An Associate of Fidelity and Surety Bonding (AFSB), is an honorific designation awarded to those who have passed the five national exams.
Five of these examinations are designed specifically for those in the Associate of Fidelity and Surety Bonding program, and the other two are designed explicitly for Chartered Property Casualty Exams for Underwriters tests.
AFSB certification is an instructor-led or self-taught program. The applicant must complete five courses in the primary curriculum. The materials for these courses are available from the authority for test-taking. In this article, we’ll be discussing Associate In Fidelity And Surety Bonding (AFSB).
What Is an Associate In Fidelity And Surety Bonding (AFSB)?
This Associate in Fidelity and Surety Bonding certification is the most recognized professional designation for those who advise clients in the insurance field for sureties. From a better salary to better job opportunities, Associate of Fidelity and Surety Bonding certification can make you more attractive on the job market since it shows you’re committed to doing whatever is required to enhance your skills continually.
The AFSB certification signifies that an individual who works in this field has acquired an extensive understanding of surety under contract and non-contract, and also the insurance of crime covering such areas as:
- Bond Ratemaking
- Trend Analysis/Forecasting
- Contract Surety Claims
- License and Permit Bonds
- Fidelity/Surety Reinsurance
- Contract Bond Law
- Bid Process
- Contractors’ Financial Statements
- Financial Institution Bonds
- Commercial Crime Insurance
- Bond Production/Underwriting
- Financial Statements/Analysis
- Credit Terminology/Laws
- Credit Investigation/Reports
- Public Official Bonds, Court Bonds, Miscellaneous Surety Bonds
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How AFSBs Work
Fidelity and surety bonding is an area of insurance whereby one party is insuring itself against the risk that another party will fail to complete an act or refrain from doing something it promised not to do. Surety bonding refers to bonds that involve three separate parties, while fidelity bonds are insurance policies that can involve just two parties.
To signify their knowledge and competence in this area, candidates can obtain the Associate of Fidelity and Surety Bonding by enrolling in a series of courses. These introductory courses cover the principles of suretyship, contract surety, commercial surety and crime insurance, business law for insurance professionals, and finance and accounting for insurance professionals. The applicant must also pass a fifty question exam on either ethical guidelines for insurance professionals, or on ethics and the Chartered Property Casualty Underwriter (CPCU) code of professional conduct.
Typically, it takes candidates between 15 and 21 months to complete this coursework, including the exams that need to be passed for each course. Each exam takes about 2 or 3 hours to complete, and can include both multiple choice questions and essays. Once the candidate has obtained their AFSB, they can further enhance their credentials by pursuing the Associate in General Insurance (AINS) or Associate in Insurance Services (AIS) designations.
Benefits of Associate in Fidelity and Surety Bonding
The designation comes with benefits for holders:
- It assists individuals in developing a solid base of understanding about the principles of fidelity bonding and practices together with Institute Associations and regulations. The person who is a holder of the certificate will be able to meet clients’ needs more effectively.
- It allows individuals to expand their knowledge and improve their careers.
- Apart from the deep knowledge in business law, and finance, in addition to accounting and finance, AFSB classification is thought to be top-of-the-line for all underwriters and bond producers. It is recommended for the following positions: AFSB program is highly recommended for the following jobs:
- Bond Underwriters
- Claim adjusters
- Bond Producers
- It helps individuals reach their goals in the long run in terms of their career goals are involved. (better job opportunities and more lucrative salary packages)
- It provides the holder with an advantage in the industry of surety. This gives the holder an advantage on jobs. This is because AFSB can be the most prestigious professional designation available in the field.
- It allows the holder to improve their effectiveness in arguing for clients. The certification puts the person in a position of greater effectiveness to negotiate and communicate with underwriters on clients’ behalf effectively.
- It offers more information and advice on the insurance business
- The AFSB designation allows those who work within the insurance industry to expand their knowledge and capability to influence the industry positively. The general idea is that the AFBS certification is an investment into the future of the insurance industry and the product itself regarding the value and how the customer perceives it.
To obtain An Associate of Fidelity and Surety Bonding designation, the applicant must meet the ethical standards. For instance, it’s obligatory for those seeking the designation to take and pass the fifty-question test on any or more of these:
- The ethical guidelines for professionals in the field of insurance
- Ethics and the code of conduct for the Chartered Property Casualty Insurance Underwriter of professional ethics and conduct
The AFSB Certification Course as well as Exam requirements
The Associate of Fidelity and Surety Bonding offers the following examination requirements and courses. Courses Available The AFSB designation consists of five introductory courses that are core to the program. These are:
- AFSB 150-Principles for suretyship
- AFSB 152-Contact Surety
- AFSB 153 Commercial Surety, Financial Institution bonds, and Crime Insurance
- CPCU-530– Business Law for Insurance Professionals
- CCU-540-Finance and Accounting for Insurance Professionals
- Ethics311-Ethical Guidelines For Insurance Professionals and 312-Ethics and the CPCU Code of Professional Conduct
Course and Examination Requirements and Duration
Associate of Fidelity and Surety Bonding certification is an instructor-led or self-taught program. The applicant must complete five courses in the primary curriculum. The materials for these courses can be found at testing authorities.
Be aware that the material for the course isn’t free, which means that the candidate must pay for the course material. It is important to remember that the institution does not require applicants to have a college degree or work experience for him or them to earn the AFSB certification. It can take between 15 and 21 months to finish the five classes.
Every course includes tests that a student must pass. Exams for every course last approximately two to three hours for candidates to pass. Exams are performed by way of essays or multiple choice. All administration for tests is done using computers and continuing education.
They are noting that coursework isn’t required. Candidates who have passed the AFSB tests can earn credit for one of the Associates with Insurance Services or Associate in General Insurance designations.
Candidates who wish to study for the AFSB could do so by taking either online or in-person classes. In both cases, the course materials included in the classes are available through The Institutes. Although experience gained from the insurance industry could be an advantage, The Institutes don’t formally demand that applicants meet any formal education or work qualifications to obtain the certificate.
The AFSB course covers a broad spectrum of knowledge about issues like the commercial industry of surety, the legal environment of the insurance industry, and the techniques employed to assist companies in making decisions. Additionally, it covers specific skills and methods, like analysis of financial statements and insurance underwriting and credit investigation techniques.
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