This unit prepares you for a career in insurance with a focus on the Hong Kong market. It introduces the concept of risk and how it is managed, as well as the different categories of risk and explains how insurance acts as a risk transfer mechanism while introducing the main classes of insurance.
It examines the structure of the Hong Kong insurance market, its main participants and professional roles. It considers the main legal principles that apply to insurance, with chapters on contract and agency, insurable interest, disclosure and representation, proximate cause, indemnity, contribution and subrogation.
It looks at regulation and the role of the International Association of Insurance Supervisors (IAIS). The unit also outlines the importance of countering financial crime, the role of the Financial Action Task Force (FATF) and the issue of fraud and how insurers manage it. Finally, it looks at the role and importance of ethics in the insurance profession, including the Chartered Insurance Institute's Code of Ethics.
Please note: This exam can only be taken in Hong Kong. This unit can only be awarded to non-UK residents
Building a successful career in insurance
This unit is particularly suitable for insurance practitioners working in Hong Kong or for those starting their careers in the Hong Kong insurance sector. This unit may also count towards the Certificate in Insurance, the Certificate in Insurance and Financial Services (non-UK), the Diploma in Insurance and the Advanced Diploma in Insurance.
Summary of learning outcomes:
- Understand the nature and main features of risk and insurance
- Know the structure and main features of the Hong Kong insurance market
- Know the main functions of insurance professionals
- Understand the main legal principles governing insurance contracts
- Understand the main regulatory and legal principles applicable to the transaction of insurance business in Hong Kong
- Know key aspects of ethics, corporate governance and internal controls
- 2-hour exam
- 100 multiple choice questions (MCQs)
- 70% nominal pass mark
Study material – editions available
2021-22 edition (applicable to exams sat 01 May 2021 to 30 Apr 2022).