Life Insurance Products
An introduction to the basic life insurance product types, including term life insurance; trauma cover; total and permanent disablement (TPD); income protection; permanent life insurance; annuities; and (unbundled) life insurance investment policies.
What you'll learn
- the origins of insurance practices
- the contract law that underlies modern life insurance policies
- categories of modern life insurance products
- group life policies as distinct from retail life insurance
- the compliance implications of life office products
- the basic channels of life insurance product distribution.
They should be able to recognise the basic characteristics of the following products:
- term life insurance
- TPD and trauma insurance
- IP insurance
- permanent life insurance
- life insurance products for the business context
- annuities as life insurance products
- life office investment products
- including their strengths, weaknesses and standard conditions.
They should be able to:
- describe the function of the product lines
- identify the customer needs that the product lines are capable of satisfying
- facilitate the comparison of similar products on the market.
- identify the characteristics of common policy options
- define the specific needs that each option aims to satisfy
- describe the strengths, weaknesses, terms, and conditions of common policy options.
FNSILF403 Develop and maintain in-depth knowledge of products and services used by the life insurance sector
- Pass Grade: students must be assessed as competent in all assignment questions
- Pass Grade: 50%
- Duration: 120min