Course

Course Summary
Credit Type:
Course
ACE ID:
AICP-0154
Organization's ID:
CPCU 410 (AICP-1093)
Organization:
American Institute For Chartered Property Casualty Underwriters/The Institutes
Location:
Hybrid
Length:
Self-paced (4-6 weeks)
Dates Offered:
Credit Recommendation & Competencies
Level Credits (SH) Subject
Vocational-Certificate 3 introduction to commercial insurance
Description

Objective:

The course objective is to provide a knowledge base of key insurer functions, as well as legal foundations and unique financial components within risk management and insurance. Through application-oriented examples and insights from thought leaders, the student will discover how risk and insurance professionals collaborate to create and deliver innovative products. Also discussed is how emerging technology and an expanding universe of data will transform a professional’s role in the industry.

Learning Outcomes:

  • understand insurer goals and constraints classifications of insurers, measuring insurer performance, functional view of insurance, and the digitization of insurance
  • explain the steps in the underwriting process, the claims handling process, the actuarial function, risk control services provided by insurers, premium auditing process, reinsurance and its functions
  • understand the requirements of a valid offer, requirements of a valid acceptance, assent and consideration, special characteristics of insurance contracts, and insurance contract formation
  • know sales contracts, consumer protection laws, ownership and possession of personal property, real property ownership, and bailee's and bailor's rights and duties
  • know defenses against negligence claims, intentional torts, products liability, data privacy and cyber regulation, and liability concepts affecting tort claims
  • understand insurance producer classifications, producers' authority, employment at will, antidiscrimination laws, and employee welfare laws
  • explain balance sheets, income statements, vertical analysis of financial statements, trend analysis of financial statements, efficiency and profitability of financial ratios, liquidity and leverage of financial ratios
  • understand future value and compounding, effective annual interest rate, present value and discounting, rate of return on an investment, and net present value
  • know financial markets, financial intermediation, financial institution risks, fintech and insurtech
  • explain the classification of bonds, bond characteristics, classifications of stocks, understanding common stock process, and annual rate of return for a security.

General Topics:

  • Understanding how insurers operate
  • Examining the scope of insurer functions
  • Understanding contract law
  • Exploring the legal implications of ownership
  • Evaluating tort law
  • Upholding professional arrangements
  • Leveraging GAAP financial data
  • Understanding corporate investment
  • Following the money in financial markets
  • Making sense of stocks and bonds
Instruction & Assessment

Instructional Strategies:

  • Practical Exercises

Methods of Assessment:

  • Case Studies
  • Examinations

Minimum Passing Score:

70%
Supplemental Materials