Course

Tied Insurance Intermediaries Certificate (Foundation Insurance Certificate)

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General information

Date
To be confirmed
Time
Once a week from 17:30–19:00 CET
Venue
To be confirmed
Price
€425 (includes tuition, course material, examination and certification)

Objective

This qualification is designed for those involved in insurance intermediary activities specifically in introducing, proposing or carrying out other work in the administration and performance of such contracts. The course is instructor-led.

Highlights

  • Introduction to insurance and legal aspects
  • Various classes of insurance
  • Insurance market and practice
  • Local legislation and regulation

Intended participants

This course is suitable for those acting or intending to act as an insurance intermediary for the purpose of pursuing insurance intermediaries’ activities including the provision of services ancillary to other business of insurance as may be prescribed. Also, it is suitable for those who wish to acquire a basic understanding of insurance products, processes and regulation. Therefore, it is also suitable for those wishing to join the insurance industry and those who are already in employ but are new to insurance operations.

Entry requirements

‘O’ Level standard of education (MQF Level 3)

Learning outcomes

The candidate is expected to understand the general facts, principles and concepts of insurance and be able to explain insurance products to prospective clients without assistance.

This programme will lead a successful candidate to perform general clerical duties and be involved in the sales of insurance products, thus suitable for the following positions:

  • Tied Insurance Intermediary
  • Salesperson
  • Insurance officers

There will be 1 examination session of 1.5 hours duration, during which candidates will be expected to answer 50 multiple-choice questions. The pass mark is set at 60%.

This programme is recognised by the Malta Financial Services Authority as a pre-requisite (among others) for the issuance of a Tied Insurance Intermediary licence.

The Malta Qualifications Council deems these Awards to be at Level 3 on the Malta Qualifications Framework (MQF) and on the European Qualifications Framework (EQF) for Lifelong Learning.

The course consists of 24 contact hours, 16 sessions each of 1.5 hours duration (17:30 - 19:00 CET). A further 25 hours of self-study are required.

  • Companies effecting group bookings (four or more participants) are entitled to a 10% discount. For group bookings kindly send an e-mail to info@mitcentre.com
  • A 25% cancellation fee is payable for cancellations received within 15 days of the start of the programme
  • No refund will be entitled after the commencement date of the programme

Introduction to Insurance
  • Concept of Risk and Risk Management
  • Characteristics of insurable risks; Origins of Insurance
Principles of Insurance
  • Insurable Interest; Utmost good faith; Indemnity; Subrogation; Contribution; Proximate Cause
The Insurance Market, Contract & Agency Law
  • Basic aspects of marketing particularly current marketing techniques used by insurers and intermediaries; Outline of the components making up the Insurance market
  • A review of the Insurance Intermediaries Directives
  • Contract and Agency Law
Underwriting procedures, policy wording & Renewals
  • General underwriting aspects involving quotations, proposal forms, slips, premium computation and related documentation
  • Structure of the policy including the explanation of policy wording and clauses; warranties and conditions; excesses; deductibles and franchises
  • Outline of the renewal procedure and use of related documentation
Motor Insurance
  • Underwriting aspects and policy wording
  • Claim processing and settlement
Marine Insurance
  • Pleasure craft and marine cargo policies
Property Insurance – Personal Lines
  • Household policies
  • Travel policies
Property Insurance – Commercial Lines
  • Fire and Special Perils and All Risks policies; Theft and Glass policies
Pecuniary Insurance
  • Money, Fidelity Guarantee and Business Interruption policies
Liability Insurance
  • Employers’, Public, Products Liability and Professional Indemnity policies
Life assurance
  • Life assurance policies and related products
Insurance of the person
  • Personal accident and sickness, health, permanent health, critical illness and dread disease policies
Reinsurance and Co-insurance
  • Principles and types of risk transfer arrangements by insurance companies
Claims handling and management
  • General aspects of claims management including procedures, investigation, the Malta Insurance Association and Arbitration
The Regulatory Framework
  • Role of MFSA; Outline of local legislation affecting the Insurance Industry, the obligations of insurance sub-agents under the Malta insurance legislation
Revision Session
Examination

Programme Schedule

Thursday 2nd July
Introduction to Insurance
Thursday 9th July
Principles of Insurance
Thursday 16th July
The Insurance Market, Contract & Agency Law
Thursday 23rd July
Underwriting Procedures; Policy wording & renewals
Thursday 30th July
Motor Insurance
Thursday 6th August
Marine Insurance
Thursday 13th August
Property Ins: (Commercial Lines) Fire, All risk & others
Thursday 20th August
Property Ins: (Personal Lines) Household & Travel Insurance
Thursday 27th August
Pecuniary Insurance
Thursday 3rd September
Liability Insurance
Thursday 10th September
Life Assurance
Thursday 17th September
Insurance of the person
Thursday 24th September
Reinsurance and Co-insurance
Thursday 1st October
Claims Handling and Management
Thursday 8th October
Claims Handling and Management
Thursday 15th October
Revision
Thursday 22nd October
Exam (1.5 hours: 1730-1900hrs)

Applications to be received by:
23rd June 2020
Intake Date:
2nd July 2020
Examination Date:
22nd October 2020