BIBF Professional Award for Specialist Insurance Practitioner study guide
BIBF Professional Award for Specialist Insurance Practitioner · Work through your exam, one topic at a time.
The BIBF Professional Award for Specialist Insurance Practitioner is a professional credential aimed at insurance staff who have moved beyond general principles and now work in technical or specialist lines. It suits underwriters, claims handlers, brokers, reinsurance technicians and compliance staff who need to demonstrate rounded competence across the whole insurance value chain rather than in a single silo. The BIBF Professional Award for Specialist Insurance Practitioner study guide has 10 sections and about 2,519 words.
01Insurance Principles and the Risk Landscape
A candidate must be able to define and apply insurable interest, indemnity, utmost good faith, contribution, subrogation and proximate cause. Understand the difference between speculative and pure risk, and why only pure risk is normally insurable.
235 words, about 1 min02Insurance Law
Understand offer, acceptance, consideration and intention to create legal relations in the context of insurance contracts. Know the roles of the proposal form, policy schedule, wording, endorsements and warranties.
237 words, about 1 min03Insurance Law, Regulation and Compliance
Understand the role of the prudential and conduct regulators, and the distinction between prudential requirements (capital, solvency, governance) and conduct requirements (fair treatment of customers, product oversight, complaints handling). Know the senior managers and certification regime, fitness and propriety, and the responsibilities of key function holders.
211 words, about 1 min04Underwriting Practice and Risk Selection
Understand the underwriting cycle, risk selection, rating factors, and the use of terms, conditions, deductibles, warranties and exclusions to control exposure. Know the difference between technical and market pricing, and the role of actuarial data, loss experience and exposure rating.
224 words, about 1 min05Claims Handling and Settlement
Understand notification, investigation, coverage assessment, reserving, settlement and recovery. Know the role of the loss adjuster, the difference between loss adjusters and loss assessors, and the requirement to handle claims promptly and fairly.
205 words, about 1 min06Property and Business Interruption Insurance
Understand the perils covered, the difference between named perils and all-risks cover, and the treatment of exclusions such as wear and tear, faulty design and gradual deterioration. Know the meaning of sum insured, average, reinstatement and day-one cover.
238 words, about 1 min07Liability Insurance
Understand public liability, products liability, employers' liability and professional indemnity. Know the basis of cover: occurrence versus claims-made, and the importance of the retroactive date in claims-made policies.
208 words, about 1 min08Marine, Aviation and Transport Insurance
Understand hull and machinery, cargo, freight and liability covers. Know the Institute Cargo Clauses (A), (B) and (C) and the difference in breadth of cover.
195 words, under 1 min09Specialist and Emerging Lines
Understand first-party cover (data restoration, business interruption, extortion) and third-party cover (privacy liability, network security liability). Know the importance of exclusions for war, infrastructure and systemic events, and the treatment of silent cyber in traditional policies.
203 words, about 1 min10Reinsurance and Risk Transfer
Understand facultative and treaty reinsurance, proportional (quota share, surplus) and non-proportional (excess of loss, stop loss). Know the concepts of retention, cession, reinstatement and the role of retrocession.
563 words, about 3 min