Course

Tied Insurance Intermediaries Certificate (Foundation Insurance Certificate)

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General information

Date
11 October – 06 December 2021
Time
Once a week from 17:30–19:00 CET
Venue
Online
Price
€425

Description

The programme will cover a broad insurance knowledge starting from the explanation of the market and the very important insurance principles governing insurance operations. Furthermore, the programme will delve into the various classes that are typically provided by insurers as well as an outline of insurance processes typically underwriting and claims and regulatory frameworks.

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. At the end of the programme the participant would have acquired adequate knowledge to be able to work in an insurance environment.

Learning outcomes

The programme seeks to equip the participant with the general facts, principles and concepts of insurance and should enable the participant to explain insurance products to prospective clients without assistance.

Career prospects

The programme will assist in the career of those who aspire to work in in the insurance industry, those who have joined insurance industry and those who already have some work experience but wish to receive formal insurance training. It is also suitable to those who wish to obtain a TII licence and those who wish to commence their insurance studies, possibly to take on further studies in the future.

Intended audience

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)

A certificate will be issued by the Malta International Training Centre. The certificate may be presented to the Malta Financial Services Authority (MFSA) 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.

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%.

Various Lecturers

To be confirmed

Monday 11 October 2021 - Introduction to Insurance

Wednesday 13 October 2021 - Principles of Insurance

Monday 18 October 2021 - The Insurance Market, Contract & Agency Law

Wednesday 20 October 2021 - Underwriting Procedures; Policy wording & renewals

Monday 25 October 2021 - Motor Insurance

Wednesday 27 October 2021 - Marine Insurance

Monday 01 November 2021 - Property Ins: (Commercial Lines) Fire, All risk & others

Wednesday 03 November 2021 - Property Ins: (Personal Lines) Household & Travel Insurance

Monday 08 November 2021 - Pecuniary Insurance

Wednesday 10 November 2021 - Liability Insurance

Monday 15 November 2021 - Life Assurance  

Wednesday 17 November 2021 - Insurance of the person

Monday 22 November 2021 - Reinsurance and Co-insurance

Wednesday 24 November 2021 - Claims Handling and Management

Monday 29 November 2021 - The Regulatory Framework

Wednesday 01 December 2021 - Revision

Monday 06 December 2021 - Exam (1.5 hours: 1730-1900hrs)

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

€425 per participant

The course fee includes:

  • Tuition, course material, notes and/or other educational material
  • Examination and Certification

  • 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