PREMIUM AUDIT 101
An introduction to a career in premium audit, this specialized online course provides the necessary training for new hires in premium auditing. Currently, there is no professional training available beyond what an individual company can provide. This is where NSIPA membership helps to fill the gap. In addition, as professionals seek to expand their learning, the online coursework can become an ongoing vehicle for which busy auditors may stay current in the profession and expand their learning while maintaining their current position.
PA 101 contains 9 chapters that cover a range of topics related to insurance and premium auditing.
Chapter 1: Introduction to Insurance
This chapter provides a foundational understanding of insurance, including the basic principles and concepts, the role of insurance companies, and the different types of policies available.
Chapter 2: Introduction to Premium Auditing
Here, participants are introduced to the concept of premium auditing and its significance within the insurance industry. You will gain an in-depth understanding of what a premium audit entails, the roles and responsibilities of a premium auditor, and the skills necessary for success in this field.
Chapter 3: Types of Policies
This chapter provides a comprehensive exploration of insurance policies, focusing on Workers' Compensation, General Liability, Commercial Auto, Garage Liability, and Liquor Liability coverages. Participants will develop a thorough understanding of the coverage provided under a Workers' Compensation policy, including an in-depth analysis of its three benefit components.
Chapter 4: Workers' Compensation
This chapter offers a deep dive into the intricacies of Workers' Compensation insurance, providing students with a solid foundation in this vital aspect of the insurance industry. Participants will gain a thorough understanding of Workers' Compensation insurance, exploring its purpose, coverage, and significance in protecting employees and employers alike.
Chapter 5: General Liability
In this chapter, the focus is placed on key concepts and rules within the realm of General Liability insurance. Students will gain a thorough understanding of the two types of coverages offered under a General Liability policy, distinguishing between General Liability and Liquor Liability. The course further delves into the ISO manual, focusing on the five business groups discussed and the hierarchy of rules that apply to each group.
Chapter 6: Other Auditable Policies
This chapter provides an in-depth exploration of auditable insurance policies and coverages beyond Workers' Compensation and General Liability insurance. Students will gain a comprehensive understanding of additional policies that undergo audits, including the nuances of Garage Liability policies and how they differ from Commercial Auto policies.
Chapter 7: Planning and Scheduling the Audit
Here, we shift to effective work organization and prioritization techniques, with a specific focus on the sequence of steps, prioritizing work assignments, and scheduling audit appointments. Students will gain a deep understanding of the systematic approach required to organize their work effectively, acquiring practical skills to streamline their workflow and enhance productivity.
Chapter 8: Conducting a Premium Audit
In this chapter, we provide a comprehensive exploration of essential elements in conducting a premium audit, focusing on crucial aspects of the initial interview, effective description of operations, and the utilization of various record types. Students will gain a deep understanding of the significant components involved in an initial interview, acquiring the necessary skills to conduct thorough assessments and gather pertinent information.
Chapter 9: Auditing Resources and Continuing Education
The final chapter emphasizes the importance of continuing education and professional development in the field of premium auditing. It highlights the benefits of staying updated with industry trends, regulations, and best practices. Participants are encouraged to seek opportunities for continuous learning and growth throughout their careers in premium auditing, including various auditor designations such as APA, CIPA, CPCU, and CPA, and understanding their importance and how they contribute to professional growth in the field of insurance auditing.
Overall, PA 101 provides a comprehensive overview of insurance and premium auditing, covering the fundamental concepts, different types of policies, audit planning and execution, and the importance of ongoing education in this field.
PA 101 is available FREE for NSIPA members. The course will be available for individual non-members for $299 through the NSIPA non-member training platform. Please visit our virtual events page for information on accessing the member and non-member training platforms.
Once you have logged into the training platform via the directions on the virtual events page, you can click on course catalog on the right hand side of the screen on the home page and filter courses by live events, on-demand webinars, and PA 101.
Are you a non-member organization that would like to purchase PA 101 for your staff? Please email email@example.com for more information.