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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 |
| Real Exam Qty: | 100 |
| Exam Duration: | 120 minutes |
| Exam Format: | Multiple Choice Questions (MCQs) |
| Related Certifications: | Advanced Diploma in Insurance Certificate in Insurance Diploma in Insurance |
| Passing Score: | 70% |
| Available Languages: | English |
| 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 principle of good faith - Understand the principles of contribution and subrogation - Understand the doctrine of proximate cause |
| Topic 4: Regulation and Legal Requirements | - Understand consumer protection and dispute resolution - Know methods of preventing, handling and resolving consumer complaints - Understand main regulatory and legal requirements applicable to insurance business |
| Topic 5: 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 |
| Topic 6: Insurance Fundamentals | - Know the structure and main features of the insurance market - Understand the main features of insurance |
CII Insurance Legal and Regulatory (IF1) Sample Questions:
The principle of indemnity is the
- A. placing of the insured, after a loss, in the same financial position as enjoyed immediately before the loss.
- B. placing of the insured, at expiry of a policy, in the same financial position as enjoyed at inception.
- C. obligation of the insurer to pay all valid claims according to the terms and conditions of the policy.
- D. obligation of the insurer to provide a maximum sum insured or limit of liability.
Correct Answer: A 🗳️
Which typo of insurer is owned by multiple policyholders?
- A. A mutual insurer.
- B. A proprietary insurer.
- C. A composite insurer.
- D. A captive insurer.
Correct Answer: A 🗳️
A storm blew down the wall of a limber building. The failing wall broke electrical wiring, which short-circuited and the resultant sparks caused a fire. The lire brigade used water to put out the fire and the water caused damage to the unburnt contents. What is the proximate cause of the damage to the unburnt contents?
- A. The water damage.
- B. The falling wall.
- C. The storm.
- D. The fire.
Correct Answer: C 🗳️
Which professional body specialises in giving its members advice on the long-term management of assets and liabilities?
- A. The Chartered Institute of Loss Adjusters.
- B. The Institute and Faculty of Actuaries.
- C. The International Underwriting Association of London.
- D. The Lloyd's Market Association.
Correct Answer: B 🗳️
An investor is unable to obtain insurance to protect his potential losses while trading on the stock market because the category of risk is deemed to be
- A. particular.
- B. financial.
- C. speculative.
- D. pure.
Correct Answer: C 🗳️
By Isaac
