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Level 3

Overview

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Insurance Underwriting Process (IF3)

Insurance Underwriting Process (IF3) provides you with knowledge and understanding of the role of underwriting including identification, assessment and acceptance of risk, rating and relevant financial factors.

The default Enrolment option for this unit includes:

  • Latest version of the core learning content, in digital format only.
  • Additional revision aids.
  • Assessment entry.

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Insurance Underwriting Process (IF3) covers the role of underwriting including identification, assessment and acceptance of risk, rating and relevant financial factors.

In the early days of marine insurance, the details of a ship or cargo to be insured would be described on a slip. This slip would be taken to Lloyd's of London. The person to carry the risk would read the details, then sign the slip under the details of the risk. In this way, the person carrying the risk became known as the underwriter. The underwriting process is far more complicated today, but the term still applies.

This unit looks at underwriting procedures as well as examining the specific underwriting considerations applicable to the main classes of general insurance business. It considers the structure and content of policy wordings, premium payment, renewal and cancellation procedures as well as the main aspects of rating. The developments in related products and services will be examined and the principles involved in managing the underwriting account.

Building a successful career in insurance

Insurance Underwriting Process (IF3) counts towards achieving the Certificate in Insurance. It may also count towards the Diploma in Insurance and the Advanced Diploma in Insurance.

Please note: If you hold Insurance Underwriting Process (LM3) and subsequently gain Insurance Underwriting Process (IF3) you will gain no additional credits.

Summary of learning outcomes  

  1. Understand the material circumstances relating to the insurance underwriting process.
  2. Understand underwriting procedures relating to the insurance underwriting process.
  3. Understand insurance policies in relation to the insurance underwriting process.
  4. Understand renewals and cancellation in relation to the insurance underwriting process.
  5. Understand personal insurances in relation to the insurance underwriting process.
  6. Understand commercial insurances in relation to the insurance underwriting process.
  7. Understand the main ‘support’ type insurance services available.
  8. Understand underwriting considerations in relation to the insurance underwriting process.
  9. Understand the principles and practices of pricing.
  10. Understand pricing factors within the context of the insurance underwriting process.
  11. Understand managing exposure within the context of the insurance underwriting process.

Assessment

  • 2-hour exam
  • 75 multiple choice questions
  • 70% nominal pass mark
  • The 2020 pass rate for this unit was 71%

Study material - editions available

2021 edition (applicable to exams sat 01 Jan 21 to 31 Dec 2021)