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CII M92 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Understand insurance business management | 12% | - Underwriting and claims processes - Business objectives and strategy - Operational activities and controls |
| Analyse business performance using financial ratios | 10% | - Interpretation and limitations of ratios - Solvency and liquidity measures - Profitability and efficiency ratios |
| Understand accounting principles and application | 18% | - Asset and liability recognition - Income, expenditure and profit measurement - Basic accounting concepts and standards |
| Case studies integrating all learning outcomes | 10% | |
| Understand the structure of the insurance industry | 10% | - Market distribution channels - Main sectors and participants - Regulatory framework and bodies |
| Understand roles and functions within insurance organisations | 8% | - Key departments and their interactions - Professional roles and responsibilities |
| Understand corporate governance principles | 12% | - Governance structures and responsibilities - Risk management frameworks - Compliance and ethical requirements |
| Understand insurance company accounts and standards | 10% | - Specific accounting rules for insurers - Statutory and regulatory reporting - Solvency and capital reporting |
| Understand financial strength of insurance companies | 10% | - Capital adequacy requirements - Rating agencies and financial assessments - Reserving and risk capital |
CII Insurance Business and Finance (IBF) Sample Questions:
Question 1
Joe should advise the Board that if the IT department is to fulfil its role within the company, it must do what?
A. Operate independently from business units
B. Maintain legacy systems without replacement
C. Make a proactive contribution to the development of business strategy
D. Focus exclusively on reducing IT costs
Question 2
The financial strength of an insurance company as measured by a ratings agency is always
A. a forward-looking forecast of premium growth.
B. an endorsement of the company's ethical culture.
C. a guarantee of the company's future stock price performance.
D. a measure of its ability to pay claims.
Question 3
The internal rate of return is most commonly used to measure the
A. viability of undertaking future projects.
B. solvency of the company.
C. technical premium rate.
D. net claims ratio.
Question 4
Where, if at all, must a statement from the chairman of the London office appear, in the annual report and accounts?
A. In the notes to the financial statements.
B. In the directors' report.
C. It is not required.
D. In the auditor's report.
Question 5
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. outsource all non-core functions.
B. make a proactive contribution to the development of business strategy.
C. report directly to the internal audit function.
D. operate entirely independently from day-to-day operations.
Solutions:
| Question 1 Answer: C | Question 2 Answer: D | Question 3 Answer: A | Question 4 Answer: C | Question 5 Answer: B |
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