CII IF1 : Insurance Legal and Regulatory (IF1) Exam

IF1 real exams

Exam Code: IF1

Exam Name: Insurance Legal and Regulatory (IF1) Exam

Updated: Sep 03, 2025

Q & A: 100 Questions and Answers

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CII Insurance Legal and Regulatory (IF1) Sample Questions:

1. How would an insurer's portfolio of motor claims be shown in terms of frequency and severity?

A) High frequency, low severity.
B) Low frequency, high seventy.
C) High frequency, high seventy.
D) Low frequency, low seventy.


2. What type of risk is a widespread natural disaster?

A) A pure risk.
B) A particular risk.
C) A speculative risk.
D) A fundamental risk.


3. A broker collects premiums on behalf of an insurer and subsequently goes into liquidation. Various premiums are outstanding to the insurer, despite policyholders having paid the broker What action is the insurer most likely to take?

A) Offer a discounted premium payment to the policyholders.
B) Write to the liquidator to register the debt.
C) Apply for a second payment from the policyholders.
D) Cancel the policies from inception for non-payment.


4. The Financial Ombudsman Service will make a ruling on a dispute between

A) a private individual and an insurer.
B) an insurer and a reinsurer.
C) an insurance broker and an insurer.
D) a third party and the insurer against whom he is making a liability claim.


5. What are the other key components of risk apart from uncertainty?

A) Financial losses.
B) Financial losses and speculation.
C) Low severity losses and low frequency losses.
D) The level of risk, peril and hazard.


Solutions:

Question # 1
Answer: A
Question # 2
Answer: D
Question # 3
Answer: B
Question # 4
Answer: A
Question # 5
Answer: D

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