Insurance practice the chartered insurance institute

Hello sir can you please provide me information about Insurance practice at the chartered insurance institute??

[Kiran Chandar]

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

Will you provide me the syllabus of the Insurance Practice course offered by the chartered insurance institute as I am looking for the same ?

[Quick Sam]

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