Pass IF3 with 375 exam-realistic questions and feedback that tells you exactly what to fix.

About the IF3 exam

IF3 is the CII's underwriting unit within the Certificate in Insurance, taken by underwriters and by anyone whose work touches risk selection and pricing. The assessment is 75 multiple-choice questions in two hours, four options per question, no negative marking. Candidates are examined on the basis of English law and practice unless stated otherwise.

The unit spans eleven learning outcomes, so breadth matters here more than in most units. Every mock in this bank is assembled to the CII's own weighting, generally within plus or minus two questions per outcome.

What each learning outcome covers

Material circumstances. Why an underwriter needs to be aware of material circumstances when assessing a risk; the duty of fair presentation, who it applies to and how it can be modified; peril and hazard and the relationship between them; the significance of moral and physical hazard and how they show up; and the methods underwriters use to obtain material information.

Underwriting procedures. The heaviest outcome in the unit. The general and specific questions put to proposers; the procedure for quotations; how underwriters gather material information and what it is worth legally; the different ways premiums are calculated; the legal significance of issuing cover notes, policies and certificates; the relevance of premium payment to valid cover; how premiums are collected including instalment facilities; and the features of Insurance Premium Tax.

Insurance policies. The structure, functions and contents of a policy form; the meaning and significance of common exclusions and common conditions; how excesses, deductibles and franchises are used; and the distinction between warranties, conditions and representations.

Renewals and cancellation. The legal significance of renewal procedures, and how cancellation clauses operate.

Personal insurances. The basic features and typical cover of motor, health, household and travel insurance and extended warranties.

Commercial insurances. The basic features and typical cover of property, pecuniary, cyber and liability insurance.

Support services. Helplines, authorised repairers and suppliers, risk control and advice, and uninsured loss recovery.

Underwriting considerations. The second-heaviest outcome. Underwriting criteria for motor, health and personal insurances; for commercial property including fire and special perils, theft, glass and money; for pecuniary insurances including legal expenses and business interruption; for liability including employers', public, pollution, products and professional indemnity; and for extended warranties. It also covers the procedures used to discourage and to detect fraudulent claims and the consequences for insurer, insured and claimant, the effect of data protection legislation on insurance, and the importance of Consumer Duty and positive customer outcomes.

Pricing principles. The sources, availability and types of data essential to underwriting; why claims information matters to terms and rates; risk expressed as frequency and severity of claims; the significance of the claims loss ratio; and the distinction between underwriting year, policy year, accounting year and calendar year.

Pricing factors. The risk premium and its key features, and the reporting factors of expenses, return on capital, investment income, tax and intermediary remuneration.

Managing exposure. The basic factors influencing the market cycle, the principles of risk accumulation, and basic reinsurance considerations including the types of reinsurance.

How to use this bank

Two outcomes — underwriting procedures and underwriting considerations — account for 28 of the 75 marks between them. Secure those before spreading yourself across the remaining nine.

The marks in IF3 are lost on distinctions that look obvious in isolation and stop looking obvious inside a scenario: excess against deductible against franchise; warranty against condition against representation; underwriting year against accounting year. When you get one wrong, read the explanation for every option, not only the one you chose.