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Q. What are the designations in the insurance industry?Learn What Insurance Designations MeanTop 5 insurance designationsLearn What Insurance Designations MeanBY MICHAEL MEULEMANS Updated January 08, 2018To illustrate their insurance industry know-how, insurance professionals have numerous insurance designations to choose from depending upon their specific area of expertise. In the coursework to attain these designations, individuals learn insurance industry practices and insurer operations that will serve them well in addressing customer needs.Top Insurance CertificationsThe standard-bearer designations in their respective fields are the RHU, CLU, and the CPCU.Health Insurance- Registered Health Underwriter (RHU)Life Insurance- Chartered Life Underwriter (CLU)Property Casualty Insurance- Chartered Property Casualty Underwriter (CPCU)Holders of these three designations are seen throughout the industry as knowledgeable experts on insurance administration, underwriting, and regulation. In the linked articles on the various insurance designations available across the industry, you will find numerous other designations described as well that insurance professionals have used to gain and demonstrate their insurance expertise.To gain the expertise to successfully serve insurance clients effectively insurance professionals have utilized insurance education programs for decades. The educational programs that encompass these designations serve two important needs.First, the coursework provides insurance professionals with in-depth education of insurance industry practices in areas as broad as administration to marketing to underwriting.Second, having achieved these designations illustrates an insurance professional’s expertise in their field to prospective clients.Health Insurance DesignationsHealth insurance professionals have a wide variety of designations available to gain knowledge and demonstrate to their clients the breadth of their expertise.Registered Health UnderwriterThis is the premier health insurance designation signifying knowledge of all areas of living benefits, including managed care plans; individual and group medical, disability income, long-term care insurance; group dental and voluntary benefit plans. The coursework also reviews the impact of federal legislation such as the PPACA (Patient Protection and Affordable Care Act) and others including COBRA, ERISA, and HIPAA.Coursework: The RHU coursework differs by provider but generally includes the following:Critical Illness and Long-term CareDisability and Group BenefitsHow to Obtain: Training centers across the U.S. that offer the RHU coursework include, AB Training Center, Advocis, The American College, Business Career College, and others. Other respected health insurance designations include those available through America’s Health Insurance Plans (AHIP). These are:Long-term care (LTCP- Long-term Care Professional)Disability income insurance (DIA- Disability Income Associate)Employee Health Benefits (EHBA- Employee Health Benefits Associate), andHealth Insurance generally (HIA- Health Insurance Associate)A fast-growing certification is the insurance designation of CLTC.The Certified in Long-Term Care designation is becoming well known due in part to its broad focus on selling long-term care insurance. This designation is available through the Corporation for Long-term Care Certification.Life Insurance DesignationsProfessionals within the life insurance industry can choose from a multitude of insurance designations to identify themselves as industry experts to their clients.Charter Life UnderwriterThis is the premier life insurance industry designation and encompasses expertise in life and health insurance, investments, taxation, employee benefits, estate planning, accounting, management, and economics. The CLU courses help individuals advance their career by providing in-depth knowledge on the insurance needs of individuals, business owners, and professional clients.Coursework: The CLU designation can be earned by completing 5 required courses and 3 elective courses among many choices.How to Obtain: Numerous training programs offer courses to complete the CLU designation including AB Training Center, Advocis, The American College, Business Career College, and others.Other Life insurance certification designations include the Fellow, Life Management Institute (FLMI) designation which is awarded to individuals who pass a series of 10 national life insurance examinations on insurance, accounting, marketing, information systems, finance, law, management, and computers. This designation is available through the Life Office Management Association (LOMA).Also, the Life Underwriter Training Council Fellow (LUTCF) designation can be earned by completing six courses from the American College. This designation focuses on essential life insurance product knowledge with basic planning concepts so that the LUTCF is aided in boosting their sales production.Property Casualty Insurance DesignationsProperty and Casualty insurance industry professionals have many avenues of insurance designations from which to choose to demonstrate their expertise for prospective clients.Chartered Property Casualty UnderwriterThis is the premier designation in property-casualty insurance. The CPCU program provides a broad understanding of the property-casualty industry focusing on the legal, financial and operational aspect of risk management and insurance.Coursework: The CPCU program consists of 11 courses. Eight courses must be passed to earn the CPCU designation. There are five foundation courses. In addition, students select either the commercial or personal insurance concentration to complete the program.How to Obtain: The CPCU designation is offered by the AB Training Center, the Insurance Institute of America (CPCU/IIAA), the Insurance License School, and others. Numerous other designations can be pursued by property casualty insurance professionals and agents, including:AAI- Accredited Advisor in Insurance offered by the Insurance Institute of America (CPCU/IIAA) stresses the production side of insurance, with study in personal and commercial property and liability sales and agency management.AIC- Associate In Claims also offered by the CPSU IIAA includes educational material covering personal lines and commercial lines property and liability.CIC- Certified Insurance Counselor offered by The National Alliance for Insurance Education & Research covers important aspects in personal lines, commercial casualty, commercial property, life and health, and agency management.Top 5 insurance designations1. Chartered Property Casualty Underwriter (CPCU®)This is the premier designation of the insurance industry. This insurance designation is often regarded as the “CPA of the insurance industry” and is only held by about 4% of the industry. In addition, this insurance designation is positively correlated with increased salary and management position.This designation, offered by the Insurance Institute of America, consists of eight exams covering topics such as risk management, business law, insurance operations, financial planning and property-liability insurance.In addition, the API™ is only one extra exam after the CPCU®. It’s another quick designation to add to your CPCU®, see below for associate in personal insurance2. Certified Insurance Counselor (CIC)The Certified Insurance Counselor is one of the many insurance designations administered by the National Alliance for Insurance Education and Research.This designation is highly regarded in the insurance agency world and claims to provide the best “practical and real world education”The Certified Insurance Counselor designation consists of five CIC exams covering personal lines, commercial casualty, commercial property, life & health and agency management.3. Certified Risk Manager (CRM)The Certified Risk Manager designation is our top choice out of all the insurance designations if your career focus is risk management.This designation is offered by the National Alliance for Insurance Education and Research and focuses on managing risk, managing hazards and managing loss exposures.This insurance designation consists of 5 exams including principles of risk management, analysis of risk, control of risk, financing of risk and practice of risk management. These exams cover the most important risk topics such as how to identify, analyze, control and manage the operation, political and juridical risk.4. Associate in Risk Management (ARM™)Similar to the CRM designation, the Associate in Risk Management insurance designation focuses on all aspects of risk management.This is another of the many insurance designations administered by the Insurance Institute of America. The ARM™teaches you the science of risk management and provides you with the necessary skills and understanding to avoid, reduce and manage risk.Unlike some of the longer insurance designations, the ARM™ designation is only three exams focusing on topics such as risk management principles, risk assessment and risk financing.5. Associate in General Insurance (AINS®)Like some of the other insurance designations listed in our top 5 list, the Associate in General Insurance is also administered by the Insurance Institute of America.The AINS® designation focuses on general property and liability insurance knowledge for personal or commercial lines with an added benefit of selecting an area of insurance focusThe benefit of the AINS® designation is that it offers 3 different exam options with a wide array of flexibility. To earn your AINS® designation you must complete one exam on property and liability insurance policies, one exam on either commercial or personal lines and lastly, one exam of your choice from a wide array of about 39 various insurance topicsBonus: Associate in Personal Insurance (API™)The Associate in Personal Insurance designation is sneaking onto our list of the top 5 insurance designations because it is only one extra exam after the CPCU® designation and it is a great way to transition into a few of the insurance designations listed above.The API™ designations is an Insurance Institute of America designation consisting of only three exams, two of which (CPCU® 555 and CPCU® 556) count towards the CPCU® designation. The only additional exam is the API™28 exam.The Associate in Personal Insurance designation focuses on personal insurance topics such as financial planning, property liability insurance, underwriting and marketing. This is our number one choice on this list of insurance designations as a quick “transition designation”. This is a great entry level designation to choose because it counts towards two of your eight CPCU® exams and the API™ 28 exam also counts towards the AINS®designation.Insurance designations reviewYou cannot make a wrong choice no matter which of the many insurance designations you choose. Our job as insurance professionals is to provide the best service possible to our customers and stakeholders and this is not possible without pursuing additional insurance education. In the growing insurance industry it is our job to better ourselves with additional education in order to fully understand every aspect of the insurance product so that we can confidently answer any and every question faced in our day to day lives.Improving your insurance knowledge should be a daily goal. Not only does it help you personally build a better business and career, but it helps to build a better insurance industry.MAY 13, 2015Insurance Designations and Certifications

In a world where leverage and risk dont exist, AOC’s statement makes perfect sense. But that’s not the world we live in. AOC’s statement is absolutely wrong to anyone who has even the simplest understanding of those concepts. Please see the following simplified story for a practical demonstration of these concepts:*Please keep in mind that in the story below the math is simplified, and I don’t really understand how to advance in the profession of law as I am not a lawyer. I am only citing law because it is a known skill with an expensive per hour rate. It is a simplified, but the concepts of business are sound*Let’s say I am a lawyer and you are a lawyer. We are both very skilled and capable. We consider starting a practice together, Me&YouLaw but we decide against it. Why don’t we partner up? Because we have a very different lifestyle. I’m single, No kids, and live in a studio apartment. You have 3 kids and a nice house. I can take a ton of risk because it is very easy for me to cover my monthly expenses. You don’t want to take risk because you have a family to feed and you want something stable.HOWEVER, we still want to work together. I like you and I know you are great at what you do. Heck, I’m pretty sure you are a better lawyer then I am!!! So, I start a practice called MeLaw (lots of risk). I hire you (leverage) and I agree to pay you 200,000 a year with benefits (great job with low risk). You are thrilled! You get to work with me and you get something stable. I’m thrilled too! I get to work with you and I am getting a smart capable employee. We shake hands and we open up shot and start taking on clients and cases.I make money on some clients, I lose money on others because they don’t generate much revenue (Lots of risk for me) and your yearly salary is expensive (low risk for you). I’m paying you 200k No matter how much time you spend working and No matter how much I am making.For the first year while I am getting clients, my practice makes 100k after material expenses. You are barely working because we don’t have a client network, so we have little work coming in. I’m hustling, making calls, doing advertising/marketing. I pay you 200k for the year. So you make 200k because that’s what I agreed to pay you, and I am out on my ass 100k! That’s right, I have to get a business loan from the bank to keep the business afloat, get installment loans and run up my credit card to pay my personal bills, borrow money from my family and friends, or do whatever else I can to keep myself and my tiny practice a float. Did you take 200k from me? Nope! I agreed to pay you that 200k, and if I pay you a dime less than that then shame on me!!!! At the end of year 1, You have made 200k, and I am 100k in debt.Now year 2, rolls around and I’m still gathering clients and trying to figure out how to make this thing work. You are working a lot more now! Last year you maybe worked 10 diligent hours a week, now it’s more like 30! We do a whole lot better this year and we make 250k after the other material expenses. I again pay you 200k, and this time I make the remaining 50k. We are 2 years in and you have made 400k total, and I am at -50k (Still in debt). Once again, you have not taken anything from me. We agreed upon a wage based on the skill set you offer.Now in the 3rd year, after working my ass off to establish the business (risk) and get my name out there publicly (more risk), business starts to roll in! Gone are the days where you work less than 40 hours, and now like most attorneys there are many weeks where you put in 6 days a week for 10 hours a day when you have big projects. We now establish good client relationships, and at the end of the year we make 1MM after material expenses! How much do you get (assuming No bonus was negotiated into your employment contact)? Well you make 200k! WHY? Because it is what you agreed to work for. You got the safe cushy job and the guaranteed salary, while I took on the risk. Now, my risk has paid off so that means I get paid off! I make the extra 800k. So at the end of the year 3, I have made a total of 750k, and you have made 600k. You are happy for me because you know how hard I have worked the past 3 years going after business a especially how grim things looked when I was in debt after year 2.Heading into year 4, I have a plan! I know we will maintain all of our clients from the year before (making 1mm) but I want to grow. I know I have a capable smart person in you, And I know you know how to get things done! So I go to you and I say, “Hey You, I want to pay you more! How does 300k this year sound?”, you say, “Well, I don’t know what to say! You’ve treated me so fairly to this point. You’ve paid me every cent you said you would and now you are offering me even more. I am thrilled!”. “Well, You, it does come with a catch. I want to hire 2 new attorneys out of law school and a receptionist/ assistant for the office. You will need to guide them when I am out marketing the business and doing my other duties that take me away from the office. How does that sound? If you do not want the extra money, I can keep you at you current pay in your current job function.” You respond, “No , I certainly will take the 50% increase to my pay and the extra responsibilities”. So I go off and hire 2 new attorneys at 100k a year , and a paralegal who will double as are assistant at 50k a year (lots of leverage & tons of risk). I sure hope the people that I Decided to Hire work out for us!This year business really goes great! I made great new hires!!! New attorneys can sometimes be hit and miss, but I nailed it! They are awesome! And the paralegal takes a ton of the old work You and I used to do off are are plates. You are freed up to concentrate on more important things, and I am freed up to concentrate more time not only on our cases, but further growing the business as a whole. I go after clients like crazy!!! You are in the office more then ever because more clients, and you can’t forget the mentorship / management responsibilities you need to fulfill to help the newbies. You ar When it’s all said and done in year 4, we make 1.5MM after other material expenses!!! So I pay you the 300k we agreed upon, I pay the newbies 250k total, and I myself make the remaining 950k. So at the end of year 4, in total you have made 900k and I have made 950k in this past year alone. But guess what, you are happy for me! I’ve paid you every cent that we have agreed upon, and you were eating gourmet dinners with your family while I was eaten ramen on my parents couch during years 1 and 2. You see how hard I have worked and the risk I have taken on over the past 4 years and you know I deserve what I made this year!Sadly, all good things must come to an end, and like so year 5 is when our once awesome relationship starts to erode. This year, I focus on growing the business more then ever. Why wouldn’t I! I have super capable you, and team of young hungry killers in the office ready to tackle any client I send their way. I am running commercials, I am Plasters on billboard with my face that say MeLaw and the office number underneath. I spend a lot of time a net working events, local conventions, and the country club. The country club is An awesome place to meet wealthy people who made need superior legal counsel. Heck, I even go on a few vacations with a few clients. I offer for You to come with me, but you can’t. You would love to, but I’m sending so many clients your way that you are trapped in the office!!! This year is our year! At the end of the year, we make 2.5MM even after all my commercials, ads, conventions, etc. To celebrate, I give everyone a 50% bonus! So, You make 450k (up from 300k), both 2nd year attorneys make 150k (up from 100k), and our awesome paralegal makes 75k (up from 50K). I pocket the remaining 1.675MM. NOW, this doesn’t sit well with you. You have made 1.375MM in all 5 years of hard work. This past year you didn’t take a vacation, you had nights at the office where you couldn’t tuck in your kids, you had more on your plate because of your mentoring responsibilities, meanwhile I just made more this past year then you did in the last 5 years and you notice that I was barely in the office! You think to yourself, “He barely practices law anymore, he spends more time at the country club, and shooting commercials being a damn salesman!!!” The more you think about it, the more furious you get!Wow, I can’t believe it! I am thrilled, I start making plans to hire 2 more attorneys right out of law school, another paralegal, and a full time receptionist / assistant, so the current paralegal doesn’t have to double as assistant and receptionist anymore. At this point, I feel like I can do No wrong, and even if I could, I’m freaking rich so I have money to play with!!! And my prime concern in all my strategic thinking is You! I want less work on your plate so you can take a damn vacation or two with me this year! What’s the point of me paying you the 500k plus I am planning on paying you this year (keep in mind you kindly agreed to 300k 2 years ago) if you don’t have the time to live a little! And that’s when it happens! You walk in and you tell me that you Quit. ‘What!? why?!’ I ask myself. And then I repeat those questions aloud to you. “You, buddy, you are the center peice to everything we are doing here. I’m planning everything we do around you. And your my friend. Don’t go!”You respond, “I’ve been very unhappy this past year, and it is hard for me to believe that you consider me a friend considering I’ve created millions of dollars of value for this firm, and you just TAKE (!!!!!) advantage of me”Now I must respond, “You, I am so sorry you feel this way. I had No idea you are so unhappy. I must say that you have happily agreed to every term I have given you. I have paid you everything, and many times more then what you have asked for. Please stay and let’s work something out”.You comeback, “I will stay if you make me an equal partner. We split whatever we make after expenses and paying our team 50/50. That will make me stay”.I reply, “You, please don’t take this the wrong way because I love you as both a Friend and an employee, but I asked you to partner with me long ago and you did not want to.””Times were different then and you know it” You say.I Shoot back, “You, you are right, they certainly were not the same as they are now. Back then we had No office, no idea what to do next, No clients, and we had No guaranteed next check… Oh wait, or should I say I had no next check. You had a next check coming No matter What. And it was coming from me. I would of lied, cheated, stolen, done whatever I needed to do so that I could pay you the wage we agreed upon. I didn’t know where my next Cent was going to come from, but you knew for sure your next cent would be coming from me! Not to mention the fact that While you were focusing on the law, I was becoming equal parts Lawyer and Entrepreneur. I need to learn how to find good office space, balance the books, pay the monthly bills, network, sell our services to potential customers, hire employees, and more. So I apologize if I haven’t been in the office this year but my skill set has evolved to the point that I am better at more strategic initiatives then I am at practicing law, but please remember that this fact has never kept me from making payroll each month. So I am sorry, but the partnership-SHIP sailed 5 years ago when I hired you and that ship isn’t pulling back into harbor anytime soon. Now, we can negotiate Possibly increasing your compensation or pulling back on your hours worked to keep you here, but It will not be as a Partner, but it will be as an employee.”You reply, “Then I have No future here. Goodbye”. You slam the the door as you storm out of my office and begin packing your things. I am sad. I have lost an employee I have invested much in forsure and possibly a friend.I could stop there but let’s keep going. Now we roll into year 6. Now our story splits into two to follow both Me and You.ME: I have a huge hole to fill and I must do it fast! These young attorneys are semi-capable but they need a master to look to for guidance. I pull back significantly on my golf at the country club and networking to lead the existing troops and hire and train the new troops that I mentioned at the end of year 5. Meanwhile, I am looking for a replacement for You. And I know that your replacement won’t come cheap! I find the best most capable attorneys in the county who haven’t already went into business for themselves. I interview many applicants. I can’t find the right one! This is a big hire for me. Not big, HUGE actually! And then I find the attorney I’m looking for. She is actually more experienced then you are with 15 plus years, interviews great, she’s got great leadership skills too so she can lead the newbies. I want her to join our firm bad. Then the price negotiations begin. “The position you are filling had a base salary of 300k last year, and because we did excellent there was an additional bonus involved”, I say. “Well, she says. I understand what the position was paid last year, but I think you are a growing law firm that perfectly matches what I bring to the table (DAMN, SHES GOOD I THINK TO MYSELF!!!). So, I believe my value to your firm would be more like 450k, plus a compensation bonus based on us meeting certain revenue objectives plus a further bonus. Also, I want to make it clear that I will be out of the office early 2 days a week to pick up my kids from school (DAMN, SHES REALLY REALLY GOOD!!! I think again).” We haggle over her bonus for a bit, but eventually we settle. 400k to her plus a bonus structure she could be very happy about. Awesome! I’m glad to have her on board and she gets to work right away. After all the time it took to hire her, and the other employees, we make 2.5MM, the same a last year. After I pay out her Bonus, your replacement makes 700k total, which is what I would of happily paid you to stay and had you decided to stay and negotiate. She is thrilled about it!!! After I pay the rest of the team (7 people in total, 4 employees, 2 paralegals, and a receptionist), I make less than 1 MM. That’s less then I made the last 2 years, despite the fact that I spent way less time on the golf course this year. Oh well I think! After losing a huge peice of the puzzle and cutting back on marketing, this was not as bad a year as the numbers would reflect. We hired new associates, replaced our biggest puzzle piece that went missing, and we will be ready to revamp the marketing campaign next year after this past year was spend on investment. So is business! Not to mention a million bucks isn’t too bad!Now to You: After you pack up your desk and leave, you take a much needed vacation. After the 2 week vacation, you come back and take some much needed time off. Heck, you deserve it, it feels like you haven’t had an off day in the last 2 years! Finally, after you get your much needed rest, you start looking for a job. However, many of the local firms aren’t hiring. “Oh well” you think, the lucky firm that gets you will be incredibly lucky! Finally, you get an interview with a local prestigious firm. You sit down with one of the partners at the firm and the first question he Excitedly asks you is, “So, I see on your resume that you were the head counsel at MeLaw. That firm is growing like a weed! Why would you ever leave!?” You mutter something about needing a change of scenery and your body language begs that the interviewer drop it and move on. However, you handle the rest of the interview amazingly! You have an answer for every question and you actually hit it off with the interviewer. The next day you get brought in for a follow up meeting and they give you a job offer! AWESOME! But when they say the figure your heart sinks, 250k, plus benefits that aren’t as good as MeLaw and a bonus structure that doesn’t look very promising either. “I’m sorry, but I made 450k last year and I truthfully think I was tremendously underpaid for the value I delivered in that position, what can you really do for me!” They increase their offer, but tell you that 450k just isn’t something they can do for you until you demonstrate your value to the firm over the next couple of years. You politely decline the offer, move on to the next interview until you hear more of the same. Finally, after hearing too many offers in the $200–325k range to count, you have had enough! You decide to go into business for yourself. Heck, you have made 1.35MM the last three years. But that was before taxes. You really only made half that. And you spent plenty on your kids going to Private schools and your awesome house to show off what a high powered attorney you are. Don’t forget the BMW Sedan for you and Lexus SUV for your spouse. Oh, can’t forget the membership at the country club you’ve had for the last 5 years even though you didn’t get to use it the last 2 years because you were so busy at work! Wait a second, you don’t have very much money to start a business! And your 3 kids are older now and have college coming up… SHOOT! You can’t start a business now! Too much risk!Now, you have a decision to make. Start your own business in the face of adversity, go work for less than your worth, or crawl back to MeLaw and beg. You couldn’t live with begging to Me. You just couldn’t. So you take a position you have been offered at about 300k inclusive of bonus. But you aren’t a top level employee anymore, like you were before. And with that being said your bonus isn’t any wear near as generous. We know you are a great attorney and you still bring a ton of benefit to your firm but because the facts above, you feel that you have definitely taken a step backwards. At the end of the year, you’ve made 300k, 150k less than last year and at least 200k less then what you would of made at MeLaw. You’re frustrated as you reflect on the events of the last year. You think to yourself, “If only YOU hadn’t taken advantage of me, I would be far better off right now”MORAL OF THE STORY: It’s so easy to not take any of the risk when things are bad and/or uncertain, and it’s also easy to be mad about being leveraged when things are good or easy. People who utilize leverage and therefore take on risk are not ‘taking money’ from those that they leverage to work toward their strategic initiatives. They are taking on risk, and when they succeed in managing that risk and leveraging people correctly to get more out of them than they otherwise could, their income potential is multiplied beyond what it could possibly be if they operated purely as an individual.EDIT #1: Thanks for the 100 upvotes and many of the kind comments. They are appreciated! I really enjoy writing about economics and business concepts!I strongly recommend you check out the comments where I have some spirited debate going on. In these comments, I get to go further in depth when some of the “plot holes” in my story were pointed out.PLEASE NOTE: Many of people have taken my answer to mean that I think the rich should not be taxed. People read into it that, “AOC wants high taxes on the rich, Chance says AOC was in crazy town when she made this statement, therefore Chance must think that the rich shouldn’t be taxed” This answer had nothing to do with tax policies. AOC made a comment about the rich ‘taking’. I made an answer demonstrating that someone could become rich without ‘taking’ through risk and leverage. Furthermore, I contend that people who become rich often do it by giving. Giving a great product to their customers, and giving their employees a stable pay check at an agreed upon wage (Obviously this is not always true, there are Martin Shkrelli’s out there). That’s really all there is to it. My idea on tax policies on the rich is an answer for another day.