CAS OC1Online Course 1 — Risk Management & Insurance Operations
Syllabus learning objectives
Paraphrased from the CAS syllabus so the study-plan builder and practice sets track the topics you will actually be examined on. Weights are the official topic ranges.
Risk management framework
- Describe the risk management process: identification, measurement, mitigation and monitoring of insurance risks.
- Distinguish pure vs. speculative risk and insurable vs. uninsurable risk.
- Describe risk financing techniques including retention, transfer and hedging.
- Apply basic risk management principles to a simple business risk scenario.
Insurance operations (marketing, underwriting, claims)
- Describe the roles of marketing, underwriting, and claims functions within an insurance company.
- Explain the underwriting process, including risk selection and rate application.
- Describe the claims handling process from first notice of loss through settlement.
- Assess how distribution channels (agents, brokers, direct) affect insurer operations.
Overview
OC1 is a self-study course administered by The Institutes covering the risk management process and the functional areas of an insurer. It is conceptual and tests recall of frameworks and definitions.
- Duration
- 2 hours
- Questions
- 75 multiple-choice
- Style
- Computer-based, The Institutes testing center
- Credit
- Required for ACAS
Syllabus map
Key formulas
Expected loss ; risk-control (avoidance, prevention, reduction, separation) vs risk-financing (retention, transfer) techniques.
Study strategy
Study the course outline as flashcards; the exam mirrors the learning objectives closely.
Do the end-of-module quizzes twice.
Common traps
Confusing loss prevention (frequency) with loss reduction (severity).
Mixing up hazard types: physical, moral, morale (attitudinal), legal.