Intermediate Level 

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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

I01 – Insurance Law (Compulsory)

Course Aims and Objectives

To provide knowledge and understanding of the laws which form the background to the operation of insurance; to demonstrate a knowledge and understanding of the system within which these laws operate and are administered; and thereafter be able to apply knowledge and skills to practical situations.

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

  1. the nature and sources of English law and the concept of natural legal persons
  2. the principles of the law of torts and the characteristics of the main torts
  3. the law of contract
  4. the law of agency and its application to insurance
  5. the main principles governing the formation of insurance contracts
  6. the classification and interpretation of insurance contract terms, the effects of their breach and other vitiating factors
  7. the main legal principles governing the making of an insurance claim
  8. how losses are measured and how the principle of indemnity applies to insurance claims
  9. how the principles of subrogation and contribution apply to insurance claims.

Course Contents

  1. Law and Legal Systems
  2. Law of Torts
  3. Law of Contract
  4. Law of Agency
  5. Insurance Contract Formation and Insurable Interest
  6. Pre-Contractual Information Duty
  7. Insurance Contracts and Key Terms
  8. Making the Claim
  9. Measuring the Loss: The Principle of Indemnity
  10. Subrogation and Contribution

I02 – Commercial Property and Business Interruption Insurance (Compulsory)

Course Aims and Objectives

To provide knowledge and understanding of the fundamental principles of insurance as covered in IF1 Insurance, Legal and Regulatory or equivalent examinations

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

  1. the risk and control of fire, theft and other contingencies to property and business interruption
  2. the cover provided by and main practices of property insurance
  3. the cover provided by and main practices of business interruption insurance
  4. the underwriting of property and business interruption insurance
  5. how property and business interruption insurance claims are handled.

Course Contents

  1. Fire and Associated Contingencies
  2. Fire Hazards and Protection
  3. Other Hazards and Their Control
  4. Theft Risks, Losses and Protection
  5. Property Insurance: Policy Cover
  6. Property Insurance: Claims Settlement
  7. Miscellaneous Property and Pecuniary Policies
  8. Business Interruption Insurance: Basic Cover
  9. Business Interruption Insurance: Policy Details
  10. Surveys for Property and Business Interruption Underwriting
  11. Essentials of Property and Business Interruption Underwriting
  12. Property and Business Interruption Claims
I03 – Insurance Business and Finance (Compulsory)

Course Aims and Objectives

At the end of this course, it is expected that candidates should be able to demonstrate an understanding of the operation of insurance organisations in business and financial terms.

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

  1. understand the structure of the insurance industry
  2. understand the management of insurance businesses.
  3. understand the main aspects of corporate governance.
  4. understand the role of the various functions within insurance organisations.
  5. understand accounting principles and practices and their application.
  6. understand the main characteristics of insurance company accounts.
  7. analyse businesses using financial ratios.
  8. understand the financial strength of insurance companies.

Course Contents

  1. Structure of the Insurance Industry
  2. Management of Insurance Businesses: Roles and Responsibilities
  3. Management of Insurance Businesses: Planning and Control
  4. Main Aspects of Corporate Governance
  5. Various Functions Within Insurance Organisations
  6. Accounting Principles and Practices
  7. Accounting Standards and Insurance Company Accounts
  8. Claims Reserving
  9. Financial Ratios
  10. Financial Strength of Insurance Companies
I04 – Business and Economics

Course Aims and Objectives

To provide knowledge and understanding of relevant economic concepts and their applications to insurance business. It is assumed that candidates already have the knowledge gained from a study of the relevant sections of F01 Insurance, Legal and Regulatory.

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

  1. analyse the nature of the economy and relevant economic issues.
  2. analyse and apply demand and supply concepts.
  3. evaluate market structures and the business environment.
  4. evaluate the impact of ethics, corporate governance, and risk management on insurance business.
  5. analyse the macro economy and aspects of monetary and fiscal policy.
  6. evaluate international trading and financial relationships.
  7. analyse the interaction between economics and accounting.

Course Contents

  1. The Nature of Economic Systems
  2. The Nigerian Insurance Industry and its Role in the Economy
  3. Demand and Supply
  4. Nature of Competition
  5. The National Economy and Money
  6. Unemployment and Inflation
  7. Monetary and Fiscal Policies
  8. The International Economy
  9. Business Ethics, Corporate Governance and Risk Management
  10. Financial Aspects
I05 – Business Statistics and Operations Research

Course Aims and Objectives

To provide knowledge and understanding of the techniques and applications of operation research and also introduce the candidates to the nature and uses of elementary statistical data.

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

  1. ·the nature of statistical data and their importance
  2. ·basic sampling methods
  3. ·statistical data collection, classifications and tabulation
  4. ·organization of statistical data
  5. ·graphical presentation of data
  6. ·measure of central tendency and positioning values
  7. ·elementary concepts of probability theory
  8. ·concept of time series analysis ·nature of operations research
  9. ·definition and scope of linear programming
  10. ·solution to linear programming problems
  11. ·transportation and assignment problems
  12. ·basic concepts of queuing

Course Contents

  1. Nature of Statistical Data and Their Importance
  2. Basic Sampling Methods
  3. Statistical Data Collection, Classifications and Tabulation
  4. Organization of Statistical Data
  5. Graphical Presentation of Data
  6. Measure of Central Tendency and Positioning Values
  7. Probability Theory
  8. Time Series Analysis
  9. Nature of Operations Research
  10. Definition and Scope of Linear Programming
  11. Solution to Linear Programming
  12. Transportation and Assignment Problems ·Queuing Theory
I06 – Operational Management

Course Aims and Objectives

Course Aims and Objectives

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

  1. a sound knowledge and appreciation of the principles and practice of operational management;
  2. a sound knowledge and understanding of the core skills of management;
  3. the ability to evaluate the strengths and weaknesses of management techniques and tools;
  4. his or her own management skills;
  5. the ability to apply knowledge and skills to simple situations.

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

  1. context of management and core skills
  2. effective control techniques and tools
  3. call/contact centre operations
  4. people management.

Course Contents

  1. Context and Theory of Management and Leadership
  2. Core Skills (Primary)
  3. Core Skills (Secondary)
  4. Effective Control Techniques and Tools
  5. Call/Contact Centre Operations
  6. Recruitment Management
  7. Performance and Reward Management
  8. Training and Development
I07 – Marine and Aviation Insurance

Course Aims and Objectives

At the end of this unit, candidates should be able to demonstrate an understanding of marine and aviation insurance and related issues, while it has been assumed that the candidate already has knowledge of the fundamental principles of insurance as covered in F01: Insurance Legal and Regulatory or equivalent examinations.

It is expected that a good understanding of the course content will develop in the candidates:

  1. a sound knowledge and understanding of marine and aviation insurance practices;
  2. a sound knowledge and understanding of the economic, geographic and national and international legal context in which the insurances operate;
  3. the ability to apply knowledge and skills to simple situations.

Course Contents

  1. Geographic, Economic and Physical Risk I
  2. Geographic, Economic and Physical Risk II
  3. International Trading Practices and Organisations
  4. Marine Insurance: Law Relating to International Trade and Carriage of Passengers
  5. Marine Insurance: Market Practice
  6. Marine Insurance: Reinsurance and Legal Principles
  7. Marine Insurance: Hull and Cargo Clauses
  8. Marine Insurance: Marine Insurance Act 1906
  9. Aviation Insurance: Market Practice
  10. Aviation Insurance: Law Relating to International Trade and the Carriage of Passengers
  11. Aviation Insurance: Policy Forms and Conditions
  12. Maritime and Aviation Industries in Nigeria
I08 – Aviation and Space Insurance

Course Aims and Objectives

At the end of this course, candidates should be able to demonstrate an understanding of aviation and space insurance and related issues, while it has been assumed that the candidate already has knowledge of the fundamental principles of insurance as covered in F01: Insurance Legal and Regulatory or equivalent examinations.

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

  1. know the main elements of aviation risk
  2. understand the main international and national measures impacting on aviation risk
  3. understand the scope of cover under the main and related classes of aviation insurance.
  4. understand the market practices of aviation insurance.
  5. understand risk assessment and underwriting of aviation insurance.
  6. understand claims investigation, handling and settlement procedures in aviation insurance
  7. understand key aspects of space insurance.

Course Contents

  1. Main Elements of Aviation Risk
  2. International Measures Impacting Aviation Risk
  3. International Safety Conventions and Associations
  4. Aircraft Legislation in the UK, EU and USA
  5. Scope of Aviation Insurance Cover
  6. Market Practices
  7. Risk Assessment and Underwriting
  8. Claims Management
  9. Space Insurance
I09 – Insurance Practice and Regulations

Course Aims and Objectives

To provide knowledge and understanding of the insurance practice and regulation that provides the bedrock to the profession practice.

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

  1. a knowledge and understanding of market principles and practice;
  2. a knowledge and understanding of the main classes of business and the cover provided under each;
  3. a knowledge and understanding of the regulation of the insurance market;
  4. a knowledge and understanding of procedures used to underwrite insurance;
  5. a knowledge and understanding of the operation of general claims procedures;
  6. the ability to apply knowledge and skills to simple situations.

Course Contents

  1. Insurance Coverage
  2. The General Structure of the Insurance Market
  3. Arranging Insurance
  4. Underwriting Insurance
  5. Risk Sharing and Spreading
  6. Features of Claims Procedures
  7. Legal and Regulatory Considerations
  8. Consumer Protection

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
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