Insurance and Risk Management

makaza-insurance

Chairperson : Mr F Makaza
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Categories

Commerce

About the Department

Programmes offered within the department

Undergraduate Degree

Bachelor Of Commerce Insurance And Risk Management Honours Degree

Regulations

1. INTRODUCTION

1.1 These regulations shall be read in conjunction with the Faculty Regulations and the General Regulations.

1.2 The degree will be awarded to candidates who have successfully completed the programme and passed examinations in accordance with the Faculty Regulations.

2. ENTRY REQUIREMENTS

2.1 NORMAL ENTRY

2.1.1 To qualify for normal entry into the Bachelor of Commerce in Insurance and Risk Management Honours Degree programme, a candidate, in addition to satisfying the minimum conditions as prescribed under the General Regulations and the Faculty Regulations for English and Mathematics at `O’Level, must have obtained a pass in “A” Level Mathematics and any of the following `A’ Level subjects:

-Economics
-Management of Business
-Accounting

2.2 VISITING SCHOOL (BLOCK RELEASE)

To qualify for entry into the Bachelor of Commerce in Insurance and Risk Management Honours Degree (Visiting School)programme, a candidate, in addition to satisfying the minimum requirements as prescribed under the General Regulations, must have any of the following qualifications:

-A Certificate of Proficiency in Insurance

-A Certificate of Insurance Practice

-A Diploma in Insurance

-An Advanced Diploma in Insurance

-National Diploma in Business Studies

-A Higher National Diploma in Business Studies

-Any other equivalent tertiary qualification

And:

-At least two years working experience in the insurance, risk management and related fields.

-Proof of employment e.g. letter from employer.

3.1 MATURE ENTRY

3.1.1 For mature entry, besides the 5″O” Levels,additional requirements to include at least a Certificate of Proficiency or

other diplomas plus two years relevant experience.

3.1.2 The department may accept students on condition that they meet the entry requirements, subject to availability of places.

3.1.3 No candidate may complete the degree in less than three academic levels.

4. GENERAL PROVISIONS

4.1 A candidate is required to undertake a minimum of five (5) modules per semester unless one is carrying over or retaking certain modules from the previous academic level or semester, respectively.

4.2 Each module is worth four (4) credits except for the Work Related Learning level, which is worth forty (40) credits and the dissertation which is worth 8 credits.

4.3 Successful completion of Work Related Learning component at Level III is compulsory for all candidates.

5. ASSESSMENT

-Refer to Section 6 of the General Regulations and Section 5 of the Faculty Regulations.

6. FAILURE TO SATISFY THE EXAMINERS.

-Refer to Section 9 of General Regulations

7. WORK RELATED LEARNING GENERAL GUIDELINES

-Refer to Section 8 of Faculty Regulations

8. DEGREE WEIGHTING

-Refer to Section 11 of Faculty Regulations

9. GRADING AND DEGREE CLASSIFICATION

-Refer to Section 10 Faculty Regulations.

10. PROVISION FOR PROGRESSION

-Refer to Section 6 of Faculty Regulations.

11. PROGRAMME STRUCTURE

Level 1Semester 1
Credits
IRM101 Practice of Insurance 4
BM102 Business Communication 4
EC101 Microeconomics 4
ACC105 Financial Accounting for Business 1A 4
HCS 115 Introduction to Information Technology 4
CS101 Communication Skills 4
Level 1 Semester 2
BF101 Financial Mathematics 4
ACC102 Quantitative Analysis for Business 4
EC104 Macroeconomics 4
ACC106 Financial Accounting for Business 1B 4
IRM102 Insurance Law 4
IRM103 Motor Insurance 4
Level 2 Semester 1
BM101 Principles of Management 4
IRM201 Risk and Insurance 4
IRM207 Enterprise Risk Management 4
GS201 Gender Studies 4
BF208 Corporate Finance A 4
Level 2 Semester 2
IRM204 Life and Health Insurance 4
IRM205 Property Insurance 4
IRM206 Pension Scheme Design and Administration 4
IRM 208 Bancassurance Practice 4
IRM 209 Introduction to Advanced Reinsurance 4
BF201 Corporate Finance B 4
Level 3 Semester 1 & 2 Work Related Learning
IRM301 Work Related Learning Report 15
IRM302 Academic Supervisor’s Report 15
IRM303 Employer’s Assessment Report 10
Level 4 Semester 1
IRM408 Applied Reinsurance 4
BF410 Financial Risk Management 4
MM406 Services Marketing 4
IRM403 Liability Insurance 4
IRM404 Insurance Broking 4
Level 4 Semester 2
IRM405 Finance and Management Accounts 4
IRM406 Marine and Aviation Insurance 4
BM406 Entrepreneurship 4
IRM407 Dissertation 8

12. MODULE SYNOPSES

IRM101 PRACTICE OF INSURANCE

The module teaches the basic knowledge, fundamental principles and understanding of short term insurance, retirement funds and life assurance. If further focuses on the handling of risk and various aspects of short term insurance, insurance products and associate services, reinsurance, underwriting and policy wordings, claims, information and communication technology, customer service.

IRM102 INSURANCE LAW

The module focuses on laws applicable to the practice of short term insurance, retirement funds and life assurance in Zimbabwe and Southern Africa, legal principles, contract law, the law of delict and the law of agency, insurance regulation, codes of practice and ethics.

IRM103 MOTOR INSURANCE

The module deals with principles and features of motor insurance for both personal and commercial use. Scope of cover provided, legal and regulatory considerations, risk assessment, rating and underwriting, claims procedures, hijacking and theft, anti-theft devices, tracking and recovery systems.

IRM201 RISK AND INSURANCE

The module deals with concepts of risk and risk management, including personal risk management, utility theory, risk identification, analysis and risk control, risk transfer, risk measurement and risk financing, risk pricing, capital adequacy, alternative risk transfer and solvency margins, regulation and supervision.

IRM207 ENTERPRISE RISK MANAGEMENT

Evolution of risk management and enterprise risk management (ERM), Elements of probability, risk and insurance and underlying statistical basis. The context of risk management, corporate strategy and corporate governance, risk identification,assessment and prioritization, risk control and financial, monitoring and review, use of derivatives, and Alternative Risk Transfer (ART).

IRM204 LIFE AND HEALTH INSURANCE

The module focuses on concepts and principles behind underwriting, assessment and rating in life assurance, retirement funds and health insurance. Development of the life assurance market, cover and life assurance contracts, risk assessment and control, reassurance, policy construction, claims administration, legal and regulatory environments, taxation, information technology.

IRM205 PROPERTY INSURANCE

General insurance coverage available in both personal and commercial insurance markets. Policy wordings and extensions, underwriting the risk in personal and commercial property, pecuniary (business interruption, bonds and guarantees, fidelity guarantee and credit insurance), construction and engineering insurance, scope of cover and exclusions, claims principles and procedures.

IRM206 PENSION SCHEME DESIGN AND ADMINISTRATION

Fund types and funding methods, retirement and risk benefits and effects of inflation. The administrative aspects of setting up and running a fund, including the regulatory framework. Insured and self-administered schemes. Social insurance schemes.Effects of mergers and acquisitions, and winding up of funds.

IRM 208 BANCASSURANCE IN PRACTICE

Development of bancassurance, the principles and practice, its implications to the insurance market and traditional distribution channels, its potential as a tool for gaining competitive advantage. Models in use and classes of insurance products distributed. Opportunities and threats for traditional insurance intermediaries.

IRM301, IRM302, IRM303 WORK RELATED LEARNING

Provides for an integration of theory and practice, through experiential learning in a real world of work. Industrial attachment report fine-tunes student’s report writing skills. Student also exposed to real world business practice and ethics.

IRM209 INTRODUCTION TO ADVANCED REINSURANCE

The business of reinsurance, the methods, principles and procedure for placing reinsurance. Underwriting of reinsurance and premium setting. Reinsurance accounting, loss reserves, providing for outstanding claims and unearned premiums. Contract wordings and legal issues relating to reinsurance. The reinsurance market.

IRM403 LIABILITY INSURANCE

Practical aspects of liability insurance and policy wording. Legal principles, risk and underwriting, employer’s liability, public and products liability, Directors and Officers liability, professional indemnity liability, third party liability, extensions and exclusions, clauses.

IRM404 INSURANCE BROKING

The intermediary market, regulation, role of the insurance broker in clients’ needs identification, selection of insurers, monitoring solvency of other intermediaries, negotiation and placing of business, policy wordings, premium payments and claims, marketing, errors and omissions, the practice of Bancassurance, its opportunities and threat to traditional insurance distribution channels.

IRM405 FINANCE AND MANAGEMENT ACCOUNTS

A more advanced understanding of accounting, finance, taxation, regulation of investments as these relate to the insurance industry. Management accounting, budgetary planning and control, solvency requirements, regulation of (re)insurance, corporate governance. Credit ratings meaning and implications.

IRM406 MARINE AND AVIATION INSURANCE

Development of marine insurance, the marine insurance market, legal principles, risks and types of cover, the aviation market, classes of aviation business, technical background, underwriting and risk management in the aviation context, aviation claims, space and satellite and aviation future trends. Effect of terrorism and sea piracy.

IRM 408 ADVANCED REINSURANCE

Specific issues in property, casualty, marine, aviation and life reinsurance and their application to the various forms of reinsurance. Underwriting and transaction of reinsurance business and renewals in these classes of reinsurance. Claims administration.

IRM 407 DISSERTATION,
BM102 BUSINESS COMMUNICATION,
BM101 PRINCIPLES OF MANAGEMENT,
BM406 ENTREPRENEURSHIP

-Refer to the Department of Business Management

ACC102 QUANTITATIVE ANALYSIS FOR BUSINESS
ACC105 FINANCIAL ACCOUNTING FOR BUSINESS 1A
ACC106 FINANCIAL ACCOUNTING FOR BUSINESS 1B

-Refer to Department of Accounting

EC101 MICROECONOMICS
EC104 MACROECONOMICS

-Refer to the Department of Economics

MM406 SERVICES MARKETING

-Refer to the Department of Marketing Management

BF101 FINANCIAL MATHEMATICS
BF208 CORPORATE FINANCE A
BF201 CORPORATE FINANCE B
BF410 FINANCIAL RISK MANAGEMENT

-Refer to the Department of Banking and Finance

HCS115 INTRODUCTION TO INFORMATION SYSTEMS

-Refer to the Department of Computer Science

GS 201 INTRODUCTION TOGENDER STUDIES

-Refer to the Department of Gender Studies

CS101 COMMUNICATION SKILLS

-Refer to Department of Communication Skills

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