Life Assurance Products and Underwriting Training Course

Life Assurance Products and Underwriting Training Course

This five-day training program offers an in-depth exploration of life assurance, focusing on product knowledge, underwriting principles, and the key regulatory and ethical considerations of the industry. Participants will gain a holistic view of the life assurance business, learning how to effectively assess risks, design suitable products, and manage client relationships from a position of expertise and integrity.

The course covers a broad range of topics, starting with the fundamentals of life assurance and the critical role of underwriting. We will then dive into specific product types, including term and whole life policies, annuities, and health insurance. Subsequent modules address advanced topics like group benefits, financial needs analysis, and the actuarial and legal frameworks that govern the industry. The course concludes with practical insights into claims handling and modern customer relationship management.

Who Should Attend the Training

  • Life insurance underwriters
  • Financial advisors and planners
  • Insurance agents and brokers
  • Claims officers in life assurance
  • Compliance and legal professionals
  • Actuarial students
  • New entrants to the life assurance industry

Objectives of the Training

Upon completion of this course, participants will be able to:

  • Comprehend the core principles and different types of life assurance products.
  • Master the underwriting process, including medical and financial risk assessment.
  • Distinguish between various products such as term life, whole life, and annuities.
  • Conduct effective financial needs analysis to recommend appropriate solutions to clients.
  • Understand the actuarial basis of product pricing and reserves.
  • Navigate the legal and regulatory environment governing life assurance.

Personal Benefits

  • Deepen your product knowledge and underwriting skills in life assurance.
  • Enhance your ability to provide expert advice to clients.
  • Increase your credibility and professionalism in the industry.
  • Gain a clear understanding of the financial and risk management aspects of life assurance.
  • Position yourself for career advancement in a specialized field.

Organizational Benefits

  • Improve the accuracy and profitability of underwriting decisions.
  • Enhance the team's ability to sell and service a wide range of life assurance products.
  • Reduce the risk of mis-selling and improve compliance with regulations.
  • Foster a deeper understanding of customer needs, leading to increased client retention.
  • Strengthen the organization's reputation for ethical and professional conduct.

Training Methodology

The training employs a dynamic and interactive approach to ensure maximum engagement and knowledge retention. Methods include:

  • Interactive lectures and presentations
  • Case studies and group discussions
  • Practical exercises and simulations
  • Q&A sessions
  • Real-world examples and industry insights

Trainer Experience

Our trainers are seasoned professionals with extensive experience in the insurance and financial services industries. They hold relevant certifications and have a proven track record of delivering high-quality, practical training. Their expertise ensures that the course content is not only theoretically sound but also rich with real-world application, providing participants with valuable insights and actionable skills.

Quality Statement

We are committed to providing exceptional training that meets and exceeds industry standards. Our courses are meticulously designed, regularly updated, and delivered by expert trainers to ensure you receive the most relevant and impactful knowledge available. Your professional growth is our primary goal.

Tailor-made courses

In addition to our standard offerings, we specialize in creating custom training programs designed to address the specific needs and challenges of your organization. Contact us to discuss how we can develop a course that perfectly aligns with your team's goals and objectives.

 

Course Duration: 5 days

Training fee: USD 1300

Module 1: Introduction to Life Assurance

  • Principles of Life Assurance
  • Key Terminology: Insured, Beneficiary, Sum Assured
  • Types of Risk and Risk Pooling
  • The Role of Life Assurance in Financial Planning
  • Practical session: A group discussion on the ethical responsibilities of a life assurance professional.

Module 2: The Underwriting Process in Life Assurance

  • Sources of Underwriting Information: Application, Medical Reports
  • Medical Underwriting and Impairment Rating
  • Financial Underwriting and Needs Analysis
  • Declination, Postponement, and Special Terms
  • Practical session: Analyzing a life assurance application to identify and rate potential risks.

Module 3: Life Assurance Products: Term and Whole Life

  • Features of Term Life Insurance
  • Exploring Different Types of Whole Life Insurance
  • Riders and Optional Benefits
  • Comparing and Contrasting Term vs. Whole Life
  • Practical session: Creating a client presentation on the benefits of different life products.

Module 4: Annuities and Retirement Planning

  • Introduction to Annuities
  • Types of Annuities: Immediate vs. Deferred
  • The Role of Annuities in Retirement Planning
  • Product Design and Pricing for Annuities
  • Practical session: A case study on developing a retirement income plan using annuities.

Module 5: Health Insurance and Critical Illness Products

  • Types of Health Insurance Coverage
  • Critical Illness and Disability Income Protection
  • Underwriting for Health and Critical Illness
  • Claims Management for Health and Critical Illness
  • Practical session: Reviewing and processing a critical illness claim scenario.

Module 6: Group Life and Employee Benefits

  • Introduction to Group Life Assurance
  • Designing Employee Benefit Packages
  • Underwriting Group Schemes
  • Managing Group Policies and Claims
  • Practical session: Calculating premiums for a group life policy for a small company.

Module 7: Financial Planning and Needs Analysis

  • The Financial Planning Process
  • Data Gathering and Client Interviews
  • Determining Life Assurance Needs
  • Presenting and Implementing a Financial Plan
  • Practical session: A role-playing exercise on conducting a client interview for financial needs analysis.

Module 8: Actuarial Principles and Risk Management

  • Mortality and Morbidity Tables
  • The Time Value of Money and Life Assurance
  • Product Pricing and Profitability
  • Reserving and Solvency Requirements
  • Practical session: Calculating the present value of a future sum assured.

Module 9: Legal and Regulatory Frameworks

  • Insurance Contracts and Legal Principles
  • Consumer Protection and Data Privacy
  • Anti-Money Laundering (AML) and Compliance
  • Regulatory Bodies and Their Roles
  • Practical session: Analyzing a real-world case of an insurance contract dispute.

Module 10: Claims, Servicing, and Customer Management

  • The Life Assurance Claims Process
  • Policy Servicing and Endorsements
  • Customer Relationship Management (CRM)
  • Ethical Claims Practices
  • Practical session: A practical exercise on handling a sensitive beneficiary claim.

Requirements:

·       Participants should be reasonably proficient in English.

·       Applicants must live up to Armstrong Global Institute admission criteria.

Terms and Conditions

1. Discounts: Organizations sponsoring Four Participants will have the 5th attend Free

2. What is catered for by the Course Fees: Fees cater for all requirements for the training – Learning materials, Lunches, Teas, Snacks and Certification. All participants will additionally cater for their travel and accommodation expenses, visa application, insurance, and other personal expenses.

3. Certificate Awarded: Participants are awarded Certificates of Participation at the end of the training.

4. The program content shown here is for guidance purposes only. Our continuous course improvement process may lead to changes in topics and course structure.

5. Approval of Course: Our Programs are NITA Approved. Participating organizations can therefore claim reimbursement on fees paid in accordance with NITA Rules.

Booking for Training

Simply send an email to the Training Officer on training@armstrongglobalinstitute.com and we will send you a registration form. We advise you to book early to avoid missing a seat to this training.

Or call us on +254720272325 / +254725012095 / +254724452588

Payment Options

We provide 3 payment options, choose one for your convenience, and kindly make payments at least 5 days before the Training start date to reserve your seat:

1. Groups of 5 People and Above – Cheque Payments to: Armstrong Global Training & Development Center Limited should be paid in advance, 5 days to the training.

2. Invoice: We can send a bill directly to you or your company.

3. Deposit directly into Bank Account (Account details provided upon request)

Cancellation Policy

1. Payment for all courses includes a registration fee, which is non-refundable, and equals 15% of the total sum of the course fee.

2. Participants may cancel attendance 14 days or more prior to the training commencement date.

3. No refunds will be made 14 days or less before the training commencement date. However, participants who are unable to attend may opt to attend a similar training course at a later date or send a substitute participant provided the participation criteria have been met.

Tailor Made Courses

This training course can also be customized for your institution upon request for a minimum of 5 participants. You can have it conducted at our Training Centre or at a convenient location. For further inquiries, please contact us on Tel: +254720272325 / +254725012095 / +254724452588 or Email training@armstrongglobalinstitute.com

Accommodation and Airport Transfer

Accommodation and Airport Transfer is arranged upon request and at extra cost. For reservations contact the Training Officer on Email: training@armstrongglobalinstitute.com or on Tel: +254720272325 / +254725012095 / +254724452588

 

Instructor-led Training Schedule

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