"Insurance Legal and Regulatory (IF1) Exam", also known as IF1 exam, is a CII Certification. With the complete collection of questions and answers, BraindumpsPass has assembled to take you through 100 Q&As to your IF1 Exam preparation. In the IF1 exam resources, you will cover every field and category in Certificate in Insurance Certification helping to ready you for your successful CII Certification.
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Price: $69.98
Price: $69.98
Price: $69.98
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| Section | Weight | Objectives |
|---|---|---|
| Risk and Insurance | 10% | - Risk management and control methods - Features of insurable risk - Concepts of risk and types of risk |
| UK Regulatory Framework | 12% | - Role of PRA and FCA - Authorisation and supervision - ICOBS rules and conduct standards - Insurance Distribution Directive (IDD) |
| Nature and Structure of Insurance | 14% | - Purpose and benefits of insurance - Classification of insurance business - Participants in the insurance market - Market structures and distribution channels |
| Proximate Cause | 2% | - Application to claims settlement - Definition and identification |
| Consumer Protection and Dispute Resolution | 8% | - Complaints handling procedures - Financial Services Compensation Scheme (FSCS) - Consumer Insurance (Disclosure and Representations) Act 2012 - Financial Ombudsman Service (FOS) |
| Compulsory Insurance and Legislation | 3% | - Statutory requirements for compulsory insurance - Key relevant statutes |
| Contract and Agency Law | 9% | - Essentials of a valid contract - Application to insurance contracts - Law of agency and authority |
| Principle of Utmost Good Faith | 11% | - Remedies for breach of duty - Insurance Act 2015 provisions - Duty of disclosure and representation |
| Ethics and Professional Standards | 3% | - CII Code of Ethics - Application to insurance scenarios |
| Principle of Indemnity | 7% | - Exceptions to indemnity - Average clause application - Meaning and purpose of indemnity - Methods of providing indemnity |
| Principle of Insurable Interest | 5% | - When insurable interest must exist - Definition and legal basis - Application in different insurance types |
| Contribution and Subrogation | 6% | - Right of subrogation and its limits - Right of contribution between insurers |
1. When Susan applied for a new household contents insurance policy, she was obliged to disclose her extensive claims history. Such details are normally known as
A) warranties.
B) indemnity.
C) material circumstances.
D) contractual terms.
2. For which professional is professional indemnity insurance compulsory by statute?
A) A loss adjuster,
B) A chartered surveyor. .
C) A solicitor.
D) A loss assessor.
3. When should a direct insurer advise a policyholder in writing of its complaints-handling procedure, to comply with regulatory requirements?
A) At the lime of a claim.
B) At the time of the sale or immediately afterwards.
C) Within 30 days of cover being incepted.
D) Within 7 days of a complaint being made.
4. When a member of the Chartered Insurance Institute (CM) is dealing with a client, what specific guidance does the Code of Ethics give in relation to the member's knowledge and expertise?
A) The member must be qualified to a minimum of the CD's diploma qualification.
B) The member must provide the client with a copy of appropriate qualifications.
C) The member must notify the Cll of any shortcomings in his knowledge.
D) The member's knowledge and expertise must be kept up to date and relevant.
5. In a chain of events, the proximate cause of a loss is always the
A) only event which is not excluded by the terms of the policy.
B) only event contributing towards the loss.
C) dominant event leading to the loss.
D) last event before the loss occurs.
Solutions:
| Question # 1 Answer: C | Question # 2 Answer: C | Question # 3 Answer: B | Question # 4 Answer: D | Question # 5 Answer: C |
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