CII IF3 study plan

Outline the core principles of insurance law, including insurable interest, indemnity, utmost good faith, and proximate cause, and explain how each applies to a simple policy scenario.

Summarize the main provisions of the Insurance Act 2015 and the Consumer Insurance (Disclosure and Representations) Act 2012, noting the key differences between consumer and commercial disclosure duties.

Explain the regulatory architecture: the roles of the PRA and FCA, the Financial Services and Markets Act 2000, and how Solvency UK (formerly Solvency II) shapes capital and governance requirements.

Define key contract law concepts (offer, acceptance, consideration, intention to create legal relations) and illustrate how they map onto the formation of an insurance contract.

Distinguish between warranties, conditions, and representations in insurance contracts, and explain the remedies available for breach under the Insurance Act 2015.

Analyze the proposal process: explain the roles of the proposal form, statement of fact, and declaration, and identify common pitfalls that lead to disputes.

Describe the rules on fair presentation of risk for commercial clients, including what constitutes a material circumstance and how to avoid non-disclosure.

Apply the concept of proximate cause to a chain of events and determine whether a loss is covered under a specimen policy wording.

Deconstruct the anatomy of an insurance policy: recitals, operative clause, exclusions, conditions, and definitions, and explain the function of each section.

Explain the claims handling process from notification to settlement, including the roles of loss adjusters, subrogation, and contribution.

Identify the main types of policy terms that limit or condition cover (e.g., excess, deductible, average, condition precedent) and explain their effect on claims.

Summarize the principles of subrogation and contribution, and apply them to a scenario involving multiple insurers.

Explain the FCA's statutory objectives and the PRA's role in prudential regulation, and describe how they coordinate under the Financial Services and Markets Act 2000.

Outline the FCA's conduct rules for insurance firms, including the fair treatment of customers (TCF) and the Consumer Duty, and explain how these are enforced.

Describe the regulatory framework for insurance distribution, including the Insurance Distribution Directive (IDD) and the role of the Financial Ombudsman Service.

Identify the key requirements for complaints handling and the reporting obligations under the FCA's rules (e.g., DISP, SUP).

Explain the agency relationship in insurance: the roles of the agent, the principal, and the duties of disclosure and loyalty, and how these affect contract formation.

Compare the roles of insurance brokers, agents, and intermediaries, and describe the regulatory permissions required for each under the FCA regime.

Outline the market practices for placing risks, including the roles of Lloyd's, the London market, and company markets, and how intermediaries interact with them.

Describe the obligations of intermediaries under the Insurance Distribution Directive, including demands-and-needs assessments and product disclosure.

Review the legal and regulatory principles covered in weeks 1–5 and identify at least three areas of weakness to target in revision.

Explain the concept of vicarious liability and how it applies to insurers and intermediaries in the context of delegated authority.

Describe the main provisions of the Financial Services Act 2012 and the Senior Managers and Certification Regime (SM&CR), and how they affect individual accountability.

Analyze a case study of a regulatory enforcement action and identify the conduct failures and the lessons for insurance practitioners.

Synthesize the contract law and conduct of business rules by explaining how the fair treatment of customers applies at each stage of the product lifecycle.

Evaluate the impact of the Consumer Duty on product design, pricing, and claims handling, and identify the key outcomes firms must deliver.

Apply the rules on disclosure and fair presentation to a consumer scenario, and explain the remedies available for breach.

Explain the role of the Financial Ombudsman Service in resolving disputes and how its decisions influence industry practice.

Complete a full timed mock examination under exam conditions and self-mark against the official marking scheme.

Review all incorrect answers and create a list of at least 10 specific knowledge gaps, with a plan to address each before the exam.

Recite the key legal tests and regulatory rules from memory, using flashcards or a summary sheet, to reinforce retention.

Practice at least two essay-style questions, focusing on structure, use of authority, and time management.