Make success possible with our Latest and Unique Certificate in Insurance IF1 Practice Exam!
Name: Insurance Legal and Regulatory (IF1) Exam
Exam Code: IF1
Certification: Certificate in Insurance
Vendor: CII
Total Questions: 100
Last Updated: October 10, 2025
302 Satisfied Customers
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When a member of the Chartered Insurance Institute (CM) is dealing with a client, whatspecific guidance does the Code of Ethics give in relation to the member's knowledge andexpertise?
A. The member must be qualified to a minimum of the CD's diploma qualification.
B. The member must notify the Cll of any shortcomings in his knowledge.
C. The member's knowledge and expertise must be kept up to date and relevant.
D. The member must provide the client with a copy of appropriate qualifications.
ANSWER : C
A storm blew down the wall of a limber building. The failing wall broke electrical wiring,which short-circuited and the resultant sparks caused a fire. The lire brigade used water toput out the fire and the water caused damage to the unburnt contents. What is theproximate cause of the damage to the unburnt contents?
A. The falling wall.
B. The storm.
C. The fire.
D. The water damage.
ANSWER : B
When motor insurance is purchased directly with an insurer, what is usually the maindisadvantage to the policyholder in the event of a claim compared to purchasing indirectlythrough a different marketing channel?
A. There is no intermediary to provide assistance.
B. The risk of losing a no claims discount is greater.
C. The policy excess is higher.
D. A courtesy car is not available.
ANSWER : A
Joe is a broker who has become a Fellow of the Chattered Insurance Institute. If he wouldlike 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 ofBusiness sourcebook (ICOBS).
D. He must apply to the Prudential Regulation Authority.
ANSWER : B
A firm of insurance brokers invite Stuart. an underwriter who handles its account, on aCaribbean cruise with his family. How should Stuart react to this invitation in order tocomply with the Chartered Insurance Institute's Code of Ethics?
A. Accept only on the basis that the cost is less than £1.000.
B. Accept on the basis that this is an accepted business practice.
C. Decline to avoid any suggestion he is being compromised.
D. Decline as this is against the Financial Ombudsman Service regulations.
ANSWER : C
How do an insurer's subrogation rights differ, if at all, between a theft policy and a personalaccident policy?
A. Subrogation rights only apply under a theft policy.
B. Subrogation rights do not apply under either policy.
C. Subrogation rights only apply under a personal accident policy.
D. Subrogation rights apply under both policies.
ANSWER : A
It is important to ensure the fair treatment of customers in order to comply with rules set bythe
A. British Insurance Brokers' Association.
B. Association of British Insurers.
C. Financial Conduct Authority.
D. Chartered Insurance Institute.
ANSWER : C
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.
ANSWER : B
When an insurer is aware that the total value of stock is more than the sum insured andissues a policy on this basis, this is known as
A. a real statement.
B. a new for old policy.
C. a first loss policy.
D. an indemnity policy.
ANSWER : C
Under common law. when does the insured's duly of fair presentation cease with regard todeclarations that do NOT affect policy cover?
A. When the policy contract lakes effect.
B. When a claim is paid.
C. When a claim is submitted.
D. At renewal.
ANSWER : D
A risk control survey shows that premises proposed for insurance are in close proximity toa river with a history of flooding. The underwriter will consider this fact to be a
A. moral hazard.
B. physical hazard.
C. fundamental risk.
D. pure risk.
ANSWER : B
A house slatls to have subsidence problems due to the negligence of a cable-layingcompany. The owner of the house claims under his household buildings insurance policy.Which principle allows the insurer to recover from the cable-laying company?
A. Subrogation.
B. Assignment.
C. Contribution.
D. Salvage.
ANSWER : A
Reinsurance is usually purchased by the
A. intermediary.
B. insurer.
C. regulator.
D. insured.
ANSWER : B
Harry owns a sports car valued at £1.000 and agrees to sell it to Ben for £500. Bendiscusses 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 thecontract date.
D. unenforceable unless Harry signs a disclaimer acknowledging the consideration asacceptable.
ANSWER : B
Insurers and intermediaries are required to adhere to solvency requirements as stipulatedby the
A. Financial Services Compensation Scheme.
B. Financial Ombudsman Service.
C. Association of British Insurers.
D. European Union.
ANSWER : D
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