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CII IF1 Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Professional and Ethical Standards | - Understand the CII Code of Ethics and apply principles to non-complex scenarios |
| Key Insurance Principles | - Understand the principles of contribution and subrogation - Understand the principle of good faith - Understand the doctrine of proximate cause - Understand the principle of indemnity |
| Regulation and Legal Requirements | - Know methods of preventing, handling and resolving consumer complaints - Understand main regulatory and legal requirements applicable to insurance business - Understand consumer protection and dispute resolution |
| 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 |
| Insurance Fundamentals | - Understand the main features of insurance - Know the structure and main features of the insurance market |
| Principles of Contract and Agency | - Understand contract and agency - Understand the principle of insurable interest |
CII Insurance Legal and Regulatory (IF1) Sample Questions:
Question #1
A broker collects premiums on behalf of an insurer and subsequently goes into liquidation. Various premiums are outstanding to the insurer, despite policyholders having paid the broker What action is the insurer most likely to take?
A. Offer a discounted premium payment to the policyholders.
B. Write to the liquidator to register the debt.
C. Cancel the policies from inception for non-payment.
D. Apply for a second payment from the policyholders.
Question #2
How would an employee benefit directly from her employer's business interruption insurance if its factory was forced to close temporarily due to flood damage?
A. By payment of an early retirement pension.
B. By compensation for loss of bonus.
C. By continuation of her wages.
D. By payment of a redundancy lump sum.
Question #3
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.
Question #4
John has a whole of life policy and has recently been diagnosed with cancer. When, if at all. must he disclose this to his insurer?
A. At the date of the next premium payment.
B. Immediately, irrespective of prognosis.
C. Immediately, but only if the diagnosis is terminal.
D. He does not need to disclose this.
Question #5
If a proposer has failed to fully answer a question on a proposal form, the insurer is deemed to have waived its rights to this information because it
A. did not request further information.
B. has statistics on similar risks.
C. should be able to underwrite the risk based on the information already provided.
D. does not have the right to ask the proposer for more information.
Solutions:
| Question #1 Answer: B | Question #2 Answer: C | Question #3 Answer: A | Question #4 Answer: D | Question #5 Answer: A |
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