What Is the Affiliate in Non-public Insurance coverage (API) Designation?
The Affiliate in Non-public Insurance coverage (API) is a qualified certification within the insurance coverage trade. As its identify suggests, the API is desirous about non-public strains insurance coverage, which is the kind of insurance coverage that protects in opposition to non-public harm, demise, or lack of estate. It’s one of the designations conferred by way of The Institutes, a company devoted to offering accreditation and proceeding schooling to insurance coverage pros.
Key Takeaways
- The API is a qualified designation this is fashionable within the non-public strains insurance coverage trade.
- It’s administered by way of The Institutes, and generally takes between 12 and 18 months to finish.
- Many applicants make a selection so as to add to their API designation by way of pursuing a extra complex credential, such because the CPCU.
How the API Designation Works
The API designation is fashionable amongst pros who need to start or advance their careers inside the box of private strains insurance coverage. Through acquiring the API, pros can show that they have got wisdom of non-commercial insurance coverage merchandise, together with vital abilities reminiscent of insurance coverage underwriting, top rate atmosphere, advertising and marketing, and portfolio control.
For pros wishing to acquire extra complex certifications, such because the Chartered Belongings Casualty Underwriter (CPCU) designation, the API is usually a fashionable choice. It’s because most of the prerequisites required to acquire the API additionally depend towards the necessities of the CPCU. Particularly, two of the 3 tests related to the API will also be reused towards CPCU accreditation, which is among the maximum prestigious designations within the estate casualty trade.
To acquire the API, applicants will have to increase intensive wisdom concerning the forms of insurance coverage insurance policies offered within the non-public insurance coverage marketplace. This features a large schooling in topics reminiscent of contract endorsements, prerequisites and underwriting standards, and trade laws. The API is steadily really helpful for insurance coverage agents, brokers, claims adjusters, underwriters, and customer support workforce who serve non-public insurance coverage consumers.
Actual Global Instance of the API Designation
There are two paths that applicants can take when finishing the API. The primary of those comprises classes on underwriting and advertising and marketing practices within the non-public insurance coverage trade, portfolio control, estate and legal responsibility insurance coverage, and private insurance coverage. The second one trail is composed of 3 classes, masking underwriting and advertising and marketing, chance control and property-liability, and private monetary making plans.
Usually, applicants take between 12 and 18 months to finish those direction fabrics, that are accessed on a self-serve foundation. For the ones who prefer in-person instruction, categories will also be to be had offline in make a selection areas. As soon as they have got handed their tests, holders of the API aren’t required to satisfy ongoing tutorial necessities with a purpose to deal with their designation.
