Insurance Broking Fundamentals (I10)

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 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 

1. Understand the insurance broking market
2. Understand the role and responsibilities of the insurance broker in the provision of insurance products and services
3. Understand contract and agency in relation to insurance brokers and their clients
4. Understand the key legal and regulatory issues affecting insurance brokers
5. Understand the key financial issues affecting insurance brokers
6. Understand issues relating to the conduct and culture of insurance broking business

Assessment

• 2 hour exam
• 65 multiple choice questions (MCQs) and two case studies each comprising 5 MCQs
• The standard pass mark is 70% (for more information on standard pass marks please see here)
• The 2024 pass rate for this unit was 79.3%

Revision aids available 

The revision aids available for this unit are listed below. Find out more details. 

• Key Facts Booklet
• Knowledge Checker

Note for purchasing revision aids: please make sure you do not already have the revision aid(s) as part of any Enrolment plus purchase.   

Course delivery via RevisionMate

Instructions on accessing your course on RevisionMate will be sent to your registered email address. This is typically within two working days of your order being placed, but may be longer, particularly if payment is made by bank transfer.