Insurance Foundation Certificate Examination (IFCE)


This course focusses on the Syllabus as laid down by Saudi Arabian Monetary Authority (SAMA)  .The trainer will guide you through all 7 modules of the course and the course  will finish with a mock examination where the delegate can gauge their progress against the pass criteria. JD

Target Audience:

  • All those interested in acquiring  insurance knowledge to be able to pass the IFCE and to follow a career in the promising insurance field


  • By the end of this course the participants will:
  • Understand the concept of risk in insurance
  • Know the legal principles of insurance and how they apply in insurance contracts
  • Comprehend the methods of risk evaluation and risk underwriting in insurance
  • Be able to distinguish the components of the insurance market
  • Be acquainted with the required insurance documentation.
  • Be aware of the insurance regulations in the kingdom
  • Know the code of ethics to be observed in the insurance market

Assessment Strategy:

Test following each module  and final mock exam

Day 1

Module 1 : Risk Concept

  • Risk Concept
  • Risk and Insurance
  • Types of risk
  • Insurable risks
  • Uninsurable risks
  • Insurance as a risk transfer mechanism
  • Perils and hazards
  • Benefits of insurance

Module 2 : Legal Principles of Insurance

  • Utmost Good Faith
  • Insurable Interest
  • Indemnity
  • Subrogation
  • Contribution
  • Proximate Cause

Day 2

Module 3 : Insurance contract

  • Identify the insurance contract
  • Elements of insurance contract
  • Pillars of insurance contract
  • Stages of the insurance contract
  • Characteristics of the insurance contract

Module 4 :Participants in the insurance market in Saudi Arabia

  • Regulation of insurance in the Kingdom of Saudi Arabia
  • Insurance and reinsurance companies
  • Insurance intermediaries

Module 5 : The standard insurance policies and procedures

  • Underwriting
  • Reinsurance
  • Receiving and processing claims
  • Financial operations
  • Human resource operations

Day 3

Module 6: Insurance products

  • Individual Insurance products
  • Corporate Insurance products

Module 7: Customer service

  • The principles of effective customer service
  • Customer service process
  • Effective communication with customers
  • Understand customer rights and responsibilities

Module 8 : Risks facing insurance companies

  • Product development risks
  • Claims settlement risks
  • IT risks
  • Lack of qualified human resources
  • Reinsurance risk
  • Reputation risk
  • Risks of changes in the State
It was Nice experience to attend this course training from Watan First Institute. thanks to WFI for such wonderful training, tutor and the training material
Junanid Ali
IT Supervisor
It was Nice experience to attend this course training from Watan First Institute. thanks to WFI for such wonderful training, tutor and the training material
Amer Bakeer
Software Developer
"No, we only offer a training course that increases your experience in Insurance Foundation which will help you pass the exam.
A basic exam at (The Financial Academy).
Yes, the Insurance Foundation Certificate Examination (IFCE) is a mandatory requirement by SAMA.
Exam Fees: SR 550, Number of Questions: 100, Pass: 70%.
There is no expiration date.
You can equal IFCE (Insurance Foundation) approved by the Financial Academy vs W01 for 15 Points.
Yes, Watan First Institute offers a simulated experimental test platform for the official 30 day online exam free of charge for each trainee.

SAR 2,499

Including VAT

Discount Type: Per Seat
Group (3-5) Discount 15% 2,124 SAR
Group (6+) Discount 20% 1,999 SAR
Course Number: INS-WFI-1041
City: Riyadh
Course Language: Arabic & English
Duration: 3 Day(s)