BIBF Professional Award in Insurance Management (PAIM) study guide
BIBF Professional Award in Insurance Management (PAIM) · Work through your exam, one topic at a time.
The BIBF Professional Award in Insurance Management (PAIM) is a professional credential aimed at people who manage insurance business rather than specialise in a single technical niche. It suits underwriters, claims and operations managers, brokers, risk and compliance staff, and finance or actuarial colleagues moving into broader management roles, as well as graduates building a career in the sector. The BIBF Professional Award in Insurance Management (PAIM) study guide has 9 sections and about 2,860 words.
01Insurance Principles and Risk Management
Insurance is a mechanism for transferring the financial consequences of uncertain events from an individual or firm to a pool of premium payers. Candidates must be fluent in insurable interest, utmost good faith, indemnity, subrogation, contribution and proximate cause.
327 words, about 2 min02Insurance Law: Contract, Principles and Remedies
The insurance contract is a contract of utmost good faith (uberrimae fidei). The proposer must disclose all material facts that a prudent underwriter would consider relevant to acceptance or rating.
351 words, about 2 min03Insurance Law, Regulation and Compliance
Candidates must understand the objectives of insurance regulation: policyholder protection, market confidence, financial stability, and fair treatment of customers. Know the roles of prudential regulation (solvency, capital, governance) and conduct regulation (fair treatment, disclosure, complaints, product governance).
299 words, about 1 min04Underwriting and Risk Selection
Underwriting selects and prices risk. The underwriter gathers information, assesses hazard and exposure, applies terms, and decides to accept, accept with conditions, apply a higher premium or excess, or decline.
304 words, about 2 min05Claims Management
Claims management covers notification, registration, validation, investigation, assessment, settlement and recovery. Know the importance of policy conditions such as notification, cooperation and proof of loss.
290 words, about 1 min06Reinsurance and Risk Transfer
Reinsurance transfers risk from a ceding insurer to a reinsurer. Know treaty and facultative arrangements, and the difference between proportional (quota share, surplus) and non-proportional (excess of loss, stop loss) covers.
256 words, about 1 min07Financial Management, Accounting and Solvency
Insurers report under accounting standards that recognise premiums, claims, expenses and reserves. Know the difference between technical and non-technical accounts, and between earned and written premium.
270 words, about 1 min08Insurance Operations and Technology
Insurance operations span product development, distribution, underwriting, policy administration, claims, finance and customer service. Candidates must understand process design, service standards, capacity planning and quality assurance.
250 words, about 1 min09Strategy, Governance and Leadership
Strategy sets direction and allocates resources. Candidates must understand environmental analysis, competitive positioning, customer segmentation, distribution strategy and portfolio management.
513 words, about 3 min