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Insurance, Legal and Regulatory (IF1)

IF1 (15 CII credits – Certificate level)

Insurance, Legal and Regulatory (IF1) provides you with knowledge and understanding of the basic principles of insurance, including the main legal principles related to insurance contracts and insurance business and the key elements to protect consumers.

We look at the concept of risk, the different types of risk and how insurance acts as a risk transfer mechanism. It explores which risks are insurable, the main classes of insurance, risk management and how risks are controlled. This is now a major focus for insurance firms.

It considers the structure of the insurance market and information flows between those who provide products and services to clients.

You will gain an understanding of the nature of insurance, the operation of the insurance market, and some of the legal principles that apply to insurance contracts. The legal aspects of insurance are considered in relation to English law although some contracts may be subject to other jurisdictions, especially if they are designed to provide cover for risks in overseas territories.

We look at statutory regulation in the UK, examining the regulatory bodies Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA). We also look at the rules that govern the activities of general insurance firms, including their conduct when selling and administering general insurance contracts.

We review consumer protection mechanisms and examine the roles of the Financial Services Compensation Scheme (FSCS) and Financial Ombudsman Service (FOS).

Finally, we look at the ethical standards which apply to individuals operating in general insurance.

Building a successful career in insurance

This course is for you if you work in insurance or aspire for a rewarding career in insurance. Insurance, Legal and Regulatory (IF1) counts towards achieving the Certificate in Insurance.

Summary of learning outcomes:

  1. Understand the nature and main features of risk within the insurance environment.
  2. Know how to apply the main features of risk and risk management to a given set of circumstances.
  3. Understand the main features of insurance.
  4. Know the structure and main features of the insurance market.
  5. Understand contract and agency.
  6. Understand insurable interest and its place in insurance.
  7. Understand the principle of good faith.
  8. Understand the doctrine of proximate cause and its application to non-complex claims.
  9. Understand the principle of indemnity and how this is applied to contracts of insurance.
  10. Understand the principles of contribution and subrogation.
  11. Understand the main regulatory and legal requirements applicable to the transaction of insurance business
  12. Understand consumer protection and dispute resolution.
  13. Know the main methods of preventing, handling and resolving consumer complaints.
  14. Understand the CII Code of Ethics and be able to apply the principles to non-complex scenarios.

More information: 

Download 2020 syllabus (PDF)

Download 2020 exam guide (PDF)

Assessment:

  • 2-hour exam
  • 100 multiple choice questions
  • 70% nominal pass mark

Recommended study hours: 60

Prepare for success with Enrolment plus

Improve your chances of exam success with Enrolment plus and receive extra IF1 revision aids with your enrolment.

Save while you study: Members save £92 purchasing extra revision aids with Enrolment plus. Non-members save £102.

Printed and digital options

*** Click here for an important notice for international deliveries ***

By purchasing the ‘Printed and digital’ option, you will incur an additional charge for postage and packaging:

£7 per order: UK, Channel Isles, Isle of Man, Republic of Ireland, Malta and Gibraltar.

£15 per order: All other countries.

For more information on Digital-only options, please visit: 'Digital Only' FAQ's

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Enrolment plus – 2020 edition (applicable to exams sat 01 Jan 20 to 31 Dec 20)

Information Study text, exam entry and additional revision aids

  • Non-members £325.00
  • Members £243.00

Enrolment – 2020 edition (applicable to exams sat 01 Jan 20 to 31 Dec 20)

Information Study text and exam entry

  • Non-members £306.00
  • Members £230.00

Redeem exam voucher or book re-sit

Information Unit IF1 exam

Prices displayed apply to those who wish to purchase an exam re-sit. You can also book here if you have a valid exam voucher for which you will not be charged.

  • Non-members £122.00
  • Members £102.00

Revision aids – 2020 edition (applicable to exams sat 01 Jan 20 to 31 Dec 20)

Information Key facts booklet (Digital only)

  • Non-members £36.00
  • Members £31.00

Information Key facts booklet (Printed and digital)

  • Non-members £36.00
  • Members £31.00

Information Question pack

  • Non-members £36.00
  • Members £31.00

Information Learn online tutorial

  • Non-members £51.00
  • Members £46.00

Study text renewal

Information Update your study text to the next edition (Digital only)

  • Non-members £92.00
  • Members £65.00

Information Update your study text to the next edition (Printed and digital)

  • Non-members £92.00
  • Members £65.00