I. Introduction to Life Insurance
- Needs and definition of life insurance
- Insurable interest, disclosure and other principles
- Premium rating factors and pricing systems
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Paper 3: Long Term Insurance
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II. Types of Life Insurance and Annuity
- Term, endowment and whole life
- Universal and unit-linked life
- Annuities, pensions, group and individual plans
III. Benefit Riders and Other Products
- Disability waiver and income
- Accident, critical illness and long-term care
- Medical benefits and VHIS
- Guaranteed insurability and inflation adjustment
IV. Explaining the Life Insurance Policy
- Entire contract, incontestability and grace period
- Beneficiary, assignment and reinstatement
- Nonforfeiture, policy loan and dividends
- Settlement options, age/sex misstatement and suicide exclusion
V. Life Insurance Procedures
- Application, receipts and policy effectiveness
- Cooling-off, replacement and benefit illustrations
- Financial needs analysis and relevant guidelines
- Underwriting, policy issue and after-sales service
- Maturity, death and surrender claims
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Paper 3: Long Term Insurance1 / 20
Which statements about life-insurance products are correct? I. Term insurance provides protection for a specified term. II. Endowment insurance can pay on earlier death or survival to maturity, subject to its terms. III. Whole-life insurance is designed to provide lifetime cover while in force. IV. Universal life insurance commonly offers flexibility in premiums or benefits within policy limits.
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