What is an Associate In Insurance Accounting And Finance?

The Associate in Insurance Accounting and Finance is a professional designation given to an individual who successfully completes a number of exams on insurance accounting and finance. The designation award is by the Insurance Institute of America. The program provides further training to professionals making them more efficient when it comes to preparing financial statements for firms in the insurance industry.

What Does an Associate In Insurance Accounting And Finance Do?

Generally, the AIAF title is an undisputed professional credential, especially to those individuals with responsibilities in insurance accounting and regulation. An individual earns the designation after completing four national examinations from the Insurance Institute of America. Out of the four exams, three are designed for the AIAF program, while one is for a Chartered Property Casualty Underwriter program course. Those individuals who undergo this training program to earn the AIAF designation are expected to have knowledge in the insurance and accounting basics. The AIAF builds on the previous exposure working knowledge of insurance principles, general accounting principles, and coverage. The Associate in Insurance Accounting and Finance program offers applicants the opportunity to master the following:

• Statutory accounting principles
• Reporting procedures
• Financial management concepts

The AIAF program also covers the following expertise areas in the insurance industry:

• Insurance companies operations such as marketing, underwriting, rate making, claims, adjusting, reinsurance, loss control
• Statutory accounting for property and liability insurers
• Information for software and information systems
• Insurance information accounting
• Insurance company finance

The AIAF program is for individuals working in the following areas:

• Accounting
• Statistical
• Financial areas in an insurance firm

AIAF Program Requirements

The AIAF program requirements entail an applicant taking a course and doing exams for him or her to be accredited with the AIAF designation. Courses Offered

• AIAF program requires an individual to study the following courses:
• Insurer Accounting Management
• Insurer Risk and Capital Management
• Insurance Operations
• Finance and Accounting for Insurance Professionals

Ethics Requirement Apart from the course requirements, an applicant is also required to meet the ethics required to be able to earn the AIAF title. The applicant should pass one of the following ethics:

• Ethics 311- Guildine for Insurance Professionals
• Ethics 312- Ethics and the CPCU Code of Professional Conduct

Other Designations 

Apart from the AIAF designation, there are other professional titles that IIA offers. They include:

• Associate in General Insurance
• Associate in Claims
• Associate in Risk Management
• Associate in Commercial Underwriting
• Accredited Adviser in Insurance
• Associate in Reinsurance
• Associate in Insurance Data Analytics
• Associate in Insurance Services
• Associate in Management

The Bottom Line 

Financial statements from insurance firms go through thorough scrutiny by regulators. For this reason, accountants for insurance firms that work on the statements must ensure that their work has the highest level of proficiency. This is to ensure that they do not compromise the reputation of their insurance firms. One sure way of ensuring this is by taking the AIAF program. The AIAF program has a reputable rating by insurance firms. Those who hold the AIAF designation are considered to have the most sort after professional credentials in the American insurance industry.

Related Topics

• Insurance Law (Intro)
• What is insurance?
• Captive Agent
• Independent Agent
• Captive Insurance Company
• Underwriter 
• Combined Ratio
• Claims Adjuster
• Capital at Risk
• Assigned Risk
• Contingency
• Incurred But Not Reported
• Actuary
• Qualified Actuary
• Cession (Re-Insurance)
• Burning Cost Ratio
• What is an insurance contract?
• Accidental Means
• Anti-stacking Provisions
• What is an insurable interest?
• What are the common categorizations of insurance?
• National Association of Insurance Commissioners
• Insurance Regulatory Information System
• American Academy of Actuaries Definition
• American Association of Insurance Services Definition
• American Council of Life Insurance Definition
• American Insurance Association Definition
• American Risk and Insurance Association Definition
• LLoyd's of London
• Associate in Insurance Services (AIS) Definition
• Associate in Loss Control Management Definition
• Associate in Marine Insurance Management Definition
• Associate in Personal Insurance Definition
• Associate in Reinsurance (ARe) Definition
• Associate in Risk Management Definition
• Associate in Commercial Underwriting Definition
• Associate in Insurance Accounting and Finance Definition
• Associate in Surplus Lines Insurance Definition
• Chartered Insurance Professional Definition
• Chartered Life Underwriter Definition
• Chartered Property Casualty Underwriter Definition
• Vehicle insurancePrivate Passenger Auto Insurance Risk Profile
• Underinsured Motorist Coverage
• Uninsured Motorist Coverage
• Omnibus Clause
• Health insurance
  
• Health Maintenance Organization
• Capitated Contract
• Point of Service Plan
• Children's Health Insurance Program
• Disability Insurance?
• Credit Disability Insurance
• Life Insurance?
• Cash Surrender Value
• Absolute Beneficiary
• Acceleration Life Insurance
• Accelerated Benefit
• Accelerated Option
• Accelerative Endowment
• Charitable Gift Life Insurance
• Incontestability Clause
• Waterfall Concept
• Annuitization
• Assumed Interest Rate
• Clean Sheeting
• Hazard Insurance 
• Homeowners, Renters, and Fire Insurance?
• Participating Community (Flood Insurance)
• Insurance Considerations for Business
• Business Liability Insurance
• Commercial General Liability
• Liability Risk Retention Act
• Excess Insurance and Umbrella Insurance Policy
• Business Interruption Insurance
• Key Person Insurance Definition
• Own-Occupation Policy
• Self-Funded Health Insurance Plan
• Basket Retention Policy
• Commercial Blanket Bond
• Alternative Risk Transfer Market Definition
• Commercial Property Casualty Market Index Survey
• What are the primary obligations of the insurer?
• Earned Premium
• Reservation of Rights Letter
• Subrogation
• Collateral Source Rule
• What are the primary obligations of the insured?
• Insurance Premium
• Cooperation Clause
  
• Coinsurance
• Co-Pay
• Affidavit of Loss
• What is the general structure of an insurance contract?
• Ambiguity Principle
• Accommodation Line
• What are the common disputed provisions in an insurance contract?
• Absolute Exclusion
• All Risks Clause
• What is required for the termination of an insurance contract?
• Risk Management
• Professional Risk Manager
• Associate in Management (AIM)
• Financial Risk Manager
• Forecasting (Business)
• Objective Probability
• Unconditional Probability
• Enterprise Risk Management (ERM)
• Operational Risk
• Business Recovery Risk
• Political Risk
• Asset Protection
• Performance Bond
• Barra Risk Factor Analysis Definition
• Above Ground Risk (Mining Industry)
• Bumbershoot Policy (Maritime)
• Abandonment Clause (Boat or Vessel)
• Bobtail Liability Insurance (Trucking Industry)
• Anti-Indemnity Statute (Construction)