- Exam Code: IF1
- Exam Name: Insurance Legal and Regulatory (IF1) Exam
- Updated: Aug 14, 2026
- Q & A: 100 Questions and Answers
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| Section | Objectives |
|---|---|
| Topic 1: Professional and Ethical Standards | - Understand the CII Code of Ethics and apply principles to non-complex scenarios |
| Topic 2: 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 |
| Topic 3: Insurance Fundamentals | - Understand the main features of insurance - Know the structure and main features of the insurance market |
| Topic 4: Principles of Contract and Agency | - Understand contract and agency - Understand the principle of insurable interest |
| Topic 5: Key Insurance Principles | - Understand the principles of contribution and subrogation - Understand the doctrine of proximate cause - Understand the principle of indemnity - Understand the principle of good faith |
| Topic 6: Regulation and Legal Requirements | - Understand main regulatory and legal requirements applicable to insurance business - Understand consumer protection and dispute resolution - Know methods of preventing, handling and resolving consumer complaints |
1. Under the regulator's training and competency rules, a general insurance employee carrying out a non-WiFID business activity
A) for 10 years after the employee stops carrying out the activity.
B) indefinitely.
C) for 3 years after the employee stops carrying out the activity.
D) for 20 years after the employee stops carrying out the activity.
2. When motor insurance is purchased directly with an insurer, what is usually the main disadvantage to the policyholder in the event of a claim compared to purchasing indirectly through a different marketing channel?
A) The risk of losing a no claims discount is greater.
B) There is no intermediary to provide assistance.
C) The policy excess is higher.
D) A courtesy car is not available.
3. A retail customer CANNOT buy insurance directly from which type of insurer?
A) A direct insurer.
B) A mutual insurer.
C) A captive insurer.
D) A composite insurer.
4. Which professional body specialises in giving its members advice on the long-term management of assets and liabilities?
A) The International Underwriting Association of London.
B) The Chartered Institute of Loss Adjusters.
C) The Lloyd's Market Association.
D) The Institute and Faculty of Actuaries.
5. Which general rule does the Contracts (Rights of Third Parties) Act 1999 seek to modify?
A) Privity of contract.
B) Subrogation.
C) Good faith.
D) Contra proferentem.
Solutions:
| Question # 1 Answer: C | Question # 2 Answer: B | Question # 3 Answer: C | Question # 4 Answer: D | Question # 5 Answer: A |
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