Actuarial Notes

DISC IA

Insurance Accounting, Coverage Analysis, Insurance Law, and Insurance Regulation (DISC IA) is one of the three Data and Insurance Series Courses (DISCs) the CAS requires for the ACAS. The DISCs are online, self-paced courses run by The Institutes. Each ends in an exam of 75 application-based multiple-choice questions, with 100 minutes to answer them, and the course fee includes one attempt. The course itself contains the learning objectives and all the material needed to meet them; a textbook with the same content, condensed review notes, a course guide of sample questions and answers, and flashcards are sold separately and are optional. It replaced CAS Online Course 2 in 2023.

The Institutes gives the topics no exam weights.

Learning Objectives

1. Introductory Insurance Accounting

  1. Qualitative Accounting Information Criteria
  2. Types of Accounting Frameworks
  3. Accounting Frameworks and Rule Hierarchies
  4. Selected Accounting Concepts
  5. Fundamentals of Insurer Financial Statements
  6. Premium Accounting – Revenue Recognition
  7. Premium Accounting – Types of Written Premium
  8. Other Premium Accounting Issues
  9. Unearned Premium
  10. Examining the Relationship Between Loss Reserves and the Unearned Premium Reserve
  11. Loss and Loss Adjustment Expense Accounting
  12. Reinsurance Accounting Basics
  13. Deposit Accounting

2. Insurance Policy Analysis

  1. Ideally Insurable Loss Exposures
  2. Characteristics of Insurance Policies
  3. Insurance Policy Structure
  4. Insurance Policy Provisions

3. Common Policy Concepts

  1. Identifying and Protecting Insurable Interests
  2. Determining Replacement Cost and Actual Cost Value
  3. Other Valuation or Loss Settlement Provisions
  4. Applying Coinsurance and other Insurance to Value Provisions
  5. Applying Property Insurance Limits and Deductibles
  6. Applying Book Value to a Property Damage Claim
  7. Factors Affecting Liability Claim Valuation

4. Personal Auto Policy

  1. The Personal Vehicle Risk Management Environment
  2. Understanding the Personal Auto Policy
  3. Examining Personal Auto Liability Coverage
  4. PAP Medical Payments Coverage and Uninsured Motorists Coverage
  5. PAP Coverage for Damage to Your Auto
  6. PAP Duties and General Provisions
  7. PAP Endorsements for Vehicles Other Than Personal Auto
  8. Additional PAP Endorsements

5. Homeowners Property Coverage

  1. Managing Personal Property Exposures
  2. Managing Personal Liability Exposures
  3. Determining HO-3 Property Coverages
  4. Analyzing HO-3 Section I – Perils Insured Against and Exclusions
  5. Examining HO-3 Property Conditions

6. Homeowners Liability Coverage

  1. Determining HO-3 Liability Coverages
  2. HO-3 Liability Exclusions
  3. HO-3 Coverage Conditions
  4. Recommending Key Homeowners Endorsements

7. Life and Health Insurance

  1. Understanding Term Life Insurance
  2. Understanding Whole Life and Universal Life Insurance
  3. Evaluating Types of Annuities
  4. Health Insurance Plans

8. Commercial Property Insurance Part 1

  1. Analyzing Commercial Property Loss Exposures
  2. Covered Property Under the BPP
  3. BPP Additional Coverages and Coverage Extensions
  4. Causes of Loss- Basic Form and Broad Form
  5. Causes of Loss – Special Form
  6. BPP Limits of Insurance and Deductible

9. Commercial Property Insurance Part 2

  1. Applying BPP Loss Conditions and Additional Conditions
  2. Applying BPP Optional Coverages
  3. The Significance of Commercial Property Conditions
  4. Understanding Common Policy Conditions
  5. Selecting Blanket Insurance
  6. Determining Whether the BPP Covers a Loss

10. Commercial General Liability Insurance Part 1

  1. Analyzing Commercial Liability Loss Exposures
  2. Understanding CGL Coverage
  3. CGL Coverage A Insuring Agreement
  4. CGL Coverage A Exclusions Part 1
  5. CGL Coverage A Exclusions Part 2
  6. CGL Coverage B
  7. CGL Coverage C
  8. CGL Supplementary Payments

11. Commercial General Liability Insurance Part 2

  1. CGL Who is an Insured
  2. Applying CGL Limits of Insurance
  3. Applying CGL Conditions
  4. Modifying the CGL Coverage Form
  5. Other General Liability Coverage Forms
  6. Determining Whether the CGL Covers a Claim

12. Specialty Coverages Part 1

  1. Understanding Excess and Umbrella Liability Insurance
  2. Professional Liability Insurance
  3. Directors and Officers Liability Insurance
  4. Employment Practices Liability Insurance
  5. Fiduciary Liability Insurance
  6. Environmental Insurance

13. Specialty Coverages Part 2

  1. Examining Aircraft Insurance
  2. Cyber Risk Insurance Policies
  3. International Insurance Solutions
  4. Understanding the Terrorism Risk Insurance Program

14. Insurance Law Part 1

  1. Negligence
  2. Defenses Against Negligence Claims
  3. Liability of Landowners or Occupiers of Land
  4. Intentional Torts Part 1
  5. Intentional Torts Part 2

15. Insurance Law Part 2

  1. Liability in Extraordinary Circumstances
  2. Products Liability
  3. Damages in Tort Suits
  4. Liability Concepts Affecting Tort Claims

16. Insurance Regulation

  1. Reasons for Insurance Regulations
  2. Insurance Regulators
  3. Licensing Insurers and Insurance Personnel
  4. Monitoring Insurer Solvency
  5. Regulating Insurance Rates
  6. Regulating Insurance Policies
  7. Market Conduct and Consumer Protection

Source Material

Source Material

  • Insurance Accounting, Coverage Analysis, Insurance Law, and Insurance Regulation (The Institutes - 2023)
    • 1–16