Diploma In Insurance 

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Overview

This qualification recognizes ‘technical’ development achieved by those with a growing understanding of the industry. At this level, three (3) courses are required. Two are compulsory and one elective should be chosen from others.

Syllabus

D01 – Insurance Practice and Regulation

Insurance coverage

  • Characteristics and scope of the main classes of insurance
  • Lige assurance
  • Non-life insurance
  • Packages and schemes
  • Purpose and scope of compulsory forms of insurance
  • Use of policy extras including emergency services, legal services, helplines
  • Insurance-related services
  • Appendix 1: ABI Buildings insurance for home owners guide

General structure of the insurance market

  • Structure of the insurance market
  • Categories of insurance intermediary and distinctions between them
  • Nature of the agreement between intermediaries and their principal
  • Delegation of authority by insurers
  • Characteristics of the main types of insurer
  • Organizational structure of insurance companies
  • Distribution channels
  • Structure and operation of Lloyd’s
  • Organizations representing sections of the insurance market

Arranging Insurance

  • Searching the market
  • Purpose, use, structure and content of proposal forms
  • Role and structure of scheduled policy forms
  • Use and general features exclusions and conditions
  • Use of standard and non-standard clauses and endorsements in policies
  • Features of transacting insurance at Lloyd’s
  • Purpose, content and use of cover notes and certificates of insurance
  • Reasons and procedures for amending policies
  • General features of the renewal process
  • Instalment premiums
  • Appendix 1: Direct Insurance flyer (phone/internet) for home insurance
  • Appendix 2: Private car proposal form
  • Appendix 3: Liability proposal form
  • Appendix 4: Liability policy
  • Appendix 5: Motor Insurance certificate
  • Appendix 6: Employers’ liability insurance certificate

Underwriting Insurance

  • Common pool
  • Characteristics of physical and moral hazard
  • Role of the underwriting process
  • Basic principles of underwriting the main classes of insurance
  • Purpose and use of risk control surveys
  • Theoretical and practical factors used in calculating rates of premium
  • Application of rates of premium to the main classes of insurance
  • Insurance Premium Tax

Risk sharing and spreading

  • Reasons for sharing risks by means of co-insurance and reinsurance
  • Procedures for co-insuring risks
  • Characteristics of the reinsurance market
  • Features of facultative and treaty reinsurance and the significance of retention limits

Features of claims procedures

  • Notification of claims
  • Acceptance of liability
  • Procedures used by insurers in settling claims
  • Use of loss adjusters and other professionals
  • Methods of settling claims
  • Claims solutions
  • Limits to the amount to be paid in settlement of a claim
  • Reinsurance and other insurance market claims
  • Dealing with fraud, including the application and operation of CUE and other anti-fraud initiatives
  • Complaints and disputes
  • Appendix 1: Business premises claims report
  • Appendix 2: Loss adjuster’s report
  • Appendix 3: Claiming on your home insurance policy
  • Appendix 4: General insurance claims code

Legal and regulatory considerations

  • Statutory supervision of insurance
  • Financial Services Authority
  • FSA Handbook
  • Principles for Business (PRIN)
  • Regulation of insurance intermediaries
  • Money laundering
  • Data protection
  • Appendix 1: FSA Handbook Table of Contents

Consumer protection

  • Voluntary codes
  • Ethical standards
  • Complaints handling
  • Financial Ombudsman Service
  • Appendix 1: Code of Ethics and Conduct
D04 – Business Practice (Compulsory)

Business

  • Origins of modern business practice
  • Business within today’s economic context
  • Types of business organisation
  • Legal structures of businesses
  • Appendix 1: Example mission statement

Business factors

  • Management and organisational structures
  • Corporate culture
  • Stakeholder relationships
  • Business trends
  • Global business environment
  • Importance of the customer
  • Appendix 1

Management

  • Role of management
  • Planning
  • Decision making
  • management information
  • Knowledge management
  • Appendix 1: Critical path analysis

Corporate governance

  • Need to regulate business
  • Regulatory structure
  • Compliance requirements in insurance business
  • Incorporation of businesses
  • Statutory reporting requirements
  • Agenda, minutes and related documentation
  • Confidentiality

Financial accounting

  • Legislation background to financial accounting
  • Some basic financial concepts
  • Accounting equation
  • Receipts and payments
  • Profit and loss account
  • Balance sheet

Management Accounting

  • Purpose of management accounting
  • Planning, control and budgeting
  • The budgeting process
  • Appendix 1

Marketing

  • Marketing and business
  • Marketing concepts
  • Market research and product development
  • Communication and promotion
  • Marketing and the role of the Financial Services Authority

Human resources

  • Managing people
  • Recruitment
  • Appraisal and reward
  • Training and development
  • Motivation and staff morale
  • Legislation for the workplace
D05 – Insurance Law (Compulsory)

Part I: General Legal Principles

Law and legal systems

  • Classification of law
  • Characteristics of English law
  • Development of English law
  • Sources of English law
  • Precedent and case law
  • Local custom
  • European Community law
  • Elements of civil procedure

Legal Personality

  • Various classes of persons
  • Corporations
  • Unincorporated associations
  • Partnerships
  • Trade unions
  • The Crown

Law of torts

  • Nature of tort
  • Classification of tort
  • Trespass
  • Negligence
  • Nuisance
  • Rule in Ylands v. Fletcher
  • Breach of statutory duty
  • Employers’ liability
  • Liability for defective or dangerous premises
  • Liability for defective products
  • Defamation
  • General defenses in tort
  • Limitation of actions
  • Remedies in tort

Law of contract

  • Types of contract
  • Formation of a contract
  • Terms of a contract
  • Defective contracts
  • Discharge of contracts
  • Remedies in contract
  • Privity of contract
  • Assignment
  • Construction (interpretation) of contracts

Agency

  • Law of agency
  • Duties of an agent
  • Rights of agents
  • Authority of agents
  • Contract made by the agent
  • Termination of agency

Part II: The Insurance Contract

Making the contract

  • Formation of an insurance contract – general principles
  • Insurable interest
  • Development of the law in insurable interest
  • Creation of insurable interest
  • Application of insurable interest

Utmost good faith

  • Misrepresentation
  • Duty of disclosure
  • Breach of good faith

Warranties and other terms, Void and illegal contracts, Joint and composite insurance

Assignment and agency in insurance

  • Assignment and insurance
  • Insurance contracts formed through an agent
  • Duties and rights of insurance agents

Part III: Losses and Claims

Making the claim

  • Who can claim on an insurance policy?
  • Notice and proof of loss
  • Construction of insurance contracts
  • Causation

Measuring the loss: The Principle of Indemnity

  • Meaning of indemnity
  • Measure of indemnity
  • Variations in the principle of indemnity
  • Methods of providing indemnity
  • Salvage and abandonment
  • Effect of claim payments on policy cover

Subrogation and contribution

  • Subrogation
  • Nature of subrogation
  • Operation of subrogation
  • Source of subrogation rights
  • Double insurance and contribution
  • When contribution arises – common law rules
  • Operation of contribution at common law
  • Basis of contribution
  • Market agreements
  • International aspects
D10 – Commercial Insurance Practice

The Commercial Client

  • Sole traders and partnerships
  • Small and medium enterprises
  • National businesses
  • Multi-national and global business
  • The commercial insurance market
  • Brokers

Transacting commercial business

  • The proposal
  • Confirmation of cover
  • The policy

Asset Protection

  • What asset protection is and how it is arranged
  • Types of assets to be insured
  • The sum to be insured
  • Scope of cover available
  • Insuring the theft risk
  • Risk management and loss prevention
  • Rating the risk
  • Additional clauses
  • The policy and schedule
  • Appendix 1: ABI standard fire and special perils policy (material damage)
  • Appendix 2: ABI standard ‘all risks’ and policy (material damage)

Business interruption insurance

  • The need for business interruption insurance
  • Arranging the cover
  • The sum to be insured
  • Indemnity period, maximum indemnity period and the sum insured
  • Sum insured basis of cover v. declaration linked basis of cover
  • Selecting the perils
  • Extensions – cover away from the insured’s premises
  • Rating the risk
  • The policy and schedule
  • Special types of covers
  • Specification and loss settlement calculation

Liability Protection

  • Liability Insurance
  • Scope of cover
  • Assessing and rating the risk
  • Risk management and loss prevention
  • The policy and schedule
  • Special liability protection covers
  • Appendix 1: Certificate of employers’ liability insurance

Commercial Vehicle Insurance

  • Statutory background to motor insurance
  • The commercial motor insurance market and the classification of commercial vehicles and insurance policies
  • The cover
  • Extensions and additional benefits
  • Underwriting the risk – goods carying vehiclese
  • Underwriting the risk – other vehicle types
  • Rating the risk
  • Risk management and loss prevention
  • Policy structure – exclusions, conditions and the schedule

Contractors’ Insurance

  • Contractors and their insurance needs
  • Underwriting the risk
  • Contractors – Clause 21.2.1 cover
  • The sum to be insured
  • Risk management and loss prevention
  • Rating the risk
  • The contract works policy

Engineering Insurance

  • Property to be insured
  • The cover
  • Risk management and loss prevention
  • Rating the risk
  • The policy and schedule

Specialist risks

  • Bankers’ blanket bonds
  • Bloodstock
  • Bonds
  • Credit insurance
  • Fidelity guarantee
  • Fine art and specie
  • Intellectual property
  • Keyman
  • Latent defects
  • Legal expenses
  • Libel and slander
  • Personal accident
  • Travel

Risk sharing and reinsurance

  • Commercial business – sharing the risks
  • Introduction to reinsurance
  • Types of reinsurance
  • Types of reinsurance
  • Proportional (percentage) reinsurance
  • Non-proportional (amount)/excess of loss reinsurance
  • Government and reinsurance
  • Captive insurers
  • Alternative risk transfer (ART)
  • Estimated maximum loss (EML)
  • Arranging a treaty
D11 – Personal Insurance Practice

The personal insurance customer

  • The importance of the customer to a business
  • Different customer groups
  • Identifying customer needs

Marketing and distribution

  • Marketing environment
  • Components of the marketing mix
  • Distribution channels

Legal Principles

  • Utmost good faith
  • Indemnity
  • Subrogation
  • Contribution
  • Insurable interest
  • Proximate cause
  • Appendix 1: The Unfair Terms in Consumer Contracts Regulations 1994

Household Insurance – underwriting and documentation

  • Risk assessment
  • Fixing the sums insured
  • The policy document
  • Renewals

Household Insurance – policy cover

  • Buildings insurance
  • Contents insurance
  • Legal liability: buildings and contents
  • Optional policy extensions
  • Exclusions

Miscellaneous personal insurances

  • Travel insurance
  • Creditor
  • Extended warranty
  • Personal accident

Private motor insurance

  • Introduction and statutory background Different customer groups
  • Covers available
  • Policy cover
  • General exclusions
  • General conditions
  • Additional private motor benefits
  • Motorcycle insurance
  • Documentation
  • Underwriting and pricing
  • International use
  • Appendix 1: Operative clause – liability to others

Reinsurance

  • Retention
  • Methods of reinsurance
  • Types of reinsurance
  • Application of reinsurance to personal general insurance

Claims

  • Onus of proof
  • Duties of the insured
  • Handling claims
  • Claims experts
  • Dealing with disputes
  • Fraud

Regulations

  • Statutory regulation
  • Data Protection Act 1984/1998
D12 – Long Term Business

Market structure

  • Structure of the long-term insurance market
  • Providers of long-term products
  • Selling long-term products
  • Market associations
  • Reassurance

Protection products

  • Life assurance
  • Critical illness insurance
  • Income protection insurance
  • Long-term care insurance
  • State benefits

Savings and investment products

  • Endowment policies
  • Unit trusts
  • Open-ended Investment Companies (OEICs)
  • Individual Savings Accounts (ISAs)
  • National Savings and Investments products
  • Insurance bonds
  • Other investments

Retirement products

  • Personal pensions
  • Occupational pension schemes
  • The A Day tax regime
  • Other recognised methods of retirement funding
  • Annulties
  • State pensions

The acceptance of new business

  • Legal principles
  • Documentation
  • Calculation of premiums
  • Underwriting
  • Product variations
  • Appendix 1: Specimen Acceptance Letter
  • Appendix 2: Declaration of Health
  • Appendix 3: Specimen Cancellation Notice
  • Appendix 4: Specimen Mortality Tables
  • Appendix 5: Access Medical Reports Act 1988
  • Appendix 6: GP’s Report

The administration of existing business

  • Premium processing
  • Renewal processing
  • Assignments and loans
  • Amendment and conversion

Claims, maturities and early terminations

  • Claims
  • Maturities
  • Surrenders and pension transfers
  • Appendix 1: Specimen Death Certificate
  • Appendix 2: Grant of Representation
  • Appendix 3: Form of Discharge

Legal, regulatory and voluntary supervision

  • Financial Services Authority regulation
  • Codes of practice
  • Other legislative requirements
  • Pensions legislation
  • The handling of complaints and disputes
  • Appendix 1: Specimen fact-find
  • Appendix 2: Statement of Long-term Insurance Practice
  • Appendix 3: Statement of Best Practice for Income Protection Insurance
D13 – Marine and Aviation Insurance

Geography

  • The world
  • The Earth’s movement
  • Latitude and Longitude
  • Time differences
  • Ocean features
  • Climates CLimatic phenomena
  • Coastlines
  • Map projections
  • Oceans/seas of the world
  • Canal/waterways
  • Riverfs
  • Straits
  • Other coastal features
  • Ports
  • Maps, St. Lawrence Seaway, Panama Canal, Suez Canal, Kiel Canal, Straits of Hormuz

Trade and Commodities

  • Trades – sea
  • Trades – air
  • Commodities

International trade

  • Export control
  • Transport documentation
  • Bonds and guarantees
  • Payment
  • Contracts of affreightment
  • Charter parties
  • Freight
  • Time charter hire
  • Legislation
  • Carriage by road
  • Carriage by rail

Marine Insurance

  • Marine Insurance and trade
  • Effecting Insurance
  • Insurable interest
  • Utmost good faith
  • The new marine policy form
  • Rating
  • Claims
  • Claims Practice

Marine Insurance Act 1906

  • Marine Insurance
  • Insurable interest
  • Insurable value
  • Disclosure and representations
  • The policy
  • Double insurance
  • Warranties, etc
  • The voyage
  • Assignment of policy
  • The premium

Marine Insurance Act 1906

  • Loss and Abandonment
  • Partial losses
  • Measure of indemnity
  • Rights of insurer on payment
  • Return of premium
  • Mutual insurance
  • Supplemental
  • First schedule
  • Second schedule

Aviation market practice

  • Historical survey
  • Principles of aviation insurance
  • Links with other branches of insurance
  • Market organizations
  • Aviation insurance underwriting and rating
  • Loss adjusting and surveying
  • Structure of the aviation insurance market
  • Specialist aviation insurers
  • Aviation placing practice
  • The use of slips
  • Reinsurance

Aviation Law

  • Historical developments
  • International reulations
  • Statutes and rules
  • Case law
  • Legal liability of transport operators
  • International flights
  • The Warsaw Convention 1929
  • Gold francs
  • The Hague Protocol
  • The Montreal Agreement 1966
  • The Guatemala Protocol
  • Montreal Additional protocols
  • Special drawing rights
  • Malta Group
  • Non-international (domestic) flights
  • Chicago Convetion 1944
  • International Civil Aviation Organisation
  • International Air Transport Association
  • Rome Convention 1952
  • Tokyo Convention 1963
  • Hague Convention 1970
  • Montreal Convention Act 1971
  • Tokyo Convention Act 1967
  • Hijacking Act 1971
  • Protection of Aircraft Act 1973
  • Civil Aviation Act 1971

Appendices conventions and protocols

  • Warsaw Convention
  • Hague Protocol 1955
  • Montreal Agreement CAB 18900
  • Guatemala Protocol, 1971
  • Table of limits

Aviation Policy Forms and Conditions

  • Policy conditions
  • Specialist risks
  • Space insurance
  • Aviation clauses

The theory of International Trade

  • Introduction
  • Factors of Production
  • Specialization
  • The theory of Comparative Cost
  • The protection of Trade and Industry

Economoics of Scale in Shipping and Business

  • Economics of Scale
  • Business Units
  • Methods of growth

Sea Transport and World Trade

  • Direction of World Trade
  • The theory of International Trade
  • Restrictions on Imports
  • Demand for Shipping Services
D17 – Operational Management

Context and theory of management and leadership

  • Management skills
  • Leadership theory
  • Leadership style
  • Motivational theory

Core skills (primary)

  • Team building
  • Communication
  • Decision making
  • Delegation
  • Time management

Core skills (secondary)

  • Managing stress
  • Managing change
  • Managing conflict
  • Interviewing

Effective control techniques and tools

  • Management and control
  • Implementing business plans
  • Control systems and models
  • Processes and initiatives
  • Management by objectives
  • Project management

Call/contact centre operations

  • Customer relationship
  • The role of call/contact centres
  • Structure and driving forces
  • Technology
  • Service delivery
  • Work forecasting and staff scheduling
  • Quality
  • People management
  • Procedures and working guidelines
  • Alternative administrative systems

Recruitment management

  • Managing the recruitment process
  • Appendix 1: Example job description
  • Appendix 2: Example competencies for a manager

Performance and reward management

  • Performance management
  • Reward management

Training and development

  • Training
  • Development
  • Coaching and counseling
D18 – Property Claims Handling

The property insurance market

  • The policyholder
  • Intermediaries
  • Insurers
  •  Third party claims administrators
  • Trade and market associations

The policy

  • Policy interpretation
  • Operative clause
  • Definitions
  • Exclusions
  • Conditions
  • Warranties
  • The schedule

Utmost good faith

  • Utmost good faith
  • FSA Insurance Conduct of Business riles (ICOB)
  • Rehabilitation of Offenders Act 1970
  • Proposal forms
  • Non-disclosure 

Insurable interest

  • Legal position
  • Types of insurable interest
  • Extent of insurable interest
  • Fixtures and fittings

Proximate cause

  • Principles
  • Perils policies
  • All risk policies

Indemnity

  • Principle
  • Replacement
  • Reinstatement Memorandum
  • Public authorities’ clause
  • Day one
  • Salvage
  • Debris removal
  • Average

Contribution

  • Principle
  • The policy
  • Methods of apportionment
  • Inter-company agreements
  • Other matters

Subrogation

  • Principle
  • The policy
  • Stature
  • Tort
  • Contract
  • Investigation
  • Other matters
  • Limitations

Claims handling

  • Reserving
  • Repudiation
  • Regulation
  • Delegated authority
  • Dispute resolution
  • Data Protection Act 1998
  • Money laundering 

Fraud

  • The policy
  • Definition
  • Detection 

Basic security devices

  • Doors
  • Windows
  • Other security devices
  • Miscellaneous

Basic building construction and common defects

  • Roofs
  • Gutters
  • Walls
  • Drains
  • Chimneys
  • Windows
  • Wet and dry rot
  • Frost
  • Ceilings 

D19 – Subsidence Claims Handling

The customer

  • Importance of managing customer expectations
  • Communication in the management of customer expectations

Policy cover and issues

  • Subsidence/heave/landslip-usual policy wordings
  • Basis of claims settlement
  • Definition of terms
  • Pre-inception damage
  • Typical policy exclusions
  • Alternative accommodation expenses
  • Loss of rent
  • Professional fees
  • Public authorities’ clause

Causes of subsidence, heave and landslip damage

  • Subsidence, settlement, heave, and landslip damage
  • Soil characteristics
  • Causes of subsidence of the site
  • Causes od landslip
  • Causes of ground heave
  • Other causes of crack damage

Investigation, monitoring and reinstatement

  • Site modelling
  • Site investigations
  • Mitigations
  • Monitoring
  • Reinstatement

Legislation, recoveries and contribution

  • Legislation
  • Contract and tort
  • Recovery
  • Contribution

The claims handling process

  • Parties to the claim
  • Progressing the claim
  • Customer retention
  • Complaint handling

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 N7,500.00 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 Diploma in Insurance Course Books cost ₦4,000.00
If you are in need of assistance, you can reach out to us via the Contact us page or send enquiries to [email protected], call 08172040917