The Level 3 Certificate in Insurance is a core qualification for staff working across all sectors of insurance. This Certificate develops core knowledge of the key disciplines needed through covering basic general insurance principles including the regulatory environment, key disciplines of underwriting and claims, in addition to popular insurance products. Insurance underwriting (WUA) counts towards achieving the Certificate in Insurance, which provides participant with the knowledge and understanding of the role of underwriting including identification, assessment and acceptance of risk, rating and relevant financial factors.
At the end of the training program, the participant should be able to:
1 Explain why an underwriter needs to be aware of material facts and information in assessing a risk.
2 Explain the concept of duties relating to disclosure and representation, to whom these apply and how the duties may be modified.
3 Define the words peril and hazard as used in the insurance industry and the relationship between them.
4 Explain the significance of moral and physical hazard for underwriters and how they are manifested.
5 Describe the methods used by underwriters to obtain material facts and information.
1 Describe the general and specific questions asked of proposers.
2 Describe the good practice/guidelines relating to quotations.
3 Explain the methods by which underwriters gather material facts and information and their legal and contractual significance.
4 Describe the different ways in which premiums are calculated and may be subject to taxation.
5 Explain the legal significance of procedures relating to the issue of temporary evidence of cover, such as cover notes, policies and certificates of insurance.
6 Describe the relevance of premium payment for valid cover.
7 Describe the methods used by insurers to collect premiums including instalment facilities.
1 Describe the structure, functions and contents of a policy form.
2 Explain the meaning and significance of common policy exclusions.
3 Explain the meaning and significance of common policy conditions.
4 Explain how excesses, deductibles and franchises are used.
5 Explain the distinction between warranties, conditions and representations.
1 Describe the legal processes relating to renewals.
2 Explain how cancellation clauses operate.
1 Describe the basic features and typical policy cover of motor insurance, health insurance, household insurance, travel insurance and extended warranties.
1 Describe the basic features and typical policy cover of property insurance, pecuniary insurance and liability insurance.
1 Describe basic features of additional ‘support’ type insurance services available with specific reference to help lines, authorized repairers and suppliers, risk control/advice and uninsured loss recovery services.
1 Describe the key underwriting criteria for motor insurance, health insurance and personal insurances.
2 Describe the key underwriting criteria for commercial property insurance, including fire and special perils, theft insurance, glass insurance and money insurance.
3 Describe the key underwriting criteria for pecuniary insurances, including legal expense insurance and business interruption insurance.
4 Describe the key underwriting criteria for liability insurance, including employers’ liability, public liability, pollution liability, products liability and professional indemnity.
5 Describe the key underwriting criteria for extended warranties.
6 Describe the procedures commonly used to discourage individuals from making fraudulent claims.
7 Describe the procedures commonly used to detect fraudulent claims.
8 Explain the consequences of fraudulent claims for the insurer, their insureds and the fraudulent claimant.
9 Explain how the fair treatment of customers and positive customer outcomes relates to insurance policies.
1 Describe the sources, availability and types of data essential to the underwriting process.
2 Explain the importance of claims information on underwriting terms/premium rates.
3 Explain the nature of risk in terms of frequency and severity of claims.
4 Explain the significance of the claims loss ratio on premiums/acceptance of risk.
5 Explain the distinction between underwriting year, policy year, accounting year and calendar year
1 Define risk premium and its key features.
2 Describe the reporting factors of expenses, return on capital, investment income, tax and intermediary remuneration.
1 Describe the basic factors influencing the market cycle.
2 Describe the principles of risk accumulation.
3 Describe the basic reinsurance considerations including the types of reinsurance.
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Names of the training programs that are integrated (enriched) with the training program:
Names of the training programs that after the training program:
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