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CII M92 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Understand insurance business management | 12% | - Business objectives and strategy - Operational activities and controls - Underwriting and claims processes |
| Topic 2: Understand the structure of the insurance industry | 10% | - Main sectors and participants - Market distribution channels - Regulatory framework and bodies |
| Topic 3: Understand corporate governance principles | 12% | - Risk management frameworks - Governance structures and responsibilities - Compliance and ethical requirements |
| Topic 4: Understand accounting principles and application | 18% | - Basic accounting concepts and standards - Asset and liability recognition - Income, expenditure and profit measurement |
| Topic 5: Understand insurance company accounts and standards | 10% | - Solvency and capital reporting - Statutory and regulatory reporting - Specific accounting rules for insurers |
| Topic 6: Understand roles and functions within insurance organisations | 8% | - Key departments and their interactions - Professional roles and responsibilities |
| Topic 7: Understand financial strength of insurance companies | 10% | - Rating agencies and financial assessments - Capital adequacy requirements - Reserving and risk capital |
| Topic 8: Case studies integrating all learning outcomes | 10% | |
| Topic 9: Analyse business performance using financial ratios | 10% | - Interpretation and limitations of ratios - Profitability and efficiency ratios - Solvency and liquidity measures |
CII Insurance Business and Finance (IBF) Sample Questions:
Question 1
An insurance company uses the double-entry accounting principle for recording insurance transactions to reflect that it has what?
A. Reduced its equity by paying a dividend.
B. Earned an amount of income which is balanced by an increase in cash.
C. Increased its liabilities without a change in assets.
D. Received a payment for a claim.
Question 2
If a company were to outsource specialist-claims handling services and extend the current 30 day period of credit given to brokers was extended to 90 days then what would be the consequence?
A. Premium income will accelerate
B. Financial resources will be impaired
C. The solvency margin will immediately increase
D. The combined operating ratio will improve
Question 3
The company secretary has responsibility for keeping the statutory registers. Which is NOT an example of a statutory register?
A. Register of assets.
B. Register of directors.
C. Register of members (shareholders).
D. Register of directors' interests in shares.
Question 4
An insurer intends to assess its position via a use test, to comply with proposed changes in regulations. This forms part of the rules relating to
A. claims reserving.
B. capital adequacy.
C. anti-money laundering.
D. financial accounting standards.
Question 5
A business plan that focuses on the policies necessary over one to three years to implement key elements of strategy is called a[n]:
A. tactical plan.
B. operational plan.
C. contingency plan.
D. strategic plan.
Solutions:
| Question 1 Answer: B | Question 2 Answer: B | Question 3 Answer: A | Question 4 Answer: B | Question 5 Answer: A |
