CIP120 - Underwriting Essentials

Outline info
Semester
School
Last revision date 2013-10-01 18:44:31.12
Last review date 2013-11-18 00:15:11.166


Subject Title
Underwriting Essentials

Subject Description
Underwriting Essentials: The course begins with an overview of the underwriter's role as an investor of shareholder capital on behalf of the insurer. The role of the underwriter has evolved and students will learn how the underwriter accepts or reflects risk for the insurer within parameters both set by the insurer and imposed by the external environment.
Pre-requisites: CIP012, and CIP014

Credit Status
One credit

Learning Outcomes
Upon successful completion of this subject the student will be able to:

- understand the underwriter's function within the insurance process

- identify the tools needed for effective underwriting

- distinguish the risk factors associated with the applicant and the type of risk involved

- understand the different techniques for underwriting property, liability and automobile insurance

- determine pricing factors used in rating the risk

- identify the importance of relationships with the other parties of the insurance contract

- appreciate the underwriting environment and temperament of different organizations

Cheating and Plagiarism
Each student should be aware of the College's policy regarding Cheating and Plagiarism. Seneca's Academic Policy will be strictly enforced.

To support academic honesty at Seneca College, all work submitted by students may be reviewed for authenticity and originality, utilizing software tools and third party services. Please visit the Academic Honesty site on http://library.senecacollege.ca for further information regarding cheating and plagiarism policies and procedures.

Discrimination/Harassment
All students and employees have the right to study and work in an environment that is free from discrimination and/or harassment. Language or activities that defeat this objective violate the College Policy on Discrimination/Harassment and shall not be tolerated. Information and assistance are available from the Student Conduct Office at student.conduct@senecacollege.ca.

Accommodation for Students with Disabilities
The College will provide reasonable accommodation to students with disabilities in order to promote academic success. If you require accommodation, contact the Counselling and Disabilities Services Office at ext. 22900 to initiate the process for documenting, assessing and implementing your individual accommodation needs.

Prerequisite(s)
CIP011 (C11), CIP012  (C12), CIP013 (C13) and CIP014 (C14) 

Topic Outline

  • Introduction to Underwriting
  • Underwriting the Risk: Overview
  • Underwriting the Applicant
  • Underwriting the Risk: Property
  • Underwriting the Risk: Liability
  • Underwriting the Risk: Automobile
  • Pricing the Risk
  • Underwriting Relationships
  • The Underwriting Environment
  • The Underwriting Temperament 

Mode of Instruction
Students learn through classroom lectures, discussions, and question and answer periods.

It is the student's responsibility to save documents, articles and notes that the instructor has provided on Blackboard or in class. Students will not be able to access Blackboard as of the last day of the student's class

Prescribed Texts
Textbooks must be purchased directly from the Insurance Institute of Canada (416-362-2588). College fee does not include textbook.

Reference Material
None

Required Supplies
A notebook, pens, highlighter

Promotion Policy

Grading Policy
A+ 90%  to  100%
A 80%  to  89%
B+ 75%  to  79%
B 70%  to  74%
C+ 65%  to  69%
C 60%  to  64%
D+ 55%  to  59%
D 50%  to  54%
F 0%    to  49% (Not a Pass)
OR
EXC Excellent
SAT Satisfactory
UNSAT Unsatisfactory

For further information, see a copy of the Academic Policy, available online (http://www.senecacollege.ca/academic-policy) or at Seneca's Registrar's Offices.


Modes of Evaluation
Although this is a non-credit course through Seneca, students may wish to register for an exam through the Insurance Institute of Canada.
Exam Fee is a separate payment to the institute. For more information, please visit: http://www.iic-iac.org

Those students electing to obtain a credit from the Insurance Institute of Canada (IIC) will write the IIC final exam, which will be written outside of Seneca College. Details regarding the registration process, payment, and date/time/location will be communicated to the class by the Seneca College course instructor.  Those students not wishing to pursue the IIC credit will write a Seneca College final exam. In both cases, students who are successful will receive a Seneca College credit.

To obtain the IIC credit: students must achieve a minimum mark of 70% on the term work (counted out of 100) and 55% on the IIC final exam (counted out of 200) for a combined minimum total mark of 180 out of 300. To obtain Honours, an overall course grade of 80%, including a minimum final exam mark of 80% (240 out of 300) is required. 

 

Approved by: Susan Horne