CII IF1 Insurance Legal and Regulatory (IF1) Exam Online Training
CII IF1 Online Training
The questions for IF1 were last updated at Apr 17,2024.
- Exam Code: IF1
- Exam Name: Insurance Legal and Regulatory (IF1) Exam
- Certification Provider: CII
- Latest update: Apr 17,2024
To whom, if anyone, can an agent normally delegate the responsibility imposed on net under an agency agreement?
- A . The agent cannot delegate her responsibility.
- B . To suitably experienced individuals only.
- C . To suitably qualified individuals only.
- D . To anyone able to fulfil the duties.
Which key test for money laundering is defined under the Proceeds of Crime Act 2002?
- A . Criminal record.
- B . Criminal lifestyle.
- C . Criminal possession.
- D . Criminal intelligence.
Barbara owns a factory employing 20 people.
What insurance is she required to hold by law?
- A . Public liability insurance.
- B . Products liability insurance.
- C . Professional indemnity insurance.
- D . Employers’ liability insurance.
A loss adjuster normally acts on behalf of the
- A . insured.
- B . insurer.
- C . Financial Ombudsman Service.
- D . Financial Services Compensation Scheme.
A Terms of Business Agreement between an insurer and an intermediary sets out the
- A . agreed claims procedures as stated in the Insurance: Conduct of Business sourcebook (ICOBS).
- B . criteria to apply when reporting suspicious incidents to the Money Laundering Reporting Officer.
- C . framework for the commercial relationship, which defines and allocates the respective responsibilities and rights to each party.
- D . disaster recovery procedures to apply if there is a major disaster affecting the insurer.
Joel buys a house in a flood plain, but it has NOT flooded for 10 years.
In purchasing insurance, Joel is managing what element of risk?
- A . Uncertainty.
- B . Statutory requirements.
- C . Frequency.
- D . Certainty.
Harry owns a sports car valued at £1.000 and agrees to sell it to Ben for £500.
Ben discusses this with his solicitor who states the contract is
- A . unenforceable as the consideration is inadequate.
- B . enforceable as consideration does not need to be adequate.
- C . enforceable but only if Harry does not refute the contract within six months of the contract date.
- D . unenforceable unless Harry signs a disclaimer acknowledging the consideration as acceptable.
It is important to ensure the fair treatment of customers in order to comply with rules set by the
- A . British Insurance Brokers’ Association.
- B . Association of British Insurers.
- C . Financial Conduct Authority.
- D . Chartered Insurance Institute.
The purpose of the EU solvency requirements for insurers and intermediaries is to
- A . create a standard format for the presentation of accounting data.
- B . introduce monitoring procedures by the Prudential Regulation Authority.
- C . provide authorisation to transact insurance business.
- D . strengthen the financial security of the insurer or intermediary.
If an insured signs an agreement with a hold harmless clause, this may prevent the insurer from
- A . disclosing details to a third party.
- B . reinsuring the risk.
- C . pursuing subrogation rights.
- D . increasing the premium.
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