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IF3 Syllabus 2009

IF3 Syllabus 2009

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10/25/2012

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Published October 2008
© The Chartered Insurance Institute 2008
IF3
Insurance underwriting process
Objective
: To provide knowledge and understanding of the role of underwriting includingidentication, assessment and acceptance of risk, rating and relevant nancial factors.
Summary of learning outcomesNumber of Questions in theExamination*
1. Underwriting and policy wordings332. Insurance products and associated services83. Underwriting considerations134. Establishing the price155. Managing exposure6* The test specication has an in-built element of exibility. However, the number oquestions testing each learning outcome will not change by more than plus or minus 2.
Important notes
•
Method of assessment: 75 multiple choice questions (MCQs). 2 hours are allowed for this examination.
•
This syllabus will be examined from 1 January 2009 until 31 December 2009.
•
Candidates will be examined on the basis of English law and practice unlessotherwise stated.
•
Candidates should refer to the CII update websitewww.cii.co.uk/updatesfor thelatest information on changes to law and practice and when they will be examined.
 
Published October 2008 2 of 3
© The Chartered Insurance Institute 2008
1. Underwriting and policy wordings
Material facts
On completion, candidates should1.1
understand 
why an underwriter needs to be aware of material facts in assessing a risk;1.2
understand 
the concept of the duty of disclosure, towhom it applies and how the duty may be modied;1.3
know 
the basic features of peril and hazard and therelationship between them;1.4
understand 
the signicance of moral and physicalhazard for underwriters and how they are manifested;1.5
know 
the methods used by underwriters to obtainmaterial facts;1.6
know 
the common questions asked of proposers.
Underwriting procedures
On completion, candidates should1.7
know 
the legal signicance of procedures relating toquotations;1.8
know 
the legal signicance of procedures relating toproposals;1.9
know 
the different ways in which premiums arecalculated;1.10
know 
the legal signicance of procedures relating tothe issue of cover notes, policies and certicates of insurance.
Premium payment
On completion, candidates should1.11
understand 
the relevance of premium payment for validcover;1.12
know 
the methods used by insurers to collect premiumsincluding instalment facilities;1.13
know 
the features of Insurance Premium Tax.
Policies and the application of terms, conditions andexceptions
On completion, candidates should1.14
know 
the structure, functions and contents of a policyform, including the policy schedule;1.15
understand 
the meaning and signicance of commonpolicy exceptions and conditions, including terrorismcover;1.16
understand 
how excesses, deductibles and franchisesare used;1.17
understand 
the distinction between warranties,conditions and representations;1.18
understand 
the use of exclusions: general and specic,market exclusions.
Renewals and cancellation
On completion, candidates should1.19
know 
the legal signicance of procedures relating torenewals;1.20
understand 
how cancellation clauses operate.
2. Insurance products and associatedservices
Insurance products
On completion, candidates should2.1
know 
the basic features and outline of typical policycover of:motor: private, motorcycle, commercial vehicles;health: personal accident, sickness, medicalexpenses;personal: household, travel;property: re and special perils, all risks, theft,glass, money;pecuniary: legal expenses, business interruption,creditor;liability: employers’, public, products, professionalindemnity;extended warranties.
Insurance and related services
On completion, candidates should2.2
know 
the basic features of additional product servicesavailable, specically:helplines and advice;authorised repairers;risk control/advice;legal costs services;uninsured recovery services.
3. Underwriting considerations
On completion, candidates should3.1
know 
the key underwriting criteria for:motor: private, motorcycle, commercial vehicles;health: personal accident, sickness, medicalexpenses;personal: household, travel;property: re and special perils, all risks, theft,glass, money;pecuniary: legal expenses, business interruption,creditor;liability: employers’, public, products, professionalindemnity;extended warranties;3.2
know 
the procedures commonly used to discourageindividuals from making fraudulent claims;3.3
know 
the procedures commonly used to detectfraudulent claims;3.4
understand 
the consequences of fraudulent claims forthe insurer, their insureds and the fraudulent claimant;3.5
understand 
the effect on insurance of the currentDisability Discrimination and Data Protection Acts.

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