CII IF1 Valid Dump : Insurance Legal and Regulatory (IF1) Exam

IF1 real exams

Exam Code: IF1

Exam Name: Insurance Legal and Regulatory (IF1) Exam

Updated: Oct 25, 2026

Q & A: 100 Questions and Answers

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CII IF1 Exam Syllabus Topics:

SectionObjectives
Topic 1: Insurance Market and Environment- Structure of the UK insurance market
- Types of insurance products and services
- Key participants and their roles (insurers, brokers, intermediaries)
Topic 2: Legal Principles Relevant to Insurance- Law of tort
  • 1. Negligence principles
    • 2. Duty of care and liability
      - Law of contract
      • 1. Terms of contract and breach
        • 2. Formation of contracts
          Topic 3: Agency and Insurance Practice- Principles of agency law
          - Authority and responsibilities of agents and brokers
          Topic 4: Insurance Principles and Practice- Claims handling and underwriting basics
          - Principles of insurance (insurable interest, utmost good faith, indemnity)
          Topic 5: 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

          An intermediary needs to place a large properly risk, however the insurance company can only write 25% of the risk. What type of insurance arrangement would the intermediary require to complete the risk?

          • A. Self-insurance.
          • B. Reinsurance.
          • C. Coinsurance.
          • D. Dual insurance.
          Reveal Solution  Discussion  0

          Correct Answer: C  🗳️

          Question #2

          What type of risk is a widespread natural disaster?

          • A. A fundamental risk.
          • B. A speculative risk.
          • C. A pure risk.
          • D. A particular risk.
          Reveal Solution  Discussion  0

          Correct Answer: A  🗳️

          Question #3

          A firm of insurance brokers invite Stuart. an underwriter who handles its account, on a Caribbean cruise with his family. How should Stuart react to this invitation in order to comply with the Chartered Insurance Institute's Code of Ethics?

          • A. Decline as this is against the Financial Ombudsman Service regulations.
          • B. Decline to avoid any suggestion he is being compromised.
          • C. Accept on the basis that this is an accepted business practice.
          • D. Accept only on the basis that the cost is less than £1.000.
          Reveal Solution  Discussion  0

          Correct Answer: B  🗳️

          Question #4

          An insured is temporarily disabled due to illness and unable to work. During this period, what type of insurance policy will typically pay a weekly benefit for up to two years?

          • A. A personal accident and sickness insurance policy.
          • B. A medical expenses insurance policy.
          • C. A critical illness insurance policy.
          • D. An employers' liability insurance policy.
          Reveal Solution  Discussion  0

          Correct Answer: A  🗳️

          Question #5

          When Susan applied for a new household contents insurance policy, she was obliged to disclose her extensive claims history. Such details are normally known as

          • A. contractual terms.
          • B. material circumstances.
          • C. indemnity.
          • D. warranties.
          Reveal Solution  Discussion  0

          Correct Answer: B  🗳️

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