Bachelor of Commmerce Honours Degree in Risk Management and Insurance

BACHELOR OF COMMMERCE HONOURS DEGREE IN RISK MANAGEMENT AND INSURANCE

NUST code:

 CIN-BCK

DURATION:

 4 Years

TYPE OF DEGREE:

HONOURS

CREDIT LOAD:

144

LEVEL 
 

8/9

ACCREDITATION ORGANISATION(S):

Zimbabwe Council for Higher Education (ZIMCHE)

LEARNING MODES

CONVENTIONAL (Offered in Bulawayo Only)
PARALLEL (Offered in Bulawayo Only)
BLOCK RELEASE (Offered in Bulawayo Only)


The Department of Insurance and Actuarial Science offers two Honours Degree programmes and one post-graduate degree programme as follows:

Bachelor of Commerce Honours Degree in Risk Management and Insurance
Bachelor of Commerce Honours Degree in Actuarial Science
Master of Science Degree in Risk Management and Insurance

Weighting of the Programmes

The minimum total credits shall be 510 for undergraduate programmes, and 320 for the postgraduate programme, broken down as follows:

Programme

Total Credits per Part/Stage

Total Credits

I

II

III

IV

BComm Honours Risk Management and Insurance

120

120

120

150

510

BComm Honours Actuarial Science

120

135

120

135

510

MSc Risk Management and Insurance

80

80

80

80

320

These regulations should be read in conjunction with the General Academic Regulations for Undergraduate Degree, hereinafter referred to as General Regulations and Faculty Regulations.

The degree will be awarded to candidates who have successfully completed the examinations in accordance with the regulations set out above in the Faculty Regulations

 

Normal Entry
Applicants who wish to study a Bachelor of Commerce Honours Degree in Risk Management and Insurance must have the following qualifications or their equivalent:-

Five ‘O’ level passes including English and Mathematics
At least two passes at ‘A’ level.


Special Entry

Applicants without the appropriate 'A' Level qualifications for entry but who have professional qualifications from Institutions such as CII(UK),IIS(SA) and IRM and Institute or Faculty of Actuarial (UK) as well as relevant working experience and who satisfy the University and the Department of their ability to complete the degree study programme satisfactorily will be considered for study.


Mature Entry

There is also provision for mature entry for persons who may not have academic qualification for entry but who have suitable or relevant post school experience and who satisfy the General Regulations.

In accordance with the General Regulations, the degree requires the study of a range of courses over four years (8 semesters). This includes one academic year of Industrial attachment.The programme will have a minimum of 510 credits in total. Each part will contribute to this total as follows:

Year 1                                                                                        120 credits

Year 2                                                                                        120 credits

Year 3                                                                                        120 credits

Year 4                                                                                        150 credits

 

First Year
First Semester Modules
            Credits        
CAC    1107    Accounting1A   10 credits
        
CIN    1109    Commercial Law    10 credits        
CIN    1106    Quantitative Analysis for BusinessI    10 credits        
CBA    1104    Principles of Micro Economics    10 credits        
CIN    1108    Introduction to Risk Management    10 credits        
 CTL 110    1101    Peace, leadership and Conflict Management    10 credits        
                    
                    
Second       Semester Modules
            Credits        
CAC    1208    Accounting1B    10 credits        
CBA    1205    Macro-economics    10 credits        
CIN    1208    Insurance Law    10 credits        
CIN    1207    Quantitative Analysis for Business II    10 credits        
CIN    1202    Risk and Insurance    10 credits        
CIN 1209    1209    Business Communication and Information Technology
 Technology    10 credits        
                    
Second      Year
First Semester Modules
Credits
CIN     2117    Liability Insurance    10 credits
        
CIN    2118    Property and Transportation Insurance    10 credits
        
CIN    2119    Enterprise Risk Management    10 credits        
CIN    2120    Life Insurance    10 credits        
CIN     2121    Financial Management     10 credits        
CIN    2116    Research Methods in Insurance     10 credits        

Second Semester Modules

Third Year        Credits

CIN    3001    IndustrialAttachment        120 credits

Fourth     Year

First Semester Modules
     Credits
CIN    4101    Insurance and the Commercial Environment    15 credits        
CIN    4102    Corporate Strategy and Decision Making    15 credits        
CIN    4117    Financial Markets, Institutions and Regulation    15 credits        
CIN    4118    Operational Risk Management     15 credits        
                    
Second      Semester Modules
            CREDITS        
CIN    4203    Investment and Portfolio Management    15 credits        
CIN    4217    Strategic Marketing of Insurance Services    15 credits        
CIN    4205    Financial Risk Management    15 credits        
CIN    4218    Accounting and Financial Analysis for Insurance     15 credits        
CIN    4001    Project    30 credits

CIN1109 Commercial Law [10 credits]

The aim of this module is to introduce students to the basic legal principles governing the business environment. Focus will be placed on: definition of contracts, requirements of a contract, breach of contract, remedies for breach of contracts, law of agency, contract of sale, law of business organizations and insurance contract.

CIN 1106 Quantitative Analysis for BusinessI [10 credits]

CIN1106 is a quantitative reasoning module for student in the Faculty of Commerce.  It covers the techniques business students are most likely to use in future modules and in business related research.  The topics covered are useful in economics, finance, accounting, risk, marketing and personnel management and in tandem with international developments in these areas.  Students will learn a variety of problem-solving strategies that are applicable in a wide range of business environments.  Specific topics include matrix algebra, linear programming, index numbers, calculus, decision making in business and an introduction to financial mathematics.

CTL 1101 Conflict Transformation & Leadership [10 credits]

The thrust of the course is understanding peace and conflict; theories of conflict; conflict analysis and tools; economic roots of conflict; gender and conflict; leadership; leadership and conflict handling mechanisms; leadership and conflict handling mechanisms; women in leadership; leadership ethics; interplay: leadership, conflict and development

CAC 1107 Accounting IA [10 credits]

The module is designed for students without “A” level Accounting. It introduces students to basic principles, concepts and techniques of Accounting in general. The module focuses on the use of Accounting information by managers. The module covers the following areas Accounting cycle, Accounting as an Information system, trial balance, preparation of financial statements for individual companies, non-profit making organisations as well as Accounting ratios.

CBA 1206 Macroeconomics [10 Credits]         

The module is designed to address how economists model the relationships between aggregate economic variables and examine how various fiscal and monetary policies can affect the results. The main goal is to improve students’ economic literacy and ability to apply economic models to analyse real world events.  This module will be taught from an equilibrium perspective. This means the module will work with economic agents that optimize and with aggregate consistency conditions. Along with building basic economics intuition, the module will be centred on constructing and understanding macroeconomic models. These models will be used to discuss the theory of long-run economic growth and short-run economic fluctuations and to analyse macroeconomic policy, in particular fiscal policy.

 

 

 

CIN

1108

Introduction to Risk Management [10 credits]

The aim of this module is to introduce students to an early appreciation of basic concepts of risk and risk management.  It deals with the concepts of risk and uncertainty, risk definitions and classifications, and the application of principles of management to risk management.  Emphasis is placed in the generic risk management model with special focus in risk identification/awareness, risk measurement and techniques for dealing with risk.  This module provides a foundation for the rest of the risk management and insurance modules to be taken later in the study programme.

CIN1202 RiskandInsurance [10 credits]

The aimof themodule is to familiarizestudents with risk financing with special emphasis placed on insurance and self-insurance.  It deals with guidelines for insurable risks, risk assessment and measurement of insurable risks, principles and practice of insurance and self-insurance, the insurance industry, including the role of the government.  It introduces the students to international insurance markets and provides an overview of short terms and long-term insurance policies, claims management and the marketing of insurance services.

CIN1208 Insurance Law [10 credits]

This module reviews the development of insurance as an introduction to Insurance Law.  It explores the relationships between the insurer, agent and insured as created by the insurance contract.  It also discusses other agency legal issues while providing a basic understanding of the principles of contract law and how they relate to insurance.  It also looks into the interpretation of insurance contracts; conditions precedent; representations; warranties; terms; conditions; insurable interest; rights of beneficiaries; exemptions; excess liabilities; waiver and estoppel; subrogation; controls on the insurance industry.  The module also examines principles governing insurance claims and their application.

CIN 1209 Business Communication and Information Technology [10 credits]

The aim of this module is to introduce students to the use of information and communication technology in a business environment and builds a foundation of digital literacy skills necessary for successful practical, written and oral communication skills in a technologically driven society.  This module will impact on students’ knowledge and skills to function cohesively and communicate as a team through delivering persuasive group presentations.  Throughout the module, there is an emphasis on digital literacy, effective electronic research and communication skills and other current risk management and insurance issues related to the impact of information and communication technology.

CIN 1207 – Quantitative Analysis for Business II [10 credits]

CIN 1207 is an introductory module in business statistics designed especially for students majoring in Commerce. It covers the techniques business students are most likely to use in their future modules. The module covers descriptive and inferential statistics with business applications to analyse management and organizational problems. Students will learn to apply statistical analysis techniques to practical problems that firms in the real-world face. Specific topics include: measures of central tendency and dispersion, probability theory and distributions, estimation, hypothesis testing, regression analysis and correlation analysis.

CAC 1208 Accounting IB [10 Credits]  

The module aims at equipping students with basic Management Accounting techniques in planning, control and decision making. It is intended for non-accounting professionals and covers the following areas: relationship of Cost and Management Accounting to other branches of Accounting, cost classification, stock valuation, material and labour costing, cash budgets etc.

CBA 1206 Macroeconomics [10 Credits]         

The module is designed to address how economists model the relationships between aggregate economic variables and examine how various fiscal and monetary policies can affect the results. The main goal is to improve students’ economic literacy and ability to apply economic models to analyse real world events.  This module will be taught from an equilibrium perspective. This means the module will work with economic agents that optimize and with aggregate consistency conditions. Along with building basic economics intuition, the module will be centred on constructing and understanding macroeconomic models. These models will be used to discuss the theory of long-run economic growth and short-run economic fluctuations and to analyse macroeconomic policy, in particular fiscal policy.

CIN2117 Property and Transportation Insurance [10 credits]

The aim of this module is to provide students with the key concepts, principles and underwriting criteria applicable to property and transportation portfolios handled by the majority of insurers domestically and internationally. Particular emphasis will be placed on the practical application of the concepts through case studies and group assignments wherever appropriate

CIN2118 Liability Insurance [10 credits]

The aim of this module is to familiarize students with concepts, principles and practices for dealing with risks connected to legal liability. The module also examines the latest enactments and insurance products arising out of social and economic, specimen wordings of policy, insurance proposals, risk assessment and rating and claims management. Different types public liability, professional liability, product liability, and environmental liabilities insurances form part of the module content.

CIN2119 Life Insurance [10 credits]

The module seeks to develop in the student: knowledge and understanding of the scope of life assurance, different types of life insurance policies, appropriate uses and administration of life insurance ; underwriting of life insurance policies including medical underwriting, financial underwriting, genetic underwriting and technological underwriting,  claims management ; legal and regulatory aspects of the conduct of life insurance business.

CIN2120 Enterprise Risk Management [10 credits]

The aim of the module is to expand on the knowledge gained in CIN 1107 Introduction to Risk Management and CIN 1208 Risk and Insurance. The module deals with the evolution of risk management into enterprise risk management, benefits of enterprise risk management, corporate governance and the design and implementation of an enterprise risk management programme. Emphasis is placed on risk and risk taking as vehicles for opportunity and the growth of enterprises. The module will present key tenants of an enterprise wide risk management strategy and structure which include establishing the context and understanding the internal and external influences that affect the implementation of a holistic enterprise wide risk management programme.

CIN2121 Financial Management for Insurance [10 credits]

This module seeks to develop the financial skills and logical thought processes necessary to understand and make informed managerial decisions. Specific objectives include developing an understanding of the time value of money; using financial statements in decision making; and understanding the cost of capital, valuation of stocks and bonds, management of short-term assets, short-term and long-term financing and capital markets.

CIN2116 Research Methods in Insurance [10 credits]

This module has been introduced to help students in their projects and internship reports.  The objective of the module is to provide students with the skills necessary to carry out research work. The module will enable students to carryout applied research in insurance and actuarial science. This module covers following:  principles of conducting research, types of approaches to research; qualitative and quantitative, selecting research topics, research proposal, literature search, methods of data collection, analysing research data, writing and presentation of a research project. The module will be assessed by coursework and a written examination.

CIN 2217 Reinsurance [10 credits]

The aim of this module is to give students an in-depth understanding of how reinsurance operates. Areas to be covered include reinsurance methods; life, non-life and liability reinsurance programmer design, legal issues relating to reinsurance, reinsurance contract wordings and other key issues associated with this business in today's world insurance markets. Attention will also be paid to financial reinsurance.

CIN 2218 Retirement Funding [10 credits]

The aim of this module is to equip students with knowledge and skills of designing retirement plans. Emphasis will be placed on the development of analytical and critical abilities in relation to retirement rules, appropriate packages for different stages of life preparation for retirement, different strategies for funding retirement, taxation, regulations and techniques for assessing, measuring and managing risks, and costs that can affect the provision of financial security at retirement.

CIN 2219 Health and Disability Insurance [12 credits]

The aim of this module is to equip students with knowledge and skills of designing, marketing and managing health insurance, disability insurance and managed care plans provided under private sector, non-profit making and government programs. Emphasis will be placed on funding of the different schemes, regulations, tax, fraud and costs.

CIN 2210 Microinsurance [10 credits]

The module seeks to give students an understanding of key issues in micro insurance. It examines traditional and innovative financial strategies low-income people and companies use to protect their assets, manage risks and grow their incomes. The module includes the principles of micro insurance product development, product types and distribution models, financial and social performance analysis, index-based insurance, impact studies on micro insurance, consumer protection and regulation of micro insurance business.

CIN 2221 Insurance Broking and Client Services [10 credits]

The aim of this module is to equip students with knowledge of the role played by intermediaries in the provision of risk management and insurance services. Emphasis will be placed on the functions, roles, duties, and regulations of insurance brokers. The module will also include marketing and competition in the risk management and insurance intermediaries sector.

CIN 2216 Computer Packages and Applications in Insurance [10 credits]

Computer Packages and Applications in Insurance will provide students with an opportunity to write programs for statistical models used in statistics, insurance and actuarial modeling. Statistical reporting using software packages for statistical calculations, numerical and graphical summaries, contingency tables, significance tests, confidence intervals and regression methods. Analyzing data from comparative studies. Students will gain skills from the use of statistical packages such as SPSS, R, Excel and MATLAB. This module will be assessed by coursework and a practical examination. 

CIN 3001 Students will be on Industrial Attachment [120 credits]

CIN 4101 Insurance and Commercial Environment [15 credits]

The aimof this moduleisto provide an understandingof theenvironments which influence the structure and development ofinsurancemarkets. The moduleappraises the impact of the economic, socio-political, legal, commercial and technological environments. The modulealso covers the rolethat insuranceplays within financial markets, theeconomicand social system.

CIN   4102   Corporate Strategy andDecision Making [15 credits]

To equip students with the knowledgeon how to determine corporate boundaries at ageneral level on one handand with specific referenceto insuranceon theother. Themodule will impart skills on Strategyto enable students to identifythose elements of strategywhich apply universallyand thosewhich arespecific to theinsuranceindustry. Studentswillbeintroduced to keyissues that impacton strategic decision making.

CIN 4117 Financial Markets, Institutions and Regulation [15 credits]

This module examines the form and function of various financial markets and the manner in which financial managers use these markets to accomplish strategic corporate objectives. The objective of this module is to prepare students for successful interaction with financial markets and institutions. Focus will be placed on the behavior of major financial institutions and their role in the intermediation process as suppliers of funds as well as the form and function of specific financial markets. The module also looks at regulation of these markets in order to give students a deep appreciation of the profound influence of governmental intervention on the evolution of financial markets.

CIN 4118 Operational Risk Management [15 credits]

The aim of this module is to equip students with basic knowledge and skills on the design and implementation of an operational risk management strategy. Focus is placed on risk assessment in connection with systems, processes, people, the effect of external events, risk capacity, risk appetite risk adjusted performance measurements, control measures, business continuity and change management. An extensive use of cases studies relating to a variety of commercial enterprises will ensure students to gain practical knowledge of the subject area.

CIN 4203    Investment and Portfolio Management [15 credits]

This module will focus on financial markets in particular, the equity markets from an investment decision making perspective. Students will be equipped with skills of developing conceptual frameworks and analytical tools and applying them to investment models. The module explores the competitive dynamics of investment organizations, products and markets.

CIN4205   Financial Risk Management [15 credits]

The module aims at developing abroad understanding of the drivers of risk and to provide a framework for financial risk management from which applications to particular situations will be made. Specifically the module will focus on equipping students with skills in developing a systematic framework for handling risk situations, understanding how people in general and managers in particular behave in risky situations and recognizing inconsistent behaviour, identifying sources of risk and evaluating exposures, and developing expertise in the issue of market mechanisms available for mitigation of risk using financial risk management models and techniques

CIN 4217 Strategic Marketing of Insurance Services [15 credits]

This module seeks to equip students with an understanding of strategic marketing and its implications to insurance. The module covers issues such as the unique characteristics of insurance services, the behaviour and segmentation of buyers, competition, the role and effects of distribution channels, the dynamics of direct marketing, designing, implementation and monitoring a strategic marketing plan for insurance. Emphasis will be placed on relationship marketing.

CIN 4218 Accounting and Financial Analysis for Insurance [15 credits]

Analysing insurance accounting and financial statement for insurance companies is very different from analysing those of other companies and thus presents unique challenges and industry specific issues. This module is therefore designed to provide an excellent foundation for evaluating insurance company financial statements, industry ratios, capital adequacy, regulatory issues, rating agency assessments, valuations and early warning signs of financial distress. Students will be equipped to recognise the impact of differing accounting standards, reserving policies and changes in external variables such as interest rates and asset prices on the financial statements. Attention will be paid to the risks inherent in the main products offered by life, non-life and reinsurance companies to help students recognise how these are reflected in the financial statements.

CIN4001 Project [30 credits]

Students will be expected to complete a research project on a topic of their choice but limited to the taught modules. The project is a consolidation of the theoretical knowledge gained in the taught modules and the practical experience gained from Industrial Attachment.

CONVENTIONAL

$465/semester

PARALLEL

$565/semester

BLOCK

$565/semester

HARARE BLOCK

$897/semester

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