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| Section | Weight | Objectives |
|---|---|---|
| Principle of Insurable Interest | 5% | - Definition and legal basis - Application in different insurance types - When insurable interest must exist |
| Compulsory Insurance and Legislation | 3% | - Statutory requirements for compulsory insurance - Key relevant statutes |
| Proximate Cause | 2% | - Application to claims settlement - Definition and identification |
| Risk and Insurance | 10% | - Concepts of risk and types of risk - Features of insurable risk - Risk management and control methods |
| Contribution and Subrogation | 6% | - Right of subrogation and its limits - Right of contribution between insurers |
| Nature and Structure of Insurance | 14% | - Participants in the insurance market - Classification of insurance business - Market structures and distribution channels - Purpose and benefits of insurance |
| Ethics and Professional Standards | 3% | - Application to insurance scenarios - CII Code of Ethics |
| Principle of Utmost Good Faith | 11% | - Duty of disclosure and representation - Remedies for breach of duty - Insurance Act 2015 provisions |
| Principle of Indemnity | 7% | - Average clause application - Meaning and purpose of indemnity - Exceptions to indemnity - Methods of providing indemnity |
| Consumer Protection and Dispute Resolution | 8% | - Complaints handling procedures - Consumer Insurance (Disclosure and Representations) Act 2012 - Financial Services Compensation Scheme (FSCS) - Financial Ombudsman Service (FOS) |
| UK Regulatory Framework | 12% | - Role of PRA and FCA - Insurance Distribution Directive (IDD) - Authorisation and supervision - ICOBS rules and conduct standards |
| Contract and Agency Law | 9% | - Essentials of a valid contract - Application to insurance contracts - Law of agency and authority |
Who cedes business to a reinsurer?
Correct Answer: A π³οΈ
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?
Correct Answer: D π³οΈ
How is Insurance Premium Tax collected within the UK?
Correct Answer: C π³οΈ
What type of risk is a widespread natural disaster?
Correct Answer: D π³οΈ
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
Correct Answer: B π³οΈ
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