CIIG Certificate - independent subject foundations cheat sheet
CIIG Certificate - independent subject foundations · Keep the key ideas within reach.
Risk transfer, policy analysis, underwriting and claims
Read the actual coverage, limits, exclusions and duties.
Insurance transfers specified financial consequences, not the physical hazard itself.
Claims calculations require an explicit deductible and limit convention.
Reinsurance does not automatically release the original insurer from its policyholder obligation.
Insurer financial statements, reserves and performance models
Separate written, earned and unearned premium under the stated model.
A claims reserve is an estimate of an obligation rather than a named cash fund.
Read the denominator and components of each insurance ratio.
Underwriting, investment, liquidity and solvency measures answer different questions.
Market, credit, liquidity and model-risk reasoning
Expected loss is an average under a stated model, not a maximum.
VaR does not bound losses or fully describe the tail.
Funding and market liquidity can deteriorate together.
Validate models and monitor assumptions, data and intended use.
Business strategy
A business model connects customer value, delivery, resources, costs and revenue; its assumptions require evidence.
Porter's generic strategies require a clear basis for competitive advantage.
Expected value weights outcomes by probability but ignores risk attitude.
Suitability, acceptability and feasibility structure strategy evaluation.
Implementation fails when culture, structure and resources are misaligned.