Insurance Broking Fundamentals (I10) provides knowledge and understanding of the roles and responsibilities of insurance broking organisations, their interaction with insurers and clients, the regulatory environment in which they operate as well as both financial and conduct issues.
The default Enrolment option for this unit includes:
- Latest version of the core learning content, in digital format only.
- Assessment entry.
The intermediary, or insurance broker, is there to help and advise clients, matching their needs to appropriate insurance products. The insurance broker also provides services to the insurer, bringing new clients and allowing insurers to concentrate on the business of insurance.
This study text clarifies the role of the insurance broker and how the broking market operates. It looks at the types of intermediaries and the services they offer as well as the classes of insurance most commonly transacted by insurance brokers. The different types of insurance broker, such as Lloyd's brokers, wholesale brokers and reinsurance brokers, will also be explained.
Building a successful career in insurance
This course is relevant for anyone seeking to develop their knowledge and skills for a rewarding career in the insurance profession or in a support role. Insurance Broking Fundamentals (I10) counts towards achieving the Certificate in Insurance. It may also count towards the Diploma in Insurance and the Advanced Diploma in Insurance.
Summary of learning outcomes
- Understand the insurance broking market
- Understand the role and responsibilities of the insurance broker in the provision of insurance products and services
- Understand contract and agency in relation to insurance brokers and their clients
- Understand the key legal and regulatory issues affecting insurance brokers
- Understand the key financial issues affecting insurance brokers
- Understand issues relating to the conduct and culture of insurance broking business
- 2 hour exam
- 65 multiple choice questions (MCQs) and two case studies each comprising 5 MCQs
- 70% nominal pass mark
- The 2020 pass rate for this unit was 84%
Study material - editions available
2021 edition (applicable to exams sat 01 Jan 21 to 31 Dec 2021)