Foundation Level

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Overview

This is the ‘entry’ level qualification, suitable for those entering the industry and gaining the essential basic knowledge of the market, key discipline and products. At this level, five (5) courses are required. Four are compulsory and one elective (F05-F08) should be chosen by the student.

Syllabus

F01 – Insurance, Legal and Regulatory

Course Aims and Objectives

To provide knowledge and understanding of the basic principles of insurance, including the main legal principles related to insurance contracts, the main regulatory principles related to insurance business and the key elements to protect consumers.

It is expected that a good understanding of the course content will enable the candidates to:

  • Understand the nature and main features of risk within the insurance environment
  • Know how to apply the main features of risk and risk management to a given set of circumstances
  • Understand the main features of insurance
  • Know the structure and main features of the insurance market
  • Understand contract and agency
  • Understand insurable interest and its place in insurance
  • Understand the principle of good faith
  • Understand the doctrine of proximate cause and its application to non-complex claims
  • Understand the principle of indemnity and how this is applied to contracts of insurance
  • Understand the principles of contribution and subrogation
  • Understand the main regulatory and legal requirements applicable to the transaction of insurance business
  • Understand consumer protection and dispute resolution
  • Know the main methods of preventing, handling and resolving consumer complaints understand the CIIN Code of Ethics and be able to apply the principles to non complex scenarios.

Course Contents

  • Risk and Insurance
  • The Insurance Market
  • Contract and Agency
  • Insurable Interest
  • Good Faith
  • Proximate Cause
  • Indemnity
  • Contribution and Subrogation
  • Compulsory Insurance and Statutory Regulation
  • Consumer Protection and Dispute Resolution.
F02 – General Insurance Business

Course Aims and Objectives

To provide knowledge and understanding of basic insurance products and practice, including underwriting and policy wordings, claims, customer service and information and communication technology.

It is expected that a good understanding of the course content will enable the candidates to:

  • Know insurance products and associated services for general insurance business
  • Understand underwriting and policy wordings for general insurance business
  • Know how to apply knowledge on principles of premium calculation of general insurance business to a given set of circumstances
  • Understand claims within the context of general insurance business
  • Know how to apply knowledge of principles concerning the operation of policy conditions affecting claims for general insurance business to a given set of circumstances
  • Understand information and communication technology, security, confidential information and data protection within general insurance business
  • Understand customer service within general insurance business

Course Contents

  • Motor Insurance
  • Health Insurance
  • Package Policies
  • Property Insurance
  • Pecuniary Insurance
  • Liability Insurance
  • Non-Insurance Services
  • Material Circumstances
  • Underwriting Procedures and Premium Payment
  • Policy Wordings and Renewals
  • Valid Claims and Claims Settlement
  • Confidentiality Information and Data Protection
  • Customer Service
F03 – Life Assurance, Annuity and Pensions Administration

Course Aims and Objectives

To provide knowledge and understanding of the basic principles of life assurance, annuity and pensions, including the main legal principles related to these insurance contracts, the main regulatory principles relating to them and the key measures in place to protect consumers as well as life reassurance principles.

It is expected that a good understanding of the course content will enable the candidates to:

  • The nature of life assurance
  • The legal essential requirements of a valid life assurance policy
  • The scope of cover under the various types of life assurance policies
  • The various uses of life assurance products
  • The underwriting procedures in life assurance business
  • Life assurance policy documentation
  • Life reassurance administration
  • The nature of annuity product
  • Types of annuity product
  • The nature of pension
  • The various types of pension
  • Pension installation
  • The Nigerian Pension System.

Course Contents

  • Historical Development and Nature of Life Assurance
  • Types and Scope of Cover of Life Assurance
  • Introduction to Life Assurance Underwriting Procedures
  • Introduction to Policy Documentation and Administration
  • Life Assurance Claims Administration
  • Introduction to Life Reassurance
  • Introduction to Annuity
  • Types of Annuities
  • Historical Development of Pension and Pension Provision
  • Types of Pension Schemes
  • Pension Installation
  • Trusteeship and Privately Administered Schemes
  • The Nigerian Pension System
F04 – Business Communication and Information Technology

Course Aims and Objectives

Business communication remains the most important success factor for business outside customer relationship management. Effective communication within an organisation will determine the success of the relationship management and the success of the organisation on the long term. Communication is a critical tool for management and for managing changes.

As a professional, the ability to communicate will influence the level of success in the chosen career and social standing in the community.

Mastering communication skills is therefore not optional for professionals so on daily basis, they must continue to horn their skills to ensure effective performance.

It is expected that a good understanding of the course content will enable the candidates to:

  • Master the grammatical rules of English so as to enhance their communicative competence in the language
  • Understand the objectives, channels, ethics and forms of communication within an organisation
  • Improve communication skills particularly in the areas of effective business communication and that of future learning
  • Learn the correct format of letters, memos and e-mails
  • Familiarize themselves with appropriate use of modern technology in processing and distributing information

Course Contents

  • Use of English
  • Communication
  • Business Communication
  • Business Letters
  • Internal Communication
  • External Communication
  • Business Reporting
  • Meetings and Committees’ Documentation
  • Public Speaking Skills
  • Information Technology Communication
F05 – Insurance Underwriting Process

Course Aims and Objectives

To provide knowledge and understanding of the role of underwriting including identification, assessment and acceptance of risk, rating and relevant financial factors.

It is expected that a good understanding of the course content will enable the candidates to:

  • The material circumstances relating to the insurnace underwriting process
  • Underwriting procedures relating to the insurance underwriting process
  • Insurance policies in relation to the insurance underwriting process
  • Renewals and cancellation in relation to the insurance underwriting process
  • Personal insurances in relation to the insurance underwriting process
  • Commercial insurances in relation to the insurance underwriting process
  • The main support type insurance servies available
  • Underwriting considerations in relation to the insurnace underwriting process
  • The principles and practices of pricing
  • Pricing factors within the context of the insurance underwriting process
  • Managing exposure within the context of the insurance underwriting process

Course Contents

  • Material Information and Circumstances
  • Underwriting Procedures
  • Insurance Policies
  • Renewals and Cancellation
  • Insurance Products: Personal Insurances
  • Insurance Products: Commercial Insurances
  • Related Services
  • Underwriting Considerations
  • Establishing the Price: Rating
  • Establishing the Price: Pricing Factors
  • Managing Exposure
F06 – Motor Insurance Products

Course Aims and Objectives

To provide knowledge and understanding of the practices and procedures connected with private motor, motorcycle and commercial motor insurance, with reference to applicable legal and regulatory considerations and to develop in candidates an ability to apply product knowledge and understanding on straightforward cases where unaccompanied but supervised advice is given.

It is expected that a good understanding of the course content will enable the candidates to:

  • Understand the market place for motor insurance products
  • Apply the principles contained within motor insurance to a given set of circumstances
  • Understand the scope of cover provided by motor insurance products
  • Apply the principles contained within the scope of cover provided by motor insurance products to a given set of circumstances
  • Understand the legal and regulatory principles for motor insurance to a given set of circumstances
  • Understand risk assessment, rating and underwriting for motor insurance
  • Apply the principles contained within risk assessment, rating and underwriting for motor insurance to a given set of circumstances
  • Understand claims procedures for motor insurance products
  • Apply the principles of claims procedures for motor insurance to a given set of circumstances
  • Understand information and communication technology as this relates to motor insurance
  • Apply the principles of information and communication technology as this relates to motor insurance to a given set of circumstances

Course Contents

  • The Market Place
  • Scope of Cover Provided
  • Legal and Regulatory Considerations
  • Certificate of Motor Insurance and the Construction of Policies
  • Rating and Underwriting
  • Claims Procedures
F07 – Household Insurance Products

Course Aims and Objectives

To provide knowledge and understanding of the practices and procedures of household insurances and associated forms of cover and to develop in candidates an ability to apply product knowledge and understanding on straightforward cases where unaccompanied but supervised advice is given.

  • Understand the scope of cover provided by household insurance products
  • Know how to apply knowledge of the cover provided by household insurance products to a given set of circumstances
  • Understand the legal and regulatory considerations for household insurance products
  • Know how to apply knowledge of legal and regulatory considerations for household insurance products to a given set of circumstances
  • Understand risk assessment, rating and underwriting of household insurance products
  • Know how to apply knowledge of risk assessment, rating and underwriting of household insurance products to a given set of circumstances
  • Understand claims procedures within the context of household insurance products
  • Know how to apply knowledge of claims procedures within the context of household insurance products to a given set of circumstances
  • Understand the principle of indemnity and how this is applied to contracts of insurance
  • Understand the principles of contribution and subrogation
  • Understand the main regulatory and legal requirements applicable to the transaction of insurance business
  • Understand consumer protection and dispute resolution
  • Know the main methods of preventing, handling and resolving consumer complaints understand the CIIN Code of Ethics and be able to apply the principles to non complex scenarios.

Course Contents

  • Development of Household Insurances: An Introduction
  • Policy Cover
  • Policy Extensions
  • Other Personal Insurances
  • Special Risks
  • Legal and Regulatory Considerations
  • Risk Assessment and Underwriting
  • Claims Procedures
F08 – Healthcare Insurance Products

Course Aims and Objectives

To provide knowledge and understanding of the fundamental principles and practices relating to healthcare insurance while achieving the following learning outcomes.

It is expected that a good understanding of the course content will enable the candidates to:

  • Understand the structure of the healthcare insurance market – Nigeria and UK Structures
  • Understand the key features of healthcare provisions in Nigeria, the UK and some other countries
  • Understand healthcare product types
  • Understand the different roles and responsibilities of intermediaries and providers
  • Understand risk assessment, rating and underwriting considerations in healthcare products
  • Know how to apply the principles of risk assessment, rating and underwriting considerations to a given set of circumstances
  • Understand the claims function
  • Know how to apply the principles of the claims process to a given set of circumstances
  • Understanding legal and regulatory considerations
  • Know how to apply the principles contained within law and regulation to a given set of circumstances

Course Contents

  • Nigeria and UK Healthcare Insurance Market
  • Healthcare Around the World
  • Core Healthcare Insurance Product
  • Other Healthcare Insurance Products and Healthcare Services
  • Marketing and the Roles of Intermediaries and Insurers
  • Healthcare Insurance Products
  • Paying Claims
  • Law and Regulation

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)

Each Foundation Course Books cost ₦2,500.00
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