Insurance Institute of Canada Definition
A professional education and career development resource for Canadian property and casualty insurers. The non-profit Insurance Institute of Canada’s membership consists of students and graduates who have earned the Chartered Insurance Professional (CIP) or Fellow Chartered Insurance Professional (FCIP) designations that the institute offers to establish and uphold professional and ethical standards for property and casualty insurers.
These designations signal to employers and clients that an individual has achieved a high level of training and experience and possesses a specific set of professional skills and knowledge. Through its publications, events and seminars, the institute helps its members stay current with industry developments and provides opportunities for continuing education and industry networking.
Valerie wants a successful career as an insurance agent and wants to get the Chartered Insurance Professional designation to help her attain her goal. First, she joins her local insurance institute. Then, through distance learning, she takes five required courses in principles and practices of insurance, property insurance, liability insurance, automobile insurance and the business of insurance.
She also takes three courses in the broker and agent applied professional series and two electives. After passing the national CIP exams in each subject, she obtains a full-time job in the insurance industry to meet the designation’s experience requirement. After accumulating one year of experience, she earns the designation.
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More About the Institute
In addition to the CIP and FCIP designations, the Insurance Institute of Canada offers some less rigorous certificate programs for professionals just entering the property and casualty insurance field. These include a certificate in General Insurance Essentials, Associate of Customer Service, Rehabilitation Benefits and Adjusters’ Training. Many of the Insurance Institute’s courses fulfill education requirements for agents, brokers and adjusters to obtain their licenses.
The institute also offers courses to develop other business skills insurance professionals need, like computer skills, management skills and communication skills. Each major region in Canada has local institutes and chapters of the Insurance Institute of Canada to help with professional development and networking. For example, an insurance professional in British Colombia might take a course on the specific insurance licensing rules for BC through the BC institute.