Programme Summary 

Part	Semester	Module Code	Module Name	Credits
I	I	CAC1107 CIN1109 CIN1106 CBA1104 CBU1108 CIN1108 CBU1102	Accounting IA     Commercial Law  Quantitative Analysis for Business I Principles of Microeconomics         Principles of Management Introduction to Risk Management Business Communication	12 12 12 12 12 12 12
Total Credits Part I Semester II				84
I	II	CAC1208 CBA1205 CIN1208 CIN1207 CIN1202 CMK1209	Accounting IB     Principles of Macroeconomics Insurance Law                            Quantitative Analysis for Business II Risk and Insurance Principles of Marketing	12 12 12 12 12 12
Total Credits Part I Semester II				72
Total Credits Part I				156
II	I	CIN 2117 CIN 2118 CIN 2119 CIN 2120 CFI2101 CIN 2116	Liability Insurance                                                Property and Transportation Insurance                     Enterprise Risk Management                                 Life Insurance                                                     Corporate Finance I                                             Research Methods in Insurance	12 12 12 12 12 12
Total Credits Part II Semester I				72
II	II	CIN 2216 CIN 2217 CIN 2218 CIN 2219 CIN 2220 CIN 2221 CFI 2201	Computer Packages & Applications in Insurance        Reinsurance                                                       Retirement Funding                                              Health and Disability Insurance                               Micro insurance                                                   Insurance Broking & Client Services                        Corporate Finance II	12 12 12 12 12 12 12
Total Credits Part II Semester II				84
Total Credits Part II				156
III	I & II	CIN 3001	Industrial Attachment	120
Total Credits Part III				120
IV	I	CIN 4101 CIN 4102 CIN 4117 CIN 4118	Insurance and the Commercial Environment Corporate Strategy and Decision Making      Financial Markets, Institutions and Regulation           Operational Risk Management	12 12 12 12
Total Credits Part IV Semester I				48
IV	II	CIN 4203 CIN 4217 CIN 4205 CIN 4218 CIN 4001	Investment and Portfolio Management                     Strategic Marketing of Insurance Services    Financial Risk Management                                   Accounting and Financial Analysis for Insurance Project Research Project	12 12 12 12 24
Total Credits Part IV Semester II				72
Total Credits Part IV				120
Total Credits for the Programme				552

 

COURSE SYNOPSIS

 

CIN 1109 Commercial Law                                                                                               12 credits

The aim of this module is to introduce students to the basic legal principles governing the business environment. Focus will be placed on: definition of contracts, requirements of a contract, breach of contract, remedies for breach of contracts, law of agency, contract of sale, law of business organizations and insurance contract.

 

CIN 1106 Quantitative Analysis for Business I                                                                   12 credits

This is a quantitative reasoning module for student in the Faculty of Commerce.  It covers the techniques business students are most likely to use in future modules and in business related research.  The topics covered are useful in economics, finance, accounting, risk, marketing and personnel management and in tandem with international developments in these areas.  Students will learn a variety of problem-solving strategies that are applicable in a wide range of business environments.  Specific topics include matrix algebra, linear programming, index numbers, calculus, decision making in business and an introduction to financial mathematics.

CAC 1107 Accounting IA                                                                                                 12 credits

The module is designed for students without “A” level Accounting. It introduces students to basic principles, concepts and techniques of Accounting in general. The module focuses on the use of Accounting information by managers. The module covers the following areas: Accounting cycle, Accounting as an Information system, trial balance, preparation of financial statements for individual companies, non-profit making organisations as well as Accounting ratios.

 

CBA 1206 Macroeconomics                                                                                             12 Credits

The module is designed to address how economists model the relationships between aggregate economic variables and examine how various fiscal and monetary policies can affect the results. The main goal is to improve students’ economic literacy and ability to apply economic models to analyse real world events.  This module will be taught from an equilibrium perspective. This means the module will work with economic agents that optimize and with aggregate consistency conditions. Along with building basic economics intuition, the module will be centred on constructing and understanding macroeconomic models. These models will be used to discuss the theory of long-run economic growth and short-run economic fluctuations and to analyse macroeconomic policy, in particular fiscal policy.

to risk management.  Emphasis is placed in the generic risk management model with special focus in risk identification/awareness, risk measurement and techniques for dealing with risk.  This module provides a foundation for the rest of the risk management and insurance modules to be taken later in the study programme.

 

CIN 1108 Introduction to Risk Management                                                                       12 Credits

The aim of this module is to introduce students to an early appreciation of basic concepts of risk and risk management.  It deals with the concepts of risk and uncertainty, risk definitions and classifications, and the application of principles of management.

 

CIN 1202 Risk and Insurance                                                                                           12 credits

The aim of the module is to familiarize students with risk financing with special emphasis placed on insurance and self-insurance.  It deals with guidelines for insurable risks, risk assessment and measurement of insurable risks, principles and practice of insurance and self-insurance, the insurance industry, including the role of the government.  It introduces the students to international insurance markets and provides an overview of short terms and long term insurance policies, claims management and the marketing of insurance services.

 

CIN 1208 Insurance Law                                                                                                    12 credits

This module reviews the development of insurance as an introduction to Insurance Law.  It explores the relationships between the insurer, agent and insured as created by the insurance contract.  It also discusses other agency legal issues while providing a basic understanding of the principles of contract law and how they relate to insurance.  It also looks into the interpretation of insurance contracts; conditions precedent; representations; warranties; terms; conditions; insurable interest; rights of beneficiaries; exemptions; excess liabilities; waiver and estoppel; subrogation; controls on the insurance industry.  The module also examines principles governing insurance claims and their application.

 

CIN 1207 Quantitative Analysis for Business II                                                                    12 credits

This is an introductory module in business statistics designed especially for students majoring in Commerce. It covers the techniques business students are most likely to use in their future modules. The module covers descriptive and inferential statistics with business applications to analyse management and organizational problems. Students will learn to apply statistical analysis techniques to practical problems that firms in the real world face. Specific topics include: measures of central tendency and dispersion, probability theory and distributions, estimation, hypothesis testing, regression analysis and correlation analysis.

 

CAC 1208 Accounting IB                                                                                                 12 Credits

The module aims at equipping students with basic Management Accounting techniques in planning, control and decision making. It is intended for non-accounting professionals and covers the following areas: relationship of Cost and Management Accounting to other branches of Accounting, cost classification, stock valuation, material and labour costing, cash budgets etc.

 

CBA 1206 Macroeconomics                                                                                             12 Credits

The module is designed to address how economists model the relationships between aggregate economic variables and examine how various fiscal and monetary policies can affect the results. The main goal is to improve students’ economic literacy and ability to apply economic models to analyse real world events.  This module will be taught from an equilibrium perspective. This means the module will work with economic agents that optimize and with aggregate consistency conditions. Along with building basic economics intuition, the module will be centred on constructing and understanding macroeconomic models. These models will be used to discuss the theory of long-run economic growth and short-run economic fluctuations and to analyse macroeconomic policy, in particular fiscal policy.

 

CMK 1209 – Principles of Marketing                                                                                 12 credits

Marketing functions; the environment of marketing; marketing information systems and marketing research; the marketing mix; consumer behaviour; the social responsibility of marketing; public policy with respect to marketing practices.  Principles of marketing management and marketing instruments, customer centricity, the process of marketing management, market segmentation, positioning and marketing information systems, environmental analysis,

identification of target markets, value creation, positioning strategies, consumer behaviour, relationship marketing, relationship intention, application of product, price, marketing communication and distribution strategies.

 

CIN 2117 Property and Transportation Insurance                                                                 12 credits

The aim of this module is to provide students with the key concepts, principles and underwriting criteria applicable to property and transportation portfolios handled by the majority of insurers domestically and internationally. Particular emphasis will be placed on the practical application of the concepts through case studies and group assignments wherever appropriate

 

 

 

CIN 2118 Liability Insurance                                                                                             12 credits

The aim of this module is to familiarize students with concepts, principles and practices for dealing with risks connected to legal liability. The module also examines the latest enactments and insurance products arising out of social and economic, specimen wordings of policy, insurance proposals, risk assessment and rating and claims management. Different types public liability, professional liability, product liability, and environmental liabilities insurances form part of the module content.

 

CIN 2119 Life Insurance                                                                                                  12 credits

The module seeks to develop in the student: knowledge and understanding of the scope of life assurance, different types of life insurance policies, appropriate uses and administration of life insurance; underwriting of life insurance policies including medical underwriting, financial underwriting, genetic underwriting and technological underwriting, claims management; legal and regulatory aspects of the conduct of life insurance business.

 

CIN 2120 Enterprise Risk Management                                                                               12 credits

The aim of the module is to expand on the knowledge gained in CIN 1107 Introduction to Risk Management and CIN 1208 Risk and Insurance. The module deals with the evolution of risk management into enterprise risk management, benefits of enterprise risk management, corporate governance and the design and implementation of an enterprise risk management programme. Emphasis is placed on risk and risk taking as vehicles for opportunity and the growth of enterprises. The module will present key tenants of an enterprise wide risk management strategy and structure which include establishing the context, and understanding the internal and external influences that affect the implementation of a holistic enterprise wide risk management programme.

 

CIN 2121 Financial Management for Insurance                                                                     12 credits

This module seeks to develop the financial skills and logical thought processes necessary to understand and make informed managerial decisions. Specific objectives include developing an understanding of the time value of money; using financial statements in decision making; and understanding the cost of capital, valuation of stocks and bonds, management of short-term assets, short-term and long-term financing and capital markets.

 

CIN 2116 Research Methods in Insurance                                                                          12 credits

This module has been introduced to help students in their projects and internship reports.  The objective of the module is to provide students with the skills necessary to carry out research work. The module will enable students to carryout applied research in insurance and actuarial science. This module covers following:  principles of conducting research, types of approaches to research; qualitative and quantitative, selecting research topics, research proposal, literature search, methods of data collection, analysing research data, writing and presentation of a research project. The module will be assessed by coursework and a written examination.

 

CIN 2217 Reinsurance                                                                                                      12 credits

The aim of this module is to give students an in-depth understanding of how reinsurance operates. Areas to be covered include reinsurance methods; life, non-life and liability reinsurance programmer design, legal issues relating to reinsurance, reinsurance contract wordings and other key issues associated with this business in today's world insurance markets. Attention will also be paid to financial reinsurance.

 

CIN 2218 Retirement Funding                                                                                           12 credits

The aim of this module is to equip students with knowledge and skills of designing retirement plans. Emphasis will be placed on the development of analytical and critical abilities in relation to retirement rules, appropriate packages for different stages of life preparation for retirement, different strategies for funding retirement, taxation, regulations and techniques for assessing, measuring and managing risks, and costs that can affect the provision of financial security at retirement.

 

 

 

CIN 2219 Health and Disability Insurance                                                                           12 credits

The aim of this module is to equip students with knowledge and skills of designing, marketing and managing health insurance, disability insurance and managed care plans provided under private sector, non-profit making and government programs. Emphasis will be placed on funding of the different schemes, regulations, tax, fraud and costs.

 

CIN 2210 Microinsurance                                                                                                 12 credits

The module seeks to give students an understanding of key issues in micro insurance. It examines traditional and innovative financial strategies low-income people and companies use to protect their assets, manage risks and grow their incomes. The module includes the principles of micro insurance product development, product types and distribution models, financial and social performance analysis, index-based insurance, impact studies on micro insurance, consumer protection and regulation of micro insurance business.

 

CIN 2221 Insurance Broking and Client Services                                                                 12 credits

The aim of this module is to equip students with knowledge of the role played by intermediaries in the provision of risk management and insurance services. Emphasis will be placed on the functions, roles, duties, and regulations of insurance brokers. The module will also include marketing and competition in the risk management and insurance intermediaries sector.

 

CIN 2216 Computer Packages and Applications in Insurance                                               12 credits

Computer Packages and Applications in Insurance will provide students with an opportunity to write programs for statistical models used in statistics, insurance and actuarial modelling. Statistical reporting using software packages for statistical calculations, numerical and graphical summaries, contingency tables, significance tests, confidence intervals and regression methods. Analyzing data from comparative studies. Students will gain skills from the use of statistical packages such as SPSS, R, Excel and MATLAB. This module will be assessed by coursework and a practical examination. 

 

CIN 3001 Industrial Attachment                                                                                        120 credits

During their third year, students are expected to be on Work Related Learning at an organization where they engage on the practical aspects of the programme under supervision. Work Related Learning helps students to apply concepts they studied during the first two years of their programme, in a real-world context. Students are expected to add value to their academic and professional profiles whilst on attachment, while contributing maximum stakeholder value to the organisations to which they are attached.

 

CIN 4101 Insurance and Commercial Environment                                                 12 credits

The aim of this module is to provide an understanding of the environments which influence the structure and development of insurance markets. The module appraises the impact of the economic, socio-political, legal, commercial and technological environments. The module also covers the role that insurance plays within financial markets, the economic and social system.

 

CIN 4102   Corporate Strategy and Decision Making                                                           12 credits

To equip students with the knowledge on how to determine corporate boundaries at a general level on one hand and with specific reference to insurance on the other. The module will impart skills on Strategy to enable students to identify those elements of strategy which apply universally and those which are specific to the insurance industry. Students will be introduced to key issues that impact on strategic decision making.

 

CIN 4117 Financial Markets, Institutions and Regulation                                                       12 credits

This module examines the form and function of various financial markets and the manner in which financial managers use these markets to accomplish strategic corporate objectives. The objective of this module is to prepare students for successful interaction with financial markets and institutions. Focus will be placed on the behavior of major financial institutions and their role in the intermediation process as suppliers of funds as well as the form and function of specific financial markets. The module also looks at regulation of these markets in order to give students a deep appreciation of the profound influence of governmental intervention on the evolution of financial markets.

 

CIN 4118 Operational Risk Management                                                                            12 credits

The aim of this module is to equip students with basic knowledge and skills on the design and implementation of an operational risk management strategy. Focus is placed on risk assessment in connection with systems, processes, people, the effect of external events, risk capacity, risk appetite risk adjusted performance measurements, control measures, business continuity and change management. An extensive use of cases studies relating to a variety of commercial enterprises will ensure students to gain practical knowledge of the subject area.

 

CIN 4203    Investment and Portfolio Management                                                              12 credits

This module will focus on financial markets in particular, the equity markets from an investment decision making perspective. Students will be equipped with skills of developing conceptual frameworks and analytical tools, and applying them to investment models. The module explores the competitive dynamics of investment organizations, products and markets.

 

CIN 4205   Financial Risk Management                                                                              12 credits

The module aims at developing a broad understanding of the drivers of risk and to provide a framework for financial risk management from which applications to particular situations will be made. Specifically, the module will focus on equipping students with skills in developing a systematic framework for handling risk situations, understanding how people in general and managers in particular behave in risky situations and recognizing inconsistent behaviour, identifying sources of risk and evaluating exposures, and developing expertise in the issue of market mechanisms available for mitigation of risk using financial risk management models and techniques

 

CIN 4217 Strategic Marketing of Insurance Services                                                           12 Credits

This module seeks to equip students with an understanding of strategic marketing and its implications to insurance. The module covers issues such as the unique characteristics of insurance services, the behaviour and segmentation of buyers, competition, the role and effects of distribution channels, the dynamics of direct marketing, designing, implementation and monitoring a strategic marketing plan for insurance. Emphasis will be placed on relationship marketing.

 

CIN 4218 Accounting and Financial Analysis for Insurance                                     12 credits

Analysing insurance accounting and financial statement for insurance companies is very different from analysing those of other companies and thus presents unique challenges and industry specific issues. This module is therefore designed to provide an excellent foundation for evaluating insurance company financial statements, industry ratios, capital adequacy, regulatory issues, rating agency assessments, valuations and early warning signs of financial distress. Students will be equipped to recognise the impact of differing accounting standards, reserving policies and changes in external variables such as interest rates and asset prices on the financial statements. Attention will be paid to the risks inherent in the main products offered by life, non-life and reinsurance companies to help students recognise how these are reflected in the financial statements.

 

CIN 4001 Project                                                                                                            24 credits

Students will be expected to complete a research project on a topic of their choice but limited to the taught modules. The project is a consolidation of the theoretical knowledge gained in the taught modules and the practical experience gained from Industrial Attachment.