Introduction to Chartered Insurance Institute IF1

• Further Education (Key Stage 5)

Introduction to Chartered Insurance Institute IF1

Learning Objective

At the end of the lesson, you will have a solid understanding of Chapter 1 of the Chartered Insurance Institute IF1 course.

What do you already know about the Chartered Insurance Institute IF1?

Chapter 1: Introduction to Risk and Insurance

This chapter provides an overview of risk and insurance, including definitions, types of risk, and the role of insurance in managing risk.

Slide 2: What is Risk?

Risk is the chance of something happening that will have an impact on objectives. It involves uncertainty and the potential for loss or gain.

Slide 3: Types of Risk

There are various types of risk, including pure risk (chance of loss only), speculative risk (chance of loss or gain), and operational risk (related to day-to-day operations).

Slide 4: Insurance as a Risk Management Tool

Insurance is a contract between an individual or organization (the policyholder) and an insurance company (the insurer) to transfer risk in exchange for premium payments.

Slide 5: Insurance Principles

Insurance operates based on certain principles, including utmost good faith, insurable interest, indemnity, subrogation, and contribution.

Slide 6: Insurance Market

The insurance market consists of insurers, intermediaries (such as brokers and agents), and policyholders. It is regulated to ensure fair practices and protect consumers.

Slide 7: Insurance Policy

An insurance policy is a written contract that outlines the terms and conditions of coverage, including the types of risks covered, exclusions, and policy limits.

Slide 8: Insurance Premium

The insurance premium is the amount paid by the policyholder to the insurer in exchange for coverage. It is determined based on various factors, such as the level of risk and the policyholder's history.

Slide 9: Risk Management Process

The risk management process involves identifying, assessing, controlling, and monitoring risks to minimize potential losses and maximize opportunities.

Slide 10: Recap and Quiz

Review the key concepts covered in Chapter 1 and engage students in a short quiz to assess their understanding.

Write down 3 things you learned in this lesson.

Have students enter three things they learned in this lesson. With this they can indicate their own learning efficiency of this lesson.

Write down 2 things you want to know more about.

Here, students enter two things they would like to know more about. This not only increases involvement, but also gives them more ownership.

Ask 1 question about something you haven't quite understood yet.

The students indicate here (in question form) with which part of the material they still have difficulty. For the teacher, this not only provides insight into the extent to which the students understand/master the material, but also a good starting point for the next lesson.