SSS 3 Insurance Syllabus1. Insurance for SSS 3- Introduction to insurance
- Definition and concept of insurance
- Importance and benefits of insurance
- Types of insurance (life insurance, general insurance, etc.)
- Principles of insurance (utmost good faith, insurable interest, proximate cause, indemnity, contribution, subrogation)
2. Special Features of Life Assurance- Definition and concept of life assurance
- Difference between life assurance and life insurance
- Special features of life assurance policies (savings element, investment component, maturity benefits, surrender value, etc.)
- Types of life assurance policies (term assurance, whole life assurance, endowment assurance, etc.)
3. General Uses of Life Assurance- Protection against financial loss due to death or disability
- Provision of income for dependents
- Estate planning and wealth preservation
- Funding for education and retirement
- Collateral for loans and mortgages
4. Insurance Market- Overview of the insurance market
- Participants in the insurance market (insurers, intermediaries, policyholders)
- Types of insurance products available in the market (life insurance, health insurance, motor insurance, property insurance, etc.)
- Insurance distribution channels (agents, brokers, bancassurance, direct marketing, etc.)
5. Nigerian Insurer Association (NIA)- Role and functions of NIA
- Membership and organization structure of NIA
- Code of ethics and professional standards for insurers
- NIA's contribution to the development of the insurance industry in Nigeria
6. Nigeria Council of Registered Insurance Brokers (NCRB)- Role and functions of NCRB
- Membership and organization structure of NCRB
- Code of ethics and professional standards for insurance brokers
- NCRB's contribution to the regulation of insurance brokers in Nigeria
7. Institute of Loss Adjusters of Nigeria (ILAN)- Role and functions of ILAN
- Membership and organization structure of ILAN
- Code of ethics and professional standards for loss adjusters
- ILAN's contribution to the assessment and settlement of insurance claims in Nigeria
8. National Insurance Commission (NAICOM)- Role and functions of NAICOM
- Regulation and supervision of the insurance industry in Nigeria
- Licensing and registration of insurance companies and intermediaries
- Consumer protection and dispute resolution in the insurance sector
9. Chartered Insurance Institute of Nigeria (CIN)- Role and functions of CIN
- Membership and professional qualifications offered by CIN
- Continuing professional development for insurance practitioners
- CIN's contribution to the education and training of insurance professionals in Nigeria
10. Common Insurance Technologies- Introduction to insurance technologies
- Use of technology in underwriting and risk assessment
- Insurance claims processing and settlement using technology
- Online insurance platforms and mobile applications for insurance services
- Benefits and challenges of insurance technologies
By following this syllabus, SSS 3 students will gain a comprehensive understanding of insurance principles, life assurance, the insurance market in Nigeria, and the roles of key industry associations and regulatory bodies. They will also be exposed to the latest insurance technologies and their impact on the industry.
This course is helpful for the following exams: SSS 3