INSURANCE UNDERWRITING
Awarded by SCI
jointly with LOMA
LIFE & HEALTH
Specialist Diploma in
TARGET AUDIENCE
Underwriting Executives responsible for managing the day-to-day underwriting operations in their companies. Underwriting Managers responsible for managing a
business portfolio with a team of underwriters. Risk Managers, Claim Assessors, Field Managers and
Financial Advisers who wish to have an in-depth knowledge on life and health insurance underwriting.
OBJECTIVE
To equip participants with the requisite knowledge for the underwriting of group and individual life and health insurance products, including knowledge on life insurance company operations, life insurance law and the principles of insurance.
REQUIRED MODULES
Module 1: Principles of Insurance: Life, Health and Annuities
This module introduces the principles of insurance, the process of becoming insured, and the policyowner’s contractual rights. The course includes information on the features of individual and group life insurance, health insurance and annuity products.
Module 2: Insurance Company Operations
This module describes the organisation of insurance companies and the environment in which they operate, focusing on specific company operations such as marketing, actuarial, underwriting, and financial activities.
Module 3: Underwriting Life and Health Insurance
This module introduces risk assessment principles applied to underwriting individual and group life and health insurance, including specialised policies and supplemental coverages.
Module 4: Life Insurance Law
This module examines the legal aspects of life insurance, including the basic principles of contract law, the incontestable clause, assignments, ownership rights, creditors’ rights, the law of agency and its application to life insurance business, as well as the ethical issues facing today’s insurers.
Module 5: Group Benefits & Health Insurance
This module analyses group employee benefits insurance, including the environment, insurance products, contract provisions, benefit design, risk management, marketing, underwriting, rate making, plan design and administration, claims design and renewal processes, and cafeteria plans.
INSURANCE UNDERWRITING
Specialist Diploma in
LEARNING PATHWAYS
Candidates who have been awarded the Specialist Diploma In Life & Health Insurance Underwriting designation may wish to consider the following options to further enhancing their professional credentials:
Chartered Life Underwriter (CLU) designation by completing 5 additional modules of the CLU programme;
Fellow, Life Insurance Management Institute (FLMI) designation by completing 8 additional modules of the FLMI programme.
EXEMPTIONS
Holders of the Specialist Diploma in Life & Health Insurance Underwriting will be exempted from the following CLU / FLMI modules:
ASSESSMENTS
Candidates will be assessed via written examinations conducted over computer mode: Modules
1: Principles of Insurance: Life, Health and Annuities 2: Insurance Company Operations
3: Underwriting Life and Health Insurance 4: Life Insurance Law
5: Group Benefits & Health Insurance
Duration 3 Hours 3 Hours 2 Hours 2 Hours 2 Hours Format 75 Multiple-Choice Questions 75 Multiple-Choice Questions 50 Multiple-Choice Questions 100 Multiple-Choice Questions 100 Multiple-Choice Questions
CERTIFICATES
Those candidates who successfully complete the first two modules will be awarded the Certificate in Fundamentals of Life and Health Insurance by LOMA.
Those who successfully complete Module 3 will be awarded the Certificate in Life and Health Insurance Underwriting by LOMA.
Those who successfully complete all modules will be awarded the Specialist Diploma In Life & Health Insurance Underwriting by SCI jointly with LOMA.
Module 2 Module 1 Module 3 Module 5 Module 4 Certificate in Fundamentals of Life and Health Insurance
Certificate in Life and Health Insurance Underwriting
Specialist Diploma In Life & Health Insurance Underwriting
CLU
CLU01: Individual Life Insurance CLU02: Life Insurance Law
CLU08: Group Benefits and Health Insurance
FLMI
LOMA 280: Principles of Insurance: Life, Health and Annuities
LOMA 290: Insurance Company Operations
MODE OF STUDY
EXAMINATION SCHEDULE
FEES
Modules 1 & 2 *
S$179.00 or US$105.00 per module (First attempt and each
subsequent attempt)
For one examination sitting.
The Textbook and Test Preparation Guide must be purchased separately and are available at:
www.lomabookstore.com/LOMABookstore
Module 1: The textbook to be used is Principles of
Insurance: Life, Health and Annuities, Third Edition (2005).
The Test Preparation Guide to be used is LOMA 280 (2005).
Module 2: The textbook to be used is Insurance Company
Operations, Second Edition (2005). The Test Preparation
Guide to be used is LOMA 290 (2005). Module 3 *
S$460.00 or US$270.00
(First attempt and each subsequent attempt)
Inclusive of a printable PDF version of the textbook, on-line study-aid and one examination sitting.
Modules 4 & 5
S$407.65 or US$250.00 per module
(first attempt)
S$128.40 or US$78.75 per module
(for each subsequent attempt)
Inclusive of Goods and Services Tax, a non-refundable registration fee of S$21.40, textbooks (for first-timers only) and one examination sitting.
HOW TO REGISTER & PAY
Registration for all the five modules can be made online at : www.scicollege.org.sg Please refer to SCI website www.scicollege.org.sg for the examination schedule. All examinations are conducted at the Singapore College of Insurance.
* If participants do not wish to register and take the examination with SCI, they can also check with their company’s human resources department regarding policies for LOMA course enrolment.
Information presented in this brochure is correct at the time of printing. However changes in date, outline and fee can occur due to unforeseen circumstances. The SCI also reserves the right to cancel the programme at its sole discretion.
About SCI
The Singapore College of Insurance (SCI) is a not-for-profit, industry-based training and professional education provider that was set up in 1974 in support of Singapore’s aspiration to be a major international financial centre in the region. For over 30 years now, SCI has drawn on its passion for industry development and continuous learning in the fields of Insurance, Risk Management and Financial Services to build a strong international reputation for high quality, industry-relevant training and education programmes that cater to the learning needs of more than 450,000 industry professionals from all across Asia.
Today, SCI is strategically positioned to lead the revolution towards greater professionalism in the industry by ensuring its broad portfolio of qualifications, education, continuing professional development programmes and customised training solutions are consistent with and aligned to international best practice and competency standards expected of insurance and financial services professionals operating in an increasingly globalised market environment.
About LOMA
Founded in 1924, LOMA is an international association through which more than 1,200 insurance and financial services companies from over 80 countries engage in research and educational activities to improve company operations.
LOMA’s members are involved in life and health insurance, managed care, annuities, pensions, banking, bancassurance, securities, and other financial services areas. Through its staff and network of industry volunteers, the association serves a large and influential group of companies.
LOMA is committed to partnering with its members worldwide to improve the management and operations through quality employee development, research, information sharing, and related products and services.
Singapore College of Insurance
9 Temasek Boulevard #14-01/02/03 Suntec Tower Two Singapore 038989 Tel: 65-6221 2336 Fax: 65-6220 6684 Email: talk2us@scidomain.org.sg Website: www.scicollege.org.sg
LOMA
2300 Windy Ridge Parkway Suite 600, Atlanta, GA 30339-8443 Tel: 1-770-951 1770 Fax: 1-770-984 0441 Email: askloma@loma.org
