart react to this invitation in order to comply with the Chartered Insurance Institute's Code of Ethics?
A) Accept on the basis that this is an accepted business practice.
B) Decline as this is against the Financial Ombudsman Service regulations.
C) Decline to avoid any suggestion he is being compromised.
D) Accept only on the basis that the cost is less than £1.000.
4. Peter currently has no penalty points on his driving licence, although he was convicted of a minor motoring offence eight years ago. Why does Peter NOT need to disclose this to his motor insurer?
A) It is information that would not influence an underwriter.
B) It represents a moral hazard.
C) It represents a physical hazard.
D) It is a spent conviction.
5. Under a coinsurance arrangement, who is ultimately responsible for payment of an agreed claim?
A) Each coinsurer for its own proportion only.
B) Each coinsurer for its own proportion, but also a share of any proportion unpaid due to the default of another coinsurer.
C) The intermediary.
D) The lead insurer.
Solutions:
| Question # 1 Answer: A | Question # 2 Answer: A | Question # 3 Answer: C | Question # 4 Answer: D | Question # 5 Answer: A |
