C11: Principles and Practice of Insurance
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
Please note, effective Spring 2023, the format
of the C11 final exam will change to be entirely multiple choice. Students are
encouraged to consult the revised examination blueprint for more details, which
will be available in May in the My Courses section of their eLearning
account.
Effective July 2023, the format of the C11 - Principles
and Practice of Insurance examination will change. This exam, which
previously included 60 multiple-choice questions (120 marks) and a number of
narrative and application constructed response questions (80 marks), will change
to include 100 multiple choice questions (200 marks) and will no longer include
constructed response questions. These multiple-choice questions will be a
combination of knowledge, comprehension and application-level questions. They
will include both stand-alone and scenario-based questions. The duration will
also change from 3 hours (180 minutes) to 2 hours (120 minutes). More
information on the examination and multiple-choice question format can be found
on the
Description of
Examination Format. Students are also encouraged to consult the
revised examination blueprint for more details, which will be available in May
in the My Courses section of their eLearning
account.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.
Course Offerings
The following are the courses, by methodology, that are being offered by the institute.
Instructor Led
Self-Directed