CII IF1 Insurance Legal and Regulatory (IF1) Exam Online Training
CII IF1 Online Training
The questions for IF1 were last updated at Nov 19,2024.
- Exam Code: IF1
- Exam Name: Insurance Legal and Regulatory (IF1) Exam
- Certification Provider: CII
- Latest update: Nov 19,2024
Joe is a broker who has become a Fellow of the Chattered Insurance Institute. If he would like to use the title Chartered Insurance Broker, what must he do. if anything?
- A . He must apply to the British Insurance Brokers’ Association.
- B . He must apply to the Chartered Insurance Institute.
- C . He cannot use the name as he would be in breach of the Insurance: Conduct of Business sourcebook (ICOBS).
- D . He must apply to the Prudential Regulation Authority.
In order for a contract to be legally enforceable, what further action is required after offer and acceptance?
- A . Exchange of consideration between the two parties.
- B . Witnessing by a third party.
- C . Delivery of goods or services concerned.
- D . Provision of written terms and conditions.
Under the Insurance: Conduct of Business sourcebook (ICOBS) on product disclosure, what information about the claims-handling process must an intermediary provide to a consumer?
- A . The policy number only.
- B . The number of days the settlement should take.
- C . The contact details of the insurer.
- D . The contact details of the loss adjuster used by the insurer.
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 . Wear and tear.
- B . An excess.
- C . Brokerage.
- D . Loss of interest.
Michael, an insurance company employee, strongly suspects that a recent transaction involved money laundering but decides NOT to report his suspicions to anyone.
How is this treated under the current Money Laundering Regulations?
- A . It is a disciplinary offence under the Banking Code.
- B . It is a civil offence.
- C . It is a criminal offence.
- D . It is a disciplinary offence dealt with by the Money Laundering Joint Steering Committee.
John wishes to insure his friend’s house.
Why would an insurer refuse to provide a quotation?
- A . His name is not on the mortgage.
- B . He does not have any subrogation rights.
- C . He does not live in the house.
- D . He does not have any insurable interest.
How does insurable interest arise, if at all. when an insurer arranges reinsurance?
- A . Insurable interest does not arise.
- B . Insurable interest is created by statute.
- C . The insurer is considered to have insurable interest by virtue of its liability to pay claims.
- D . The policyholder is considered to have assigned the insurable interest to the insurer.
Insurers and intermediaries are required to adhere to solvency requirements as stipulated by the
- A . Financial Services Compensation Scheme.
- B . Financial Ombudsman Service.
- C . Association of British Insurers.
- D . European Union.
What type of organisation is the British Insurance Brokers’ Association?
- A . A specialist regulator.
- B . A trade body.
- C . An educational body.
- D . A public limited company.
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 a redundancy lump sum.
- B . By continuation of her wages.
- C . By compensation for loss of bonus.
- D . By payment of an early retirement pension.
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