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CII IF1 Exam Syllabus Topics:
| Section | Objectives |
| Topic 1: 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 2: Insurance Fundamentals | - Know the structure and main features of the insurance market
- Understand the main features of insurance
|
| Topic 3: Key Insurance Principles | - Understand the principles of contribution and subrogation
- Understand the doctrine of proximate cause
- Understand the principle of good faith
- Understand the principle of indemnity
|
| Topic 4: Principles of Contract and Agency | - Understand contract and agency
- Understand the principle of insurable interest
|
| Topic 5: Regulation and Legal Requirements | - Know methods of preventing, handling and resolving consumer complaints
- Understand consumer protection and dispute resolution
- Understand main regulatory and legal requirements applicable to insurance business
|
| Topic 6: Professional and Ethical Standards | - Understand the CII Code of Ethics and apply principles to non-complex scenarios
|
CII Insurance Legal and Regulatory (IF1) Sample Questions:
1. A house slatls to have subsidence problems due to the negligence of a cable-laying company. The owner of the house claims under his household buildings insurance policy. Which principle allows the insurer to recover from the cable-laying company?
A) Subrogation.
B) Assignment.
C) Salvage.
D) Contribution.
2. The requirement 10 notify the fitting of a more powerful engine under a motor insurance policy is an example of a policy wording modifying the principle of
A) subrogation.
B) contribution.
C) good faith.
D) indemnity.
3. The Principles for Business slate that all customers should be treated
A) to a minimum standard.
B) fairly.
C) with due respect.
D) equally.
4. What type of reduction is sometimes applied to the replacement cost of an item under an insurance policy claim in order to reflect the application of indemnity?
A) An excess.
B) Loss of interest.
C) Wear and tear.
D) Brokerage.
5. The principle of indemnity is the
A) obligation of the insurer to provide a maximum sum insured or limit of liability.
B) placing of the insured, at expiry of a policy, in the same financial position as enjoyed at inception.
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 pay all valid claims according to the terms and conditions of the policy.
Solutions:
Question # 1 Answer: A | Question # 2 Answer: C | Question # 3 Answer: B | Question # 4 Answer: C | Question # 5 Answer: C |