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Associate in Marine Insurance Management – Definition

Associate In Marine Insurance Management Definition

The Associate in Marine Insurance Management is a professional designation from the Insurance Institute of America awarded to marine insurance professionals. The AMIM program provides further training in issues and regulations that focuses on marine insurance. The program concentrates on requirements and procedures for maritime operations and assets for inland and ocean-going clients.

A Little More on What is an Associate In Marine Insurance Management (AMIM)

The AMIM program is designed to offer an in-depth understanding of marine insurance, especially to those professionals responsible for advising clients in cases related to marine insurance. Generally, the holders of the AMIM designation have the best knowledge that can help them to deal with a wide range of situations. The program covers expertise areas such as:

  • Inland marine insurance
  • Insurance company operations
  • Principle of risk management and insurance
  • Legal environment of insurance and management
  • Ocean marine insurance

The AMIM study program is important to those individuals working in the insurance areas such as ocean marine and inland marine. The development of the program was with the financial and technical support of the American Institute of Marine Underwriters and Inland Marine Underwriters Association. The program is recommended for those professionals working in the following capacities:

  • Marine underwriters
  • Claim adjusters
  • Commercial package underwriters
  • Marine managers
  • Agents and brokers
  • Customer service representatives
  • Risk managers
  • Call center personnel
  • Agency principles

AMIM Designation Certification

AMIM designation award is for those applicants who are able to successfully complete the study-course and exams by the Insurance Institute of America. The AMIM course program consists of six national exams. Of the six exams, two are designed for the AMIM designation, while the other four are for the Chartered Property Casualty Underwriter course.

The AMIM Program Course and Exam Requirement

Course Requirement

The AMIM program offers only a one-course level known as intermediate. The intermediate course level consists of six categories of course-study. Four of them are foundation courses, while two are elective courses. Courses under each category are as follows:

Foundation Courses

AMIM 121- Ocean Marine Insurance

AMIM 122 – Inland Marine Insurance

CPCU 500 – Foundations of Insurance and risk management

CPCU 53 – Business Law for Insurance Professionals

Elective Courses

  • CPCU 520- Insurance Operations
  • CPCU 540- Finance and Accounting for Insurance Professionals
  • CPCU 551- Commercial Property Risk Management and Insurance
  • CPCU 552- Commercial Liability Risk Management and Insurance
  • CPCU 560- Financial Services Institutions
  • AAI 81- Foundations of Insurance Production
  • AAI 82- Multiple-Lines Insurance Production
  • AAI 83- Agency Operations and Sales Management
  • AIC 30- Claim Handling Principles and Practices
  • AIC 31- Property Claim Practices
  • AIC 32- Liability Claim Practices
  • AIC 37- Managing Bodily Injury Claims
  • AIC 44- Workers Compensation Claim Practices
  • ARM 54- Risk Management Principles and Practices
  • ARM 55- Risk Assessment and Treatment
  • ARM 56- Risk Financing
  • AU 60- Commercial Underwriting Principles
  • AU 61- Underwriting commercial Property
  • AU 62- Underwriting commercial Liability
  • AU 67- Strategic Underwriting Techniques

Note that an applicant is expected to successfully complete the specified number of courses in the two categories of courses before doing the exams. Both the course-work and exams have a time estimate of between 18-24 months, within which the applicant should complete the course.

Examination Requirement

The exam for each course takes approximately two hours. It consists of 85 questions, and the administration is through a computer. The provision of the national exam is available throughout the year at the local testing centers. The release of exam results is immediately after an applicant completes the exams.

About Ethics

Note that besides completing the required courses and exam, the applicant must also do and pass the ethics test questions for him or her to be awarded the AMIM designation. The ethics req the applicant to complete the following free 50-question exams provided online:

  • Ethics 311- Ethical Guidelines for Insurance Professionals
  • Ethics 312 – Ethics and the CPCU Code of Professional Conduct

Reference for “Associate In Marine Insurance Management – AMIM”

https://www.aimu.org/amim-121-program.html

https://www.investopedia.com/terms/a/amim.asp

www.abtrainingcenter.com/amim.asp

www.investorwords.com/…/Associate_in_Marine_Insurance_Management_AMIM.ht…

https://www.allbusiness.com/…/dictionary-associate-in-marine-insurance-management-…

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