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

Name Location Start Date End Date Class Time Delivery Method  
C11: Principles & Practice of Insurance (Monday) Charlottetown - Online 4/24/2023 6/26/2023 6:00 pm Atlantic Virtual


Name Start Date End Date Method  
C11: Principles and Practice of Insurance/C11 : Principes et pratique de l’assurance 4/1/2023 6/30/2023 Independent Study