CII IF1 Exam Questions : Insurance Legal and Regulatory (IF1) Exam

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CII IF1 Exam Syllabus Topics:

CII Insurance Legal and Regulatory (IF1) Sample Questions:

Question 1

Michael, an insurance company employee, strongly suspects that a recent transaction involved money laundering but decides NOT to report his suspicions to anyone. How is this treated under the current Money Laundering Regulations?

A. It is a disciplinary offence dealt with by the Money Laundering Joint Steering Committee.
B. It is a disciplinary offence under the Banking Code.
C. It is a criminal offence.
D. It is a civil offence.

Question 2

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. enforceable but only if Harry does not refute the contract within six months of the contract date.
B. enforceable as consideration does not need to be adequate.
C. unenforceable as the consideration is inadequate.
D. unenforceable unless Harry signs a disclaimer acknowledging the consideration as acceptable.

Question 3

How is Insurance Premium Tax collected within the UK?

A. By HM Revenue & Customs on the whole general account.
B. By the insurer on individual insurance contracts.
C. By the insurer on the whole general and life accounts.
D. By HM Revenue & Customs on individual insurance contracts.

Question 4

Self-insurance arises when a

A. policyholder decides to insure proportions of his property with different insurers.
B. number of insurers agree to collectively insure a particular risk in agreed proportions.
C. company decides to set aside a fund to pay losses that may occur.
D. policyholder finds that he has inadvertently taken out more than one policy covering the same risk.

Question 5

Insurers and intermediaries are required to adhere to solvency requirements as stipulated by the

A. Financial Services Compensation Scheme.
B. European Union.
C. Financial Ombudsman Service.
D. Association of British Insurers.

Solutions: