Chartered Insurance Professional - Explained
What is a Chartered Insurance Professional?
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Back To: INSURANCE & RISK MANAGEMENT
What is a Chartered Insurance Professional?
A Chartered Insurance Professional is an important title in the Canadian Insurance community. It is a title given by the Insurance Institute of Canada to professionals to assume positions, such as underwriters or brokers. The certification attests to enhanced skill, knowledge and high ethics. This designation is important to employers because it improves the work of their agents thereby making it a better experience for clients. The property and casualty insurance industry have benefitted from the trustworthiness and professional standing of the Chartered Insurance Professional.
What Does a Chartered Insurance Professional Do?
To earn the Chartered Insurance Professional designation, the applicant must pass the 10-course program which includes five mandatory and professional courses and at least a whole year practical experience in the financial and insurance industry, these are the requirements that must be met by the candidate. The 10 courses are flexible and the students can decide in what order to take the courses. This allows for those in full-time employment to take the course at their own pace. The course can be completed between two to five years. The course is offered virtually, through distance learning and in person. Credit transfers are also allowed if there is prior insurance qualification The course provides the candidate with expertise and knowledge to succeed as an adjuster, risk manager, broker and agent The designation is evidence that you comply with the Institutes code of ethics and have the required standard of professionalism. A survey conducted by The Conference Board of Canada shows that the majority of the stakeholders in the Property and Casualty Insurance industry put more value on the Chartered Insurance Professional to deliver quality service to customers.
Requirements to Earn a Chartered Insurance Professional
The 10 courses offered in the program are sub-divided into mandatory, applied professional and elective courses suited for your career. The mandatory courses include Principles and Practice of Insurance, Insurance on Property and the Business of Insurance suitable to meet the needs of the insurance industry. The applied professional courses are based on industry specialization. Three professional courses must be taken from this track Elective courses range from topics on insurance, special hazards, and reinsurance. Two courses are to be taken by the applicants On average, students spend three to five hours a week on the program. The program offers options for an area of specialization. Once the academic requirements are met the applicant is qualified to be designated a Chartered Insurance Professional at a ceremony that holds twice a year. The Fellow Chartered Insurance Professional (FCIP) is another certification offered by the institute. It is a level of professionalism higher than the Chartered Insurance Professional (CIP); it is tailored for leaders in the insurance industry like company senior executives. The program equips the professional with advanced management principles. This Fellow Chartered Insurance Professional designation is the pinnacle in the profession.
- What is insurance?
- Captive Agent
- Independent Agent
- Captive Insurance Company
- Combined Ratio
- Claims Adjuster
- Capital at Risk
- Assigned Risk
- Incurred But Not Reported
- Qualified Actuary
- Cession (Re-Insurance)
- Burning Cost Ratio
- What is an insurance contract?
- Accidental Means
- Anti-stacking Provisions
- What is an insurable interest?
- What are the common categorizations of insurance?
- National Association of Insurance Commissioners
- Insurance Regulatory Information System
- American Academy of Actuaries Definition
- American Association of Insurance Services Definition
- American Council of Life Insurance Definition
- American Insurance Association Definition
- American Risk and Insurance Association Definition
- LLoyd's of London
- Associate in Insurance Services (AIS) Definition
- Associate in Loss Control Management Definition
- Associate in Marine Insurance Management Definition
- Associate in Personal Insurance Definition
- Associate in Reinsurance (ARe) Definition
- Associate in Risk Management Definition
- Associate in Commercial Underwriting Definition
- Associate in Insurance Accounting and Finance Definition
- Associate in Surplus Lines Insurance Definition
- Chartered Insurance Professional Definition
- Chartered Life Underwriter Definition
- Chartered Property Casualty Underwriter Definition
- Vehicle insurancePrivate Passenger Auto Insurance Risk Profile
- Underinsured Motorist Coverage
- Uninsured Motorist Coverage
- Omnibus Clause
- Health Maintenance Organization
- Capitated Contract
- Point of Service Plan
- Children's Health Insurance Program
- Disability Insurance?
- Credit Disability Insurance
- Life Insurance?
- Cash Surrender Value
- Absolute Beneficiary
- Acceleration Life Insurance
- Accelerated Benefit
- Accelerated Option
- Accelerative Endowment
- Charitable Gift Life Insurance
- Incontestability Clause
- Waterfall Concept
- Assumed Interest Rate
- Clean Sheeting
- Hazard Insurance
- Homeowners, Renters, and Fire Insurance?
- Participating Community (Flood Insurance)
- Insurance Considerations for Business
- Business Liability Insurance
- Commercial General Liability
- Liability Risk Retention Act
- Excess Insurance and Umbrella Insurance Policy
- Business Interruption Insurance
- Key Person Insurance Definition
- Own-Occupation Policy
- Self-Funded Health Insurance Plan
- Basket Retention Policy
- Commercial Blanket Bond
- Alternative Risk Transfer Market Definition
- Commercial Property Casualty Market Index Survey
- What are the primary obligations of the insurer?
- Earned Premium
- Reservation of Rights Letter
- Collateral Source Rule
- What are the primary obligations of the insured?
- Insurance Premium
- Affidavit of Loss
- What is the general structure of an insurance contract?
- Ambiguity Principle
- Accommodation Line
- What are the common disputed provisions in an insurance contract?
- Absolute Exclusion
- All Risks Clause
- What is required for the termination of an insurance contract?
- Risk Management
- Professional Risk Manager
- Associate in Management (AIM)
- Financial Risk Manager
- Forecasting (Business)
- Objective Probability
- Unconditional Probability
- Enterprise Risk Management (ERM)
- Operational Risk
- Business Recovery Risk
- Political Risk
- Asset Protection
- Performance Bond
- Barra Risk Factor Analysis Definition
- Above Ground Risk (Mining Industry)
- Bumbershoot Policy (Maritime)
- Abandonment Clause (Boat or Vessel)
- Bobtail Liability Insurance (Trucking Industry)
- Anti-Indemnity Statute (Construction)