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CII Insurance Legal and Regulatory (IF1) : IF1 Exam

IF1 actual test
  • Exam Code: IF1
  • Exam Name: Insurance Legal and Regulatory (IF1) Exam
  • Updated: Sep 15, 2026
  • Q & A: 100 Questions and Answers
  • PDF Demo
  • PC Test Engine
  • Online Test Engine
  • Total Price: $59.99  

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CII IF1 Exam Syllabus Topics:

SectionObjectives
Insurance Market and Environment- Key participants and their roles (insurers, brokers, intermediaries)
- Structure of the UK insurance market
- Types of insurance products and services
Legal Principles Relevant to Insurance- Law of contract
  • 1. Terms of contract and breach
    • 2. Formation of contracts
      - Law of tort
      • 1. Negligence principles
        • 2. Duty of care and liability
          Agency and Insurance Practice- Principles of agency law
          - Authority and responsibilities of agents and brokers
          Insurance Principles and Practice- Claims handling and underwriting basics
          - Principles of insurance (insurable interest, utmost good faith, indemnity)
          Insurance Regulation and Compliance- Regulatory framework in the UK (FCA and PRA)
          - Ethics and professional standards
          - Conduct of business rules and consumer protection

          CII Insurance Legal and Regulatory (IF1) Sample Questions:

          Question #1

          What is the legal standing of the Charioted Insurance Institute's Code of Ethics?

          • A. It has full force of Jaw except where overridden by pre-existing Acts.
          • B. It does not have the force of law.
          • C. It is to be applied in conjunction with existing Acts.
          • D. It has full stand-alone legal recognition.
          Reveal Solution  Discussion  0

          Correct Answer: B  🗳️

          Question #2

          What type of organisation is the British Insurance Brokers' Association?

          • A. A public limited company.
          • B. An educational body.
          • C. A trade body.
          • D. A specialist regulator.
          Reveal Solution  Discussion  0

          Correct Answer: C  🗳️

          Question #3

          The website of an insurer must include the company's registered name, trading address, contact details and regulator. This is in accordance with rules enforced by the

          • A. Advertising Standards Authority.
          • B. Financial Ombudsman Service.
          • C. Competition and Markets Authority.
          • D. Prudential Regulation Authority.
          Reveal Solution  Discussion  0

          Correct Answer: B  🗳️

          Question #4

          If an insurer invokes the cancellation clause to cancel a policy mid-year due to a change in the risk, how much of the premium, if anything, is normally returned to the policyholder?

          • A. None of the premium.
          • B. The full year's premium less a fixed nominal charge.
          • C. The full year's premium.
          • D. A pro rata amount.
          Reveal Solution  Discussion  0

          Correct Answer: B  🗳️

          Question #5

          When an insurer is aware that the total value of stock is more than the sum insured and issues a policy on this basis, this is known as

          • A. a real statement.
          • B. a first loss policy.
          • C. a new for old policy.
          • D. an indemnity policy.
          Reveal Solution  Discussion  0

          Correct Answer: B  🗳️

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