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C11: Principles and Practice of Insurance

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Please note that the final examination for this course is a computer-based exam.

Principles and Practice of Insuranceis an overview of insurance in Canada and the initial building block of your Chartered Insurance Professional studies. It must be one of the first four courses you take in the CIP Program and CIP certification, but we highly recommend that you take this insurance foundations course first.

Principles and Practice of Insurance covers the following areas of interest:

  • The concept of risk, and how insurance is a mechanism to transfer risk and benefit society
  • The key insurance industry functions of selling/distributing insurance, underwriting insurance policies, adjusting losses, and reinsuring risk
  • The elements needed to form an insurance contract
  • The regulation of insurance in Canada, including regulation of policy wordings, licensing of insurance professionals, ethical/professionalism considerations for insurance professionals, and the role of insurance industry organizations

Course Outline

  • Introduction to Risk and Insurance
  • Insurance Categories and Functions
  • Insurance Companies
  • Sales and Distribution of Insurance
  • Regulatory Framework
  • Insurance as a Contract: The Insurance Policy
  • Underwriting and Rating: Setting Insurance Rates
  • Insurance Documents and Processes
  • Claims
  • Industry Organizations; the Customer

 

The final exam for this course is two hours in duration and consists of 100 multiple-choice questions (a combination of knowledge-based and scenario-based questions). For further details, please see the Exam format page at www.insuranceinstitute.ca and the exam blueprint posted to your course in the learning management system.

Who Should Register

Principles and Practice of Insurance is the stepping stone to the CIP Program. It is suited for students who are new to careers in insurance, students who are looking to start a career in insurance, and students who already have some experience in an insurance career and are looking to further their education about insurance.

All insurance courses offered by The Insurance Institute　are designed for individuals who want to attain a highly recognized and respected professional designation in the p&c industry. The professional designation Chartered Insurance Professional (CIP) is recognized across Canada and elsewhere around the world as the benchmark of insurance professionalism.

Principles and Practice of Insurance Exemptions

With a completed provincial agent/broker license, you may be eligible for a credit for C11. Learn more about credits in the CIP Program.