The content for Exam 1, Property Insurance Fundamentals, is taken from material that is part of both the CAS, iCAS CSPA, and CPCU programs and the ARe.

Those eligible for a full waiver for Exam 1 include:

  • Holders of (A) one of the following – FCAS, ACAS, CSPA, CPCU – who also (B) have passed ARe 144.
  • Those who (A) have passed both CAS Online 1 and CAS Online 2 or PC1 or both LM1* and LM3* and who also (B) have passed ARe 144

To obtain a waiver, applicants will submit a waiver request form together with a transcript from The Institutes or the CII as well as payment of $75.

Those eligible for a partial waiver for Exam 1 include:

  • Those who have met the requirements of (A) but not (B)

Registration for Exam 2 includes a textbook with required readings for Exam 2.  That textbook will also contain material from ARe 144 that is part of the Exam 1 curriculum.  Those requesting a waiver will fill out a waiver request form that they will send in, together with the $75 waiver processing fee.  In return, they will receive an “open book knowledge check” that they will take and return.  Once that material is returned and evaluated, they will be granted a waiver for Exam 1.

Please note that the waiver form will contain a code of conduct that prohibits sharing of the knowledge check material.  Should a candidate violate that code of conduct, they will be precluded from continuing to pursue the credential.  Ethics and Professionalism are an integral part of this designation and violations will not be acceptable.


*Exams LM1 and LM3 are part of the Certificate in London Market Insurance offered by the Chartered Insurance Institute (CII), which is not affiliated with either ISCM or iCAS.