#1
2nd December 2014, 02:01 PM
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Insurance practice the chartered insurance institute
Hello sir can you please provide me information about Insurance practice at the chartered insurance institute??
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#2
2nd December 2014, 03:57 PM
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Re: Insurance practice the chartered insurance institute
Chartered Insurance Institute provides accreditation and professional qualifications to UK and international members. Insurance practice To develop in the candidate: Knowledge and understanding of market principles and practice; Knowledge and understanding of the main classes of business and the cover provided under each; Knowledge and understanding of the regulation of the insurance market; Knowledge and understanding of procedures used to underwrite insurance; Knowledge and understanding of the operation of general claims procedures; The ability to apply knowledge and skills to simple situations Point of Insurance practice: Insurance coverage The general structure of the insurance market Arranging insurance Underwriting insurance Risk sharing and spreading Features of claims procedures Legal and regulatory considerations Consumer protection |
#3
11th May 2015, 09:59 AM
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Re: Insurance practice the chartered insurance institute
Will you provide me the syllabus of the Insurance Practice course offered by the chartered insurance institute as I am looking for the same ?
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#4
11th May 2015, 10:00 AM
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Re: Insurance practice the chartered insurance institute
As you want I am here providing you syllabus of the Insurance Practice course offered by the chartered insurance institute. Syllabus : Insurance Practice course syllabus THE CHARTERED INSURANCE INSTITUTE 1. Relationship between risk and insurance 1.1 Risk and uncertainty Candidates should be able to – define what is meant by ‘risk’; – discuss the concepts of risk and uncertainty. 1.2 Frequency and severity Candidates should be able to – explain and discuss the relationship between frequency of risk and severity of loss. 1.3 Risk classification Candidates should be able to – identify the different types of risk and how they are classified. 1.4 Cost Candidates should be able to – identify the current cost of major types of risk. 1.5 Importance of risk management and other risk control methods Candidates should be able to – explain the importance of risk management and other risk control methods. 1.6 Risk management techniques Candidates should be able to – outline the basic techniques of risk management, including: • identification; • analysis; • control; • monitoring; • transfer. 1.7 Risk transfer Candidates should be able to – explain the operation of insurance as a risk transfer mechanism. 1.8 Self-insurance Candidates should be able to – summarise the use, advantages and disadvantages of self-insurance. 1.9 Captive insurance companies Candidates should be able to – outline the reasons for set up, role and operation of captive insurance companies. 2. General nature of insurance 2.1 Insurable risks Candidates should be able to – identify and discuss the characteristics of insurable risks. 2.2 Risk transfer Candidates should be able to – explain the main function of risk transfer. 2.3 The common pool Candidates should be able to – Explain the components and operation of the common pool. 2.4 Reinsurance Candidates should be able to – explain the concept of reinsurance. 2.5 Benefits of insurance Candidates should be able to – outline the benefits of insurance to the insured, the economy and society as a whole. 3. Insurance coverage 3.1 Main classes of insurance Candidates should be able to – explain the characteristics of the main classes of insurance; – outline the scope of the main classes of insurance. 3.2 Combined schemes and comprehensive policies Candidates should be able to – explain the characteristics and use of combined schemes; – explain the characteristics and use of comprehensive policies. 3.3 Purpose and scope of compulsory forms of insurance Candidates should be able to – outline the reasons for compulsory insurance; – describe the main provisions of compulsory insurance. 3.4 Use of ‘add ons’ Candidates should be able to – outline the use of ‘add ons’ commonly purchased by insurers, including: • emergency services; • legal services • helplines. 3.5 Insurance related services Candidates should be able to – outline the function and operation of insurance related services, including: • risk management consultants; • claims management consultants; • management consultants; • credit rating specialists; • recovery services. 4. The general structure of the insurance market 4.1 Concept of a market Candidates should be able to – state what a market is. 4.2 The insurance market Candidates should be able to – describe the structure of the insurance market. 4.3 Insurance intermediaries Candidates should be able to – identify the different categories of insurance intermediary; – explain the distinctions between the various categories. 4.4 Agreements between intermediary and principal Candidates should be able to – describe the nature of the agreements between intermediaries and their principal. 4.5 Delegation of authority Candidates should be able to – outline the purpose and operation of delegation of authority by insurers. 4.6 Characteristics of the main types of insurer Candidates should be able to – describe the organisational characteristics of the main types of insurer. 4.7 The use of intermediaries Candidates should be able to – consider the advantages and disadvantages to insurers and buyers of using an intermediary. 4.8 Lloyd’s of London Candidates should be able to – outline the structure and operation of Lloyd’s of London. 4.9 Representative organisations Candidates should be able to – identify the various organisations that represent sections of the insurance market. 5. How insurance operates 5.1 Sales and marketing Candidates should be able to – describe the role and operation of sales and marketing within the insurance transaction process. 5.2 Proposal forms Candidates should be able to – describe the purpose, use, structure and content of proposal forms. 5.3 Scheduled policy forms Candidates should be able to – describe the role and structure of scheduled policy forms. 5.4 Policy exceptions and conditions Candidates should be able to – outline the use of policy exceptions and conditions; – detail the exceptions and conditions commonly found in insurance policies. 5.5 Standard and non-standard clauses and endorsements Candidates should be able to – outline the use of standard and non-standard clauses and endorsements in policies. 5.6 Features of transacting insurance at Lloyd’s Candidates should be able to – outline the main features of transacting business at Lloyd’s. 5.7 Cover notes and certificates of insurance Candidates should be able to – describe the purpose and use of cover notes and certificates of insurance; – outline the content of cover notes and certificates of insurance. 5.8 Amending policies Candidates should be able to – outline the reasons for amending policies; – describe the procedures for amending policies. 5.9 The renewal process Candidates should be able to – describe the key features of the renewal process. 6. Underwriting insurance and risk sharing 6.1 Physical and moral hazard Candidates should be able to – distinguish between physical and moral hazard; – outline the main characteristics of each. 6.2 Role of the underwriting process Candidates should be able to – describe the role of the underwriting process in the transaction of insurance. 6.3 Basic principles of underwriting the main classes of insurance Candidates should be able to – outline the basic principles of underwriting used within the main classes of insurance. 6.4 Risk surveys Candidates should be able to – outline the purpose and use of risk surveys. 6.5 Calculating rates of premium Candidates should be able to – describe the theoretical and practical factors used in the calculation of rates of premium. 6.6 Insurance Premium Tax Candidates should be able to – outline the purpose and collection of Insurance Premium Tax; – state the current rates of Insurance Premium Tax. 6.7 Risk sharing Candidates should be able to – outline the main reasons for risk sharing by means of co-insurance and reinsurance. 6.8 Procedures for co-insuring risks Candidates should be able to – describe the main procedures for co-insuring risks. 6.9 The reinsurance market Candidates should be able to – describe the main characteristics of the reinsurance market. 6.10 Features of facultative and treaty reinsurance and the significance of retention limits. Candidates should be able to – explain the different types of reinsurance available, including facultative and treaty; – explain the significance of retention limits. 7. General features of claims procedures 7.1 Notification Candidates should be able to – describe the procedures commonly used for the notification of claims. 7.2 Procedures used by insurers in settling claims Candidates should be able to – describe the procedures commonly used by insurers in the settlement of claims. 7.3 Use of loss adjusters and other professionals Candidates should be able to – describe the role of loss adjusters and other professionals used within the claims process. 7.4 Methods of settling claims Candidates should be able to – outline the various ways in which claims may be settled. 7.5 Limits to the amount to be paid as a claims settlement Candidates should be able to – describe the limits to the amount to be paid as a claims settlement. 7.6 Dealing with fraud Candidates should be able to – explain how insurers seek to detect and reduce fraudulent claims, including the use of CUE and other anti-fraud initiatives. 7.7 Use of arbitration in claims disputes Candidates should be able to – state how and why arbitration is used in claims disputes. 7.8 Characteristics of voluntary arbitration schemes Candidates should be able to – state the characteristics of voluntary arbitration schemes. 7.9 Alternative dispute resolution Candidates should be able to – state the role and purpose of alternative dispute resolution. 8. Supervision of insurance 8.1 Government supervision Candidates should be able to – identify the main developments in Government supervision of insurance; – state why Government supervision is required; – summarise the role of Government supervision. 8.2 Current regulation for the control of insurers Candidates should be able to – describe the main provisions of current regulation for the control of insurers. 8.3 Current regulation for the control of intermediaries Candidates should be able to – describe the main provisions of current regulation for the control of intermediaries. 8.4 Key requirements arising from legislation Candidates should be able to – describe the key requirements for insurers and intermediaries arising from regulation. 9. Consumer protection 9.1 Statutory means Candidates should be able to – list the main statutory means of protecting consumers of investment business. 9.2 Codes of practice Candidates should be able to – describe the role, purpose and operation of codes of practice in insurance. 9.3 Financial Ombudsman Service Candidates should be able to – describe the role of the Financial Ombudsman Service. 9.4 Ethical issues in insurance Candidates should be able to – describe the ethical issues which affect the insurance industry. 9.5 Ethical behaviour Candidates should be able to – describe issues surrounding ethics in insurance, including: • ethical standards; • consumer attitude and professional status; • professional discipline. 9.6 CII code of conduct Candidates should be able to – outline the purpose and main features of the CII code of conduct. Reading list The following list provides details of various publications which may assist with your studies. The primary text for this syllabus is shown in bold type. Periodicals and publications listed as additional reading will be of value in ensuring candidates keep up to date with developments and in providing a wider coverage of syllabus topics. Any reference materials cited are authoritative, detailed works which should be used selectively as and when required. Note: The examination will test the syllabus alone. The reading list is provided for guidance only and is not in itself the subject of the examination. Most of these additional study materials can be borrowed or purchased from CII Information Services at Primary text Insurance practice. London: The CII. Coursebook P01. Additional reading Success in Insurance. S R Diacon, R L Carter. 3rd edition. London: John Murray, 1992. Reference works Handbook of Insurance. R L Carter (chief editor). Kingston-upon-Thames: Kluwer, 1989. The Insurance Manual. Michael Collins (executive editor). Westoning, Beds: Lesley and Page, 1988. An Introduction to Lloyds. The CII. Annual publication. CII Code of Conduct. The CII. Periodicals The Journal. The CII. Six issues a year. Post Magazine. Timothy Benn Publishing. Weekly. Examination guides You are strongly advised to study these before the examination. Please visit .cii.co.uk to buy online or contact CII Customer Service for further information on 020 8989 8464. Address: Chartered Insurance Institute 42-48 High Road, South Woodford, London, E18 2JP Tel: +44 (0)20 8989 8464 Fax:+44 (0)20 8530 3052 |
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