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CII M92 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Understand the structure of the insurance industry | 10% | - Main sectors and participants - Regulatory framework and bodies - Market distribution channels |
| Understand roles and functions within insurance organisations | 8% | - Professional roles and responsibilities - Key departments and their interactions |
| Understand insurance business management | 12% | - Business objectives and strategy - Underwriting and claims processes - Operational activities and controls |
| Understand corporate governance principles | 12% | - Compliance and ethical requirements - Risk management frameworks - Governance structures and responsibilities |
| Understand financial strength of insurance companies | 10% | - Reserving and risk capital - Rating agencies and financial assessments - Capital adequacy requirements |
| Analyse business performance using financial ratios | 10% | - Profitability and efficiency ratios - Interpretation and limitations of ratios - Solvency and liquidity measures |
| Understand accounting principles and application | 18% | - Income, expenditure and profit measurement - Asset and liability recognition - Basic accounting concepts and standards |
| Case studies integrating all learning outcomes | 10% | |
| Understand insurance company accounts and standards | 10% | - Statutory and regulatory reporting - Specific accounting rules for insurers - Solvency and capital reporting |
CII Insurance Business and Finance (IBF) Sample Questions:
1. At what level of information will the insurer's overall budget be categorised?
A) Operational
B) Tactical
C) Transactional
D) Strategic
2. What are an individual's rights Under the Data Protection Act concerning the right to have a copy of all records held on computer and paper concerning his motor insurance policy and its associated claims files.
A) He has no right to have a copy of any of the records held on him.
B) He has a right to a copy of all paper records only.
C) He has a right to a copy of computerised records only.
D) He has a right to a copy of all records on payment of a fee.
3. It has been deemed essential that the Information Technology (IT) department have a broad role, working closely with the business. If the IT department are to fulfil its role within the company, it must
A) operate entirely independently from day-to-day operations.
B) make a proactive contribution to the development of business strategy.
C) outsource all non-core functions.
D) report directly to the internal audit function.
4. What information must be used to calculate the return on equity?
A) Profit after tax and capital
B) Gross written premium and net income
C) Operating costs and investment income
D) Total assets and total liabilities
5. Where, if at all, must a statement from the chairman of the London office appear, in the annual report and accounts?
A) It is not required.
B) In the directors' report.
C) In the notes to the financial statements.
D) In the auditor's report.
Solutions:
| Question # 1 Answer: D | Question # 2 Answer: A | Question # 3 Answer: B | Question # 4 Answer: A | Question # 5 Answer: A |
