Aviation and Space Insurance (M91) develops an understanding of the risks and practices related to aviation and space insurance and related issues.

The default Enrolment option for this unit includes:

• Latest version of the core learning content, in digital format only, delivered on RevisionMate.
• Assessment entry.

Aviation as an insurance class, details of the types of coverage given for these risks, how this class is underwritten in practice, the legal and regulatory environment within which aviation claims arise, and the steps taken in adjusting these claims.

The study text reflects the evolution of the aviation and space insurance markets, including a section on cyber risks, expanded treatment of drones and the latest material on space tourism insurance.

This study text is intended for those with a basic understanding of the principles and practices of insurance. It does not require any previous technical knowledge of aircraft or the aerospace sector. This subject is also relevant for anyone, irrespective of whether they are involved in the insurance profession in an underwriting, broking, claims adjusting or service provision capacity.  

Building a successful career in insurance

This subject is also relevant for anyone involved in the insurance profession in an underwriting, broking, claims adjusting or service provision capacity to build knowledge and skills for a successful career in insurance or in a support function.

Aviation and Space Insurance (M91) counts towards a Diploma in Insurance. It may also count towards the Advanced Diploma in Insurance.

Please note it is assumed that you already have knowledge of the fundamental principles of insurance as covered in Insurance, Legal and Regulatory (IF1) or equivalent examinations.

Summary of learning outcomes 

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.

Assessment

• Coursework assignment with 10 compulsory short answer questions (marked within 63 calendar days of submission); and a 60 minute exam comprising 50 multiple-choice questions (MCQs)
• 60% coursework pass mark
• 65% exam nominal pass mark
• The average pass rate for those completing Diploma in Insurance mixed assessment units in full is currently 92.0%
• Coursework assignment to be submitted within 6 months of enrolment
• Exam to be passed within 18 months of enrolment (only first exam entry included as part of the enrolment)

Units treated as equivalent

Due to the extent of syllabus overlap, certain combinations of current and withdrawn units will result in only one award of credits.

If a withdrawn equivalent is held you may not need to complete a current unit in order to satisfy a qualification's completion rules. Clarification should always be sought from CII Customer Service.

Find out more about credit awards for equivalent units

Course delivery

Instructions on accessing your course on RevisionMate will be sent to your registered email address. This is typically within two working days of your order being placed, but may be longer, particularly if payment is made by bank transfer or the unit is available as a pre-order.

Study material - editions available

2024-25 edition (applicable to exams sat 01 May 2024 to 30 April 2025)

The objective of this unit is to develop an understanding of the fundamental principles of reinsurance in the global marketplace and how it operates.

The default Enrolment option for this unit includes:

• Latest version of the core learning content, in digital format only, delivered on RevisionMate.
• Assessment entry.

Reinsurance (M97) provides an overview of the purpose of reinsurance, the parties involved in the reinsurance transaction and the ways in which reinsurance can be structured to satisfy the requirements of buyers

The purpose of reinsurance remains technical, which is to say that it is a mechanism whereby a buyer, typically an insurer, and otherwise known as a reinsured or cedant, seeks to reduce the financial consequences of losses resulting from perils it has agreed to insure. In essence, reinsurance does not limit the insurer's liability to the entity it has agreed to insure – the reinsurance contract is legally entirely separate to the insurance contract - but instead limits its consequences to the insurer by passing it, in whole or in part, to a reinsurer, via the reinsurance transaction.

This study text looks at how the needs of the insurer are identified and met and how reinsurance fits the insurer's corporate strategy and other interrelated issues. It considers the various types and features of reinsurance available. It also considers the design, construction, pricing and placement of a reinsurance programmes, contract wordings and the legal issues relating to reinsurance.

Building a successful career in insurance

This course is suitable for anyone seeking to develop knowledge and understanding of reinsurance to develop a successful career in the insurance profession or support function. Reinsurance (M97) counts towards a Diploma in Insurance. It may also count towards the Advanced Diploma in Insurance.

Please note it is assumed that you already have knowledge of the fundamental principles of insurance as covered in Insurance, Legal and Regulatory (IF1) or equivalent examinations.

Summary of learning outcomes 

1. Know the purpose of, and the parties involved in, reinsurance.
2. Understand the different types of reinsurance.
3. Understand the features and operation of facultative reinsurance.
4. Understand the features and operation of proportional reinsurance treaties.
5. Understand the features and operation of non-proportional reinsurance treaties.
6. Understand the design and placement of reinsurance programmes.
7. Understand legal issues relating to reinsurance.
8. Understand reinsurance contract wordings.
9. Understand the main features and characteristics of the principal reinsurance markets.
10. Understand the principles and practices of different classes of reinsurance business.

Assessment

• Coursework assignment with 10 compulsory short answer questions (marked within 63 calendar days of submission); and a 1 hour exam comprising 50 multiple-choice questions (MCQs)
• 60% coursework pass mark
• 65% exam nominal pass mark
• The average pass rate for those completing Diploma in Insurance mixed assessment units in full is currently 92.0%
• Coursework assignment to be submitted within 6 months of enrolment
• Exam to be passed within 18 months of enrolment (only first exam entry included as part of the enrolment)

Units treated as equivalent

Due to the extent of syllabus overlap, certain combinations of current and withdrawn units will result in only one award of credits.

If a withdrawn equivalent is held you may not need to complete a current unit in order to satisfy a qualification's completion rules. Clarification should always be sought from CII Customer Service.

Find out more about credit awards for equivalent units

Course delivery

Instructions on accessing your course on RevisionMate will be sent to your registered email address. This is typically within two working days of your order being placed, but may be longer, particularly if payment is made by bank transfer or the unit is available as a pre-order.

Study material - editions available

2024-25 edition (applicable to exams sat 01 May 2024 to 30 April 2025)