" THE INSURANCE PROFESSION AND EDUCATION
BY GEORGE M: WYATT.
THE extent to which facilities for Education are pro- vided in connexion with Insurance is not generally recognized, and to those .whoinay.be thinking of a pos- sible career for their children some brief outline of these facilities may be welcome. - ' • • • INSTITUTE OF ACTUARIES.
' The oldest institution in existence is apparently the Institute of Actuaries, which was founded in 1848, and incorporated by Royal Charter in 1884, and is essentially connected with the study of Life Contingencies and pro- babilities, and the application of statistical methods in connexion therewith. To attain the Degree of a Fellow (F.I.A.) the . applicant must first furnish satisfactory evidence of general 'education such as Matriculation or General School Examination of the London University. This condition being fulfilled, the candidate is then faced with examinations divided into Part,I, Part II, Sections A and B, Part III, Sections A and B, and Part IV. Success in Parts I to III qualify as an Associate and in Part _IV as a Fellow. It is not feasible to quote the full syllabus, but the following extracts will give some idea : Part I.—Advanced Algebra, Finite Differences. and Elements of Statistics, &e. Part IL—Annuities Certain and the Theory of Life Contingencies, itc. Part III.— Compilation of Tables and other similar statistics, calcu- lation of Office Rates of Premium for Assurances and Annuities depending on Life and other contingencies; Pension Funds, &c. ; and Part IV., Analysis and Dis- tribution of surplus and other problems arising on the valuation of Life Assurance Companies, valuation of Life Interests and Reversions, the investihents of -Reserve Funds of Insurance and other Societies and the valuation thereof, general provisions of the. Acts relating to Life Assurance Companies ; Friendly and Approved Societies, - It will be seen from these brief extracts from the Syllabus that to attain the Degree of a Fellont roan-kali highly developed mathematical brain, and that this is the, case Is prayed by the fact that op March 81st, 1926, the number of Fellows was only...866;1nd As:seieififes 888. - Attached to'the Institute is a Library Which is available to the members, and in addition the Institute publishes a. Journal containing articles dealing with the numerous problems attaching to Life Assurance and the develop- ments which are constantly taking place in Actuarial Science. These Journals are of great assistance to the More advanced stuflents, and questionsdiscussed therein are frequently; the subject Of. questions in the Examina- tion Papers. . The Institute also prOvideS a 'series of Text Books and 'Classes for its students. In addition to the Institute of Actuaries there is an analogous body in Scotland with the title of the "Faculty of Actuaries," Which was constituted in 1856 and incorporated by Royal 'Charter in 1868, the number of Fellows of this body being some 250. • CHARTERED INSURANCE INSTITUTES.
Another most important bOdy is the Chartered In- surance Institute, .which. was instituted on -March 12th, 1897, and to which are 'attached some thirty-eight Local Institutes in the leading Insurance Centres in this eountry and also some Colonial Centres. The examina; tions held by this body deal with Insurance generally under four headings—Fire, Accident, Life and Marine. To attain the Degree of a Fellow (F.C.I.I.) a series of examinations has to be passed 'ranging over a wide field. A candidate for the •Degree can select -any one of the four branches, namely,' kire ; Accident; Life or Marine, in. ityhich branch he specializes, and having passed a pre- liminary • examination can then proceed 'to take Parts I and II in the branch selectedwhen,' if successful, he qualifies as an Associate, and is then in a position to take the Fellowship Examination which- requires a general. knowledge of all four sections. Having liaised Parts I and II, the candidate is then in, a position to sit for the Fellowship Examination which_ demands a general knowledge of Fire, Accident, Life and Marine ; in addition a General Thesis is set.
CORPORATION OF INSURANCE BROKERS.
The Insurance Brokers, who act as intermediaries be- tween the general public and the Insurance Companies, have also realized the advantages of specialized education,' and the Corporation of Insurance Brokers hold a series of examinations each year, the subject matter being In- surance and its problems as appertaining to their pro- fession, which enables the entrant when he has succeeded in passing the series of examinations to qualify as a Fellow of the Corporation (F.C.I.B.) • LONDON INSURANCE INSTITUTE.
It might not be out of place to quote the objects of one of the largest Institutes affiliated to the Chartered Insurance Institute—namely, the London Insurance In- stitute—as an example of the education facilities which exist in so many directions. The objects are the cultivation of knowledge and infor- mation in all matters relating to the various branches of Insurance by means of :—(a) The reading of papers or delivery of lectures upon technical or other subjects ; (b) the awarding of prizes for papers of merit written by Members or Associates ; (c) the circulation of a Journal containing articles of technical and general interest con- tributed by Members and Associates ; (d) a Reference Library, Reading Room and Lending Library ; (e) a Museum containing Home, Colonial and Foreign Pro- ducts, Models, Plans, Drawings and Photographs of Machinery, Appliances and other objects of interest. A large amount of voluntary work is necessary to carry on these Institutions, and this is given by some of the most eminent men in the Insurance profession to-day.
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