Insurance Underwriting Process (IF3)

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
• The standard pass mark is 70% (for more information on standard pass marks please see here)
• The 2024 pass rate for this unit was 76.4%

Units treated as equivalent

Due to the extent of syllabus overlap, certain combinations of current and withdrawn units will result in only one award of CII credits.

If a withdrawn equivalent is held you may not need to complete a current unit in order to satisfy a qualification's completion rules. Clarification should always be sought from CII Customer Service.

Find out more about CII credit awards for equivalent units

Revision aids available 

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

• Key Facts Booklet
• Knowledge Checker
• E-learn

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