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Insurance Foundation Certificate Examination (IFCE)

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Certificate WFI
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This course focusses on the Syllabus as laid down by Saudi Arabian Monetary Authority (SAMA)  .The trainer will guide you through all 7 modules of the course and the course  will finish with a mock examination where the delegate can gauge their progress against the pass criteria. JD

Target Audience:

  • All those interested in acquiring  insurance knowledge to be able to pass the IFCE and to follow a career in the promising insurance field

Objectives:

  • By the end of this course the participants will:
  • Understand the concept of risk in insurance
  • Know the legal principles of insurance and how they apply in insurance contracts
  • Comprehend the methods of risk evaluation and risk underwriting in insurance
  • Be able to distinguish the components of the insurance market
  • Be acquainted with the required insurance documentation.
  • Be aware of the insurance regulations in the kingdom
  • Know the code of ethics to be observed in the insurance market

Assessment Strategy:

Test following each module  and final mock exam

Day 1

Module 1 : Risk Concept

  • Risk Concept
  • Risk and Insurance
  • Types of risk
  • Insurable risks
  • Uninsurable risks
  • Insurance as a risk transfer mechanism
  • Perils and hazards
  • Benefits of insurance

Module 2 : Legal Principles of Insurance

  • Utmost Good Faith
  • Insurable Interest
  • Indemnity
  • Subrogation
  • Contribution
  • Proximate Cause

Day 2

Module 3 : Insurance contract

  • Identify the insurance contract
  • Elements of insurance contract
  • Pillars of insurance contract
  • Stages of the insurance contract
  • Characteristics of the insurance contract

Module 4 :Participants in the insurance market in Saudi Arabia

  • Regulation of insurance in the Kingdom of Saudi Arabia
  • Insurance and reinsurance companies
  • Insurance intermediaries

Module 5 : The standard insurance policies and procedures

  • Underwriting
  • Reinsurance
  • Receiving and processing claims
  • Financial operations
  • Human resource operations

Day 3

Module 6: Insurance products

  • Individual Insurance products
  • Corporate Insurance products

Module 7: Customer service

  • The principles of effective customer service
  • Customer service process
  • Effective communication with customers
  • Understand customer rights and responsibilities

Module 8 : Risks facing insurance companies

  • Product development risks
  • Claims settlement risks
  • IT risks
  • Lack of qualified human resources
  • Reinsurance risk
  • Reputation risk
  • Risks of changes in the State




It was Nice experience to attend this course training from Watan First Institute. thanks to WFI for such wonderful training, tutor and the training material
Junanid Ali
IT Supervisor
5
It was Nice experience to attend this course training from Watan First Institute. thanks to WFI for such wonderful training, tutor and the training material
Amer Bakeer
Software Developer
5
This Exam is imposed by the Saudi Arabian Monetary Agency (SAMA) on all employees of the insurance companies, with the exception of executive directors and members of the board of directors.
70% is required to pass this Exam.
The Exam results shall be announced immediately after the completion of the test
Each candidate will pass Insurance Foundation Certificate Examination (IFCE) with self-study material to help him prepare for the Exam and the materials will be available in Arabic.
Watan First Institute offers a preparatory course for Insurance Foundation Certificate Examination (IFCE)
Fees for attending Insurance Foundation Certificate Examination (IFCE) for the first time is SR 1000 (non-refundable and transferable)
The candidate for Insurance Foundation Certificate Examination (IFCE) can attend the Exam more than once and up to a maximum of four times. The fee is SR 500 (five hundred riyals) for each Attempt.
Those who have not been able to pass the Exam and want to attempt it again must wait for two weeks starting from the date following the Exam date did attempt. If the candidate does not pass the Exam twice, he/she must wait at least 90 days before performing the Exam Exam, and must demonstrate that he / she is attending a training course on the same test subject to allow him / her to perform the Exam a third time If the applicant can not pass the Exam three times, he / she must wait no less than 90 days before performing the Exam ,Exam as a last attempt
Proof of identity, No person is allowed to attend the Exam without proof of his her valid identity and the entry document.
All Institute Exams are conducted by Computer

2500 SAR

Including VAT

Course Number: INS-WFI-1041
Course Language: Arabic & English
Duration: 3 Day(s)