Associate in Reinsurance (ARe) - Explained
What is an Associate in Reinsurance?
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What is an Associate in Reinsurance (ARe)?
The Associate in Reinsurance, also known as ARe is a professional designation awarded to insurance professionals by the Insurance Institute of America after successful completion of the required four national examinations. Out of the four exams, two are for the ARe program, while the other two are for the Chartered Property Casualty Underwriter (CPCU) program courses. The development of the ARe program was through the support of the Reinsurance Section of the CPCU Society as well as with the technical help from the Brokers and Reinsurance Markets Association.
What Does an Associate in Reinsurance (ARe) Do?
The ARe program was designed to help insurance professionals to acquire in-depth knowledge in the area of reinsurance business. It was also developed to help the professionals familiarize themselves with primary insurance firm exposures, operations, and coverage. ARe title is the premier designation for all the professionals in the reinsurance field. The ARe designation indicates that the designee has demonstrated knowledge in the reinsurance area, including:
- Reinsurance pricing
- Reinsurance contract terms
- Reinsurance treaties
The ARe designation is recommended for professionals such as:
- Reinsurance professionals
- Policy underwriters
- Claim adjusters
- Accounting and finance professionals aspiring to work with reinsurance treaties
The ARe Program Course and Exam Requirements
For an applicant to be able to earn the ARe designation, there are a number of requirements that he or she is required to meet. The requirements include the study of certain courses and taking a number of exams covering various areas of reinsurance contracts as well as the reinsurance industry. Also required of the applicant is to meet the ethics requirements. Note that it is not a must for one to complete the program all at once. The applicant is free to spread the course to cover a longer period where necessary, provided it is within the required programs timeframe. Both the course and the exams are computer-administered. Course Requirements The ARe course program is a self-study course that an applicant is required to do before taking exams. Materials for the course are available at the test-taking authority. For an applicant to access the study material, he or she must pay for it (purchase). Note that besides the self-taught mode of study, the instructor-led classes are sometimes available based on the applicants location. The level of the courses offered is known as intermediate, with a time frame of about 12 to18 months. Note that the ARe program does not require the applicant to have continuing education for him or her to take it. The courses the applicant is required to take five courses. They include four foundation courses and one elective course. They are as follows: Foundation Courses
- ARe 143- Primary Insurance Coverages
- ARe 144- Reinsurance Principles and Practices
- ARe 145- Readings in Reinsurance Issues and Developments (Take note that there is no study module for this particular unit. So, the student is required to read articles available online and then respond to questions in the form of multiple-choices on each article).
- CPCU 520- Insurance Operations
Note that for better understanding, it is advisable for the candidate to take the ARe 143 course before ARe 144. Elective Courses (An applicant to choose one)
- CPCU 540- Finance for Risk Management and Insurance Professionals
- ARM 56- Risk Financing
- AIAF 114- Insurer Accounting Management
Ethics Requirements Ethics is another requirement that the applicant must meet before obtaining the ARe designation. The exam is online and it is free of charge. It is important to note that the ethics course is not counted as credit, leading to the CPCU designation award. The applicant must successfully complete the following 50-question ethics exams:
- Ethics 311- Ethical Guidelines for Insurance Professionals
- Ethics 312- Ethics and the CPCU Code of Professionals Conduct
- What is insurance?
- Captive Agent
- Independent Agent
- Captive Insurance Company
- Combined Ratio
- Claims Adjuster
- Capital at Risk
- Assigned Risk
- Incurred But Not Reported
- 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 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
- 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
- Collateral Source Rule
- What are the primary obligations of the insured?
- Insurance Premium
- 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)