Topics: Education | Insurance Designations | Risk Insider
CPCU 520 Assignment 3; Shared Flashcard Set. CPCU 520 Assignment 3. Insurance Marketing. Click here to study/print these flashcards. Create your own flash cards! Download your free CPCU® 520 practice exam and study guide at: In our CPCU® 520 Review video we provide an ov. The Chartered Property Casualty Underwriter designation program consists of four foundation courses, one elective course, and three courses in either the personal lines or the commercial lines concentration. Foundation Courses. CPCU 500—Foundations of Risk Management and Insurance (This course is replacing CPCU 510) CPCU 520—Insurance.
One of my most memorable moments in the insurance industry came last year in New Orleans, Louisiana.
I witnessed some of my CPCU students conferred as new designees. This was the culmination of a journey that started in January of 2017 in Indianapolis, Indiana, with two simple hashtags: #NOLA2019 and #TrustTheProcess.
The road to Louisiana took shape after a ‘Lunch and Learn’ session to promote insurance studies. While it is axiomatic that my students have learned some things from me, they have undoubtedly whetted my appetite for more designations.
Migrating to the United States
My humble beginnings in Haiti helped fuel my deep-seeded passion for learning. After migrating to the United States as a teenager, I started my high school journey in Brooklyn, New York without any knowledge of the English language.
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I was determined to achieve the highest recognition possible, so I found creative ways to learn the new language.
During my first year, I spent countless hours each night translating my school work from English to my native French and Haitian Creole.
When I started teaching CPCU courses, I quickly realized that I could leverage my past experience to help my fellow associates learn topics and concepts that may seem “foreign” to them, especially if they had not had experiences in certain departments.
Similar to how I had to become comfortable with being uncomfortable in high school, I hypothesized that my students must develop that same grit posthaste while learning the “insurance language.”
For this audacious challenge to come true for my students, I had to become the “dictionary” that enabled me to not squander my high school years for them.
My audacity was even more pronounced when you consider my échec with CPCU 500. To earn the CPCU designation, one must be able to remain standing after eight rounds. At first, I was knocked out after the first round, but I summoned my “butterfly spirit” and got back up.
Indeed, defeat became my fuel in my quest for the prestigious CPCU designation.
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Trusting The Process
Since my students have diverse academic backgrounds and experience, I concluded that I can rapidly leverage the other designations that I hold (e.g. AIC, ARM, ARe, AIDA, AIAF, ARC, et cetera) to explain obtuse concepts and theories in a manner that is easily digestible and relevant to their current roles.
Additionally, using current issues, trends and case studies have done wonders in helping students develop an in-depth understanding of the materials. The unfortunate coronavirus (COVID-19) pandemic has impelled insurance departments to issue a myriad of orders: cancellation moratorium, mandatory premium relief to commensurate with the significant decrease in risk exposures, among others.
My current CPCU class (CPCU 520) has found those examples informative.
The students are seeing how some factors can accelerate the underwriting cycle into a soft market. Leveraging the quarterly financial earnings to further explain the impact of those industry-wide actions on underwriting ratios has been a fortuitous supplement to the course materials.
I have seen how current and future leaders begin to think about business problems in broader terms as a result of the knowledge gained from the course materials. Furthermore, the designation gives some insurance professionals the courage to seek new challenges and develop competencies needed to succeed in position of broader responsibility.
Lifelong Learning
The thirst for knowledge is in each individual student.
They are intellectually curious. They understand that the business acumen they will cultivate by obtaining the CPCU designation will help them to grow with confidence.
As the industry continues to evolve, I have learned that I must keep pace by continuing to obtain more designations or risk the misgiving of pretending to know what I don’t know.
As a lifelong learner, I am constantly guarding against the illusion of accepting a comfort zone. It is that same mindset and discipline that propelled me to graduate high school with honors, and ultimately complete undergraduate (cum laude) and graduate (with distinction) degrees at Long Island University.
In addition to the CPCU designation, I hold 14 other designations from The Institutes, of which Risk & Insurance® is an affiliate. Furthermore, I also hold the Project Management Professional (PMP), Commercial Lines Coverage Specialist (CLCS) and Information Technology Infrastructure Library (ITIL) certifications. The Institutes continues to acknowledge my contribution to the industry by featuring me as a subject matter expert in its all-new online CPCU learning format.
In a sense, history continues to repeat itself. I was fortunate to find teachers who accepted the challenge of teaching me a new language when I migrated to the United States. Now I have an opportunity to pay it forward by helping others learn the insurance language by teaching CPCU courses.
However, I am mindful that my learning is still in its infancy stage.
To echo Socrates, “As for me, all I know is I know nothing.” If I stop trusting the process, I will not only commit a morale hazard, I will run the risk of irrelevancy in the ever-changing industry.
Consequently, my students will not be able to rely on me when they are getting comfortable with being uncomfortable. I have learned a lot from my students while teaching CPCU courses, and I am just getting started. &
Risk Insiders are an unrivaled group of leading executives focused on the topic of Risk. They share their insights and opinions – and from time to time their pet peeves and gripes.
Each Risk Insider is invited to publish based on their expertise, passion and/or the quality of their writing. The only rules are no selling and no competitor put-downs.
The views expressed in this article belong to the author and are not an editorial opinion of Risk & Insurance.
Course Summary: Learn how an insurance company works.
- In-depth look at various different departments or functions (e.g., claims, underwriting, sales/marketing, etc.)
- Find out how the decisions & outputs of each department affects every other departments
What’s in Our CPCU 520 Study Guide Package
We’ve loaded our study materials e-bundle with tons of content to help you grasp all the tricky concepts:
Study Guide Outlines: The cornerstone of our review materials is our study guide outlines, which condense each chapter to several pages of key terms, major concepts, and other important lists of information. The clean outline format makes it easy to see how the details presented are related to each other.
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Help with Formulas: CPCU 520 includes a number of formulas that won’t be provided to you on the exam but that you could still be tested on. Our e-bundle includes a number of tools to help you: a formulas module that explains each formula in detail, a convenient quick reference sheet that list out the formulas, and a handout entitled “How to Memorize CPCU Formulas” outlining a method that allows you to create a cheat sheet for yourself on test day.
Comparison of Insurance Customers Table: One topic you’ll learn about is the different types of customers that insurance companies sell to and how they differ. We provide a convenient table that shows their main differences side-by-side, so you can easily compare and contrast them at a glance.
Actuarial & Reinsurance Practice Problems: Prior test-takers have all said that the test will heavily feature questions from the actuary and reinsurance sections of the textbook. It is vital that you understand these chapters so we included sample problems and walk-throughs showing how to apply those concepts.
CPCU 520 Study Guide e-Bundle – Only $24.99
- For use with 1st edition course of CPCU 520: Connecting the Business of Insurance Operations
- FREE updates (whenever we update our materials, you get access to the new version at no additional charge)
- Delivered by email as downloadable PDF
- For buyer's personal use only (non-transferrable and not for resale)
- Includes:
- Study guide
- BONUS: Formulas module
- BONUS: Formulas cheat sheet
- BONUS: How to Memorize CPCU Formulas
- BONUS: Comparison of Insurance Customers cheat sheet
- BONUS: Actuarial Word Problems worksheet
- BONUS: Types of Reinsurance chart
- BONUS: Reinsurance Practice Problems worksheet
Taking 520 Insurance Operations – The study guide is well formatted and easy to follow. Makes far more sense of the material and helps to focus your attention to what is truly important. Also really appreciate the formula guide.
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