Associateship Level

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Overview

This is the ‘professional’ qualification awarded to experienced and expert market practitioners. Students are qualified for the stage after completion of the Diploma stage. At this level, Six (6) courses are required. Three are compulsory and three electives should be chosen from others.

Syllabus

A01 – Risk Regulation and Capital Adequacy (COMPULSORY)

Course Aims and Objectives

To provide knowledge and understanding of the following and also develop in the candidates:

  • a sound knowledge and appreciation of the nature of risk and risk management
  • a sound knowledge and appreciation of the capital adequacy requirements for insurers and reinsurers 
  • a sound knowledge and appreciation of the regulatory requirements on the insurance industry  
  • a sound knowledge and understanding of basic statistical concepts relating to the insurance environment and the estimation of risk  
  • the ability to apply knowledge and skills to practical situations  
  • the ability to synthesize different aspects of the syllabus and apply them to given scenarios

Course Contents

  • Nature of Risk
  • Human Perception of Risk
  • Risk Management
  • Risk Assessment
  • Risk Treatment
  • Risk Data
  • Presentation of Risk Data  
  • Statistical Measurement
  • Probability Distributions
  • Underwriting Reinsurance and Pricing Insurance
  • Corporate Governance
  • The International Context
  • Nigeria Insurance Regulation

A02 – Reinsurance: Principles and Application (COMPULSORY)

Course Aims and Objectives

To provide knowledge and understanding of the following and also develop in the candidates:          

  • a sound knowledge and appreciation of the practice of reinsurance          
  • a sound knowledge and appreciation of the principles guiding the practice of reinsurance
  • a working knowledge of the reinsurance market and its operations  
  • a working knowledge of accounting as it relates to reinsurance
  • the ability to apply knowledge and skills to practical situations
  • the ability to synthesize different aspects of the syllabus and apply them to given scenarios.

Course Contents

  • Introduction to Reinsurance
  • Operation of Quota Share and Surplus Reinsurance Treaties
  • Operation of Excess of Loss Reinsurance Treaties
  • Law Relating to Reinsurance
  • Placing of Reinsurance
  • Wording
  • Reinsurance Markets
  • The Buyer’s Reinsurance Needs
  • Designing and Arranging the Reinsurance Programme
  • Underwriting Considerations
  • Technical Reinsurance Accounting
  • Reinsurance Claims
  • Reviewing the Programme
  • Financial Aspects
A03 – Finance and Accounting (COMPULSORY)

Course Aims and Objectives

To provide knowledge and understanding of the following and also develop in the candidates:

  • a sound knowledge and appreciation of the principles guiding the accounting and finance in general  
  • a sound knowledge and appreciation of how finance and accounting relates to insurance  
  • a working knowledge of the balance sheet revenue account, profit and loss account and management accounting 
  • a working knowledge of accounting as it relates to reinsurance  
  • the ability to apply knowledge and skills to practical situations  
  • the ability to synthesize different aspects of the syllabus and apply them to given scenarios.

Course Contents

  • Account – What, Why and How?
  • The Accounting Framework
  • The Balance Sheet
  • Revenue and Profit and Loss Accounts
  • Management Accounting: Costing
  • Management Accounting: Budgeting, Planning and Control
  • Looking at Figures and Reading Accounts
  • The Supervision of Insurance Companies
  • Taxation
  • Investments and Insurers
  • In the Market Place  
  • Intermediaries
  • Where are the ratios?
A04 – Principles of Property and Pecuniary Insurance

Course Aims and Objectives

To provide knowledge and understanding of the following and also develop in the candidates:

  • a sound knowledge and appreciation of the principles of property insurance
  • a sound knowledge and appreciation of the principles of pecuniary insurance
  • a sound knowledge and appreciation of the principles behind package policies
  • the ability to apply knowledge and skills to practical situations
  • the ability to synthesize different aspects of the syllabus and apply them to given scenarios.

Course Contents

  • Property and Pecuniary Insurances: Development and Structure
  • Property Insurance Cover
  • Pecuniary Insurance: Business Interruption Insurance
  • Pecuniary Insurance: Fidelity Guarantees and Bonds, Credit Insurance
  • Combined and Package Policies
  • Property and Pecuniary Insurances: Risk Assessment
  • Property and Pecuniary Insurances: Administration and Account Management
  • Property and Pecuniary Insurances: Claims Principles and Procedures
  • Construction Insurance: Development and Structure
  • Construction Contracts
  • Construction Insurance: Policy Cover
  • Engineering Insurance
  • Business Interruption Insurance: Relating to Engineering and Construction Insurances
  • Engineering and construction Insurance: Claims Principles and Procedures
A05 – Life Assurance

Course Aims and Objectives

To provide knowledge and understanding of the following and also develop in the candidates:

  • a sound knowledge and appreciation of the development of life assurance principles
  • a sound knowledge and appreciation of the principles of life assurance
  • a sound knowledge and appreciation of how Information Technology applies to life assurance   the application of ethics to the practice of life assurance  
  • the ability to apply knowledge and skills to practical situations  
  • the ability to synthesize different aspects of the syllabus and apply them to given scenarios.

Course Contents

  • Development of Life Assurance
  • Types of Cover Available  
  • How Life Policies are effected
  • Policy Administration
  • Trusts
  • Reassurance
  • Claims
  • Consumer Protection
  • Taxation Principles
  • Taxation of life Policies
  • Information Technology
  • Ethics
A06 – Motor Insurance

Course Aims and Objectives

To provide knowledge and understanding of the following and also develop in the candidates:

  • a sound knowledge and appreciation of motor insurance
  • a sound knowledge and appreciation of the principles behind motor insurance
  • the ability to apply knowledge and skills to practical situations
  • the ability to synthesize different aspects of the syllabus and apply them to given scenarios.

Course Contents

  • History and Development
  • Operation and Regulation of the Market Place
  • Legal Considerations
  • Scope of Cover Provided
  • Principles of Rating and Underwriting Individual Risks in Motor Insurance
  • Renewal of Cover
  • Claims Procedures
  • Ethical Considerations
A07 – Liability Insurance

Course Aims and Objectives

To provide knowledge and understanding of the following and also develop in the candidates:

  • a sound knowledge and appreciation of liability insurances
  • a sound knowledge and appreciation of the principles behind liability insurances
  • the ability to apply knowledge and skills to practical situations
  • the ability to synthesize different aspects of the syllabus and apply them to given scenarios.

Course Contents

  • Sources of Civil Liability
  • Negligence Other Torts
  • Defenses, Limitations and Remedies
  • Risk Perception, Identification, Evaluation and Management
  • Liability Underwriting, Theory and Practice  
  • Employers’ Liability
  • Public and Products’ Liability
  • Public and Products’ Liability – The Policy
  • Directors’ and Officers’ Liability  
  • Professional Indemnity
A08 – Risk Management

Course Aims and Objectives

To provide knowledge and understanding of the following and also develop in the candidates:

  • a sound knowledge and appreciation of risk management
  • a sound knowledge and appreciation of the principles behind risk management
  • the ability to apply knowledge and skills to practical situations 
  • the ability to synthesize different aspects of the syllabus and apply them to given scenarios.

Course Contents

  • Context of Risk Management
  • Identification of Risk
  • Analysis of Risk
  • Assessment and Prioritization of Risks
  • Assessment of Risk Controls
  • Risk Control
  • Risk Financing
  • Monitoring and Review  
  • Case Studies
A09 – Marketing

Course Aims and Objectives

To provide knowledge and understanding of the following and also develop in the candidates:

  • a sound knowledge and appreciation of marketing and its application to insurance
  • a sound knowledge and appreciation of the principles behind marketing
  • the ability to apply knowledge and skills to practical situations
  • the ability to synthesize different aspects of the syllabus and apply them to given scenarios.

Course Contents

  • Theory of Marketing
  • Key Concepts
  • Marketing and Insurance
  • Marketing Strategy
  • Market Research and Product Development
  • Communication and Branding
  • Distribution and Delivery
  • Global Marketing

Entry requirement 

Minimum of O’Level Examination Results (Combination of a Maximum of 2 Sittings)

Registration Process 

Register as a member on the website and proceed for the examination registration, also online, on candidate’s individual portal

Payment process

To pay electronically/online. Cost of the course is N15,000.00 while there is a flat non-refundable entry fee of N12,500.00 per examination diet.

Examination procedures

Register, Pay and Sit for the Examination. Compulsory Course to be passed by/accrued through exemption or conversion by the candidate 

Eligibility 

Must possess at least 5 credits at O’Level Examination

Exemption

As per the Council Exemption Guideline on the website (see the link below and paste it here)

All Associateship Level Course Books cost ₦4,000.00
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