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Life Insurance
Foundation
Programme
(IBF Level 1)
2015
Developing Foundational Skills in
Underwriting & Claims Handling
Raising Competencies
Nurturing Talent
The Life Insurance Foundation Programme
(IBF Level 1) is accredited by
The Institute of Banking & Finance (IBF).
Life Insurance
Foundation
Programme
(IBF Level 1) 2015
Developing Foundational Skills in Underwriting
& Claims Handling (Level 1)
This programme is accredited under the IBF Standards as a
Level 1 programme.
For Whom
• Fresh diploma holders or degree graduates without
working experience;
or
• Junior Underwriting/Claims Executives with up
to three years of working experience in the
insurance industry.
Module Descriptions
Module 1: Life Insurance And
Investment-Linked Policies
This module covers the risk and life insurance, setting life
insurance premium, classification of life insurance products,
traditional life insurance products, riders (or supplementary
benefits), participating life insurance policies, InvestmentLinked policies (ILPs) such as the types, features, benefits
and risks. It will also cover Investment-linked sub-funds,
ILPs on computation aspects, annuities, application and
underwriting, policy services, life insurance claims, the
insurance contract, law of agency, income tax and life
insurance, insurance nomination, and wills and trusts.
Module 3: Client Communication &
Relationship Management
This module covers the topics on customer service
in insurance, communication skills, handling of customers’
complaints and feedback, negotiation, and attracting and
retaining customers. It also provides an overview of the
operation of customer service teams, relationship
between customer service and sales, and developing
customer loyalty.
Module 4: Life & Health Insurance Underwriting
This module provides an overview of the delegated
authority in underwriting process, operation, administration
and information systems. It also covers the human
anatomy and physiology, and key medical conditions in
underwriting, role of insurance in underwriting, claims
handling, as well as the legal terms and conditions of an
insurance contract.
Module 2: Health Insurance Products
This module provides an understanding of the key features,
scope of coverage, provisions and limitations, underwriting
considerations and claims procedures of the various types
of Health Insurance policies, as well as the various CPF
schemes. The types of Health Insurance covered include
Medical Expense Insurance, Hospital Income Insurance,
Disability Income Insurance, and Long-Term Care Insurance.
Module 5: Life & Health Insurance
Claims Handling
This module provides an overview of the life insurance
policy provisions, wills, probate and nomination, as well as
human anatomy and physiology. It will also cover medical
conditions, claims handling, and management of risks in
claims handling.
Competency Standards
By the end of this programme, candidates will be competent in the following
Competency Units and Performance Criteria:
Course & Assessment Dates
In 2015
Competency Unit
Performance Criteria
Modules
Course *
Assessment/
Examination
Industry and Regulatory
Knowledge
1.1 Demonstrate understanding of the insurance
market, industry trends and developments, laws
and regulations and be able to explain practical
application of key insurance principles and terms.
Module 1
12, 13, 19 & 20 Mar 2015
1 Apr 2015
Module 2
2, 9 & 10 Apr 2015
24 Apr 2015
Module 3
28, 29 Apr, 4 & 18 May
2015
2 Jun 2015
Module 4
11, 12, 16 & 17 Jun 2015
30 Jun 2015
Module 5
9, 10, 16 & 23 Jul 2015
3 Aug 2015
1. Demonstrate
understanding of the
insurance market and
industry trends and
developments, key
insurance principles and
terms, laws, regulations and
life insurance products.
1.2 Explain key features and coverage of main life
insurance products.
* All classes will be held at the SCI.
Risk Analysis and Evaluation
2. Understand the
considerations in the
underwriting analysis
and evaluation of risks
for basiclife insurance
products.
Claims Analysis and
Investigation
3. Understand the
considerations in the
analysis and investigation
of claims for basic life
insurance products.
Management of Customers
and Intermediaries
4. Liaise with customers and
intermediaries on routine
and non-complex matters.
Underwriting Decision
Making Process
5. Perform underwriting
assessment and evaluation
of routine/non-complex
applications for basic life
insurance products.
2.1 Demonstrate understanding of the core insurance
principles and terms related to underwriting
and pricing of routine/non-complex applications
involving basic life insurance products.
2.2 Demonstrate understanding of the core insurance
principles and terms related to underwriting
and pricing of routine/non-complex applications
involving basic life insurance products.
3.1 Explain the key insurance principles and
terms related to claims handling, the different
characteristics, types of claims and
settlement options.
3.2 Understand the legal requirements of a valid claim,
and the effect of terms, conditions and key contract
clauses on the decision to accept or reject.
6. Perform the claims
handling and decision
making process for
routine/non-complex
claims involving basic life
insurance products.
Modules
Assessment Format
Assessment/
Examination
Duration
Module 1
100 MCQs
2 hours
Module 2
50 MCQs
1 hour 15 minutes
Module 3
Part I:
20 Short Answers
Application Case Study
Based Questions
Part I: 2 hours
Part II:
In-class Simulation and
Oral-Questioning
Part II: 1 hour
Module 4
15 Short Answers
Application Case Study
Based Questions
2 hours
Module 5
15 Short Answers
Application Case Study
Based Questions
2 hours
4.1 Handle relationships with customers and
intermediaries using basic communication skills to
maintain / improve customer service standards.
4.2 Handle routine complaints/feedback from
customers andintermediaries, escalate complaints
in the defined circumstances according to
organisation policies and procedures, and
demonstrate understanding of channel conflict.
5.1 Perform assessment of applications and apply
evaluation considerations including knowledge
of basic human anatomy and physiology and
key medical conditions in order to make a
recommendation on the acceptance or rejection
of routine / non-complex cases involving
basic protection products, in accordance with
organisation policies and procedures.
5.2 Administer the underwriting process and
preparation of underwriting documentation/
informationfrom application to policy production
in accordance with organisation policies and
procedures.
Claims Handling Process
Format of Assessment
6.1 Apply the various claims analysis and investigation
methods in the acceptance or rejection decision
making process, including understanding of key
medical conditions and determine the validity of
a routine/non-complex claim involving basic life
insurance products.
6.2 Administer the claims process and preparation of
claims documentation/informationfrom application
to policy production in line with organisation
policies and procedures.
REGISTER NOW!
Administrative
Information
Exemption
Any candidate who has successfully completed the Certificate
in Life Insurance, by having passes in Life Insurance and
Investment-linked Policies (M9), and Health Insurance (HI)
examinations, is exempted from Modules 1 & 2.
Fee for all 5 Modules
Funding Support
S$4,981.50 (inclusive of 7% GST)
The programme fee covers lectures,
first-time assessments, study texts and
tea breaks. Lunch is not provided.
IBF Standards Training Scheme
(IBF-STS)
Fee for Modules 3, 4 & 5
Completion Requirements
Candidates are required to take the modules in
sequential order.
S$4,173.00 (inclusive of 7% GST)
The programme fee covers lectures,
first-time assessments, study texts and
tea breaks. Lunch is not provided.
Re-Assessment
CII Recognition Of Prior Learning (RPL)
28 RPL credits will be awarded by The Chartered Insurance
Institute (CII), United Kingdom.
IBF Standards
The IBF Standards (formerly the Financial Industry
Competency Standards or FICS) represents a set of
competency standards developed by the industry, for
the industry. Covering 13 industry segments spanning
more than 50 specialisations, the IBF Standards offers a
comprehensive suite of accredited training and assessment
programmes to guide a financial sector practitioner from
licensing examinations on through to certification across
3-levels, namely IBF Qualified (for new entrants); IBF
Advanced (for senior practitioners and specialists);
and IBF Fellows (for industry veterans).
IBF Certification For Level 1 Programmes
A practitioner who has successfully completed
this programme will also be conferred the
IBF Qualified certification status, and will be
entitled to use the designatory title of “IBFQ”.
An IBF Qualified practitioner is one that is equipped with
broad-based capabilities and foundation competencies
to be ready to undertake new roles. An IBF-certified
practitioner is one who epitomizes the values of
professional excellence, integrity and a strong
commitment to industry development.
For any re-assessment, candidate will be
required to register only the assessment
component. There will be no limit on the
number of times that they can retake the
assessment, subject to such time that a
new edition of any relevant module is
released, or the course changes.
Re-Assessment Fee
IBF-STS provides 70% funding for direct
training costs, subject to a cap of S$7,000
per candidate per programme, subject to
all eligibility criteria being met.
For more information on funding, IBF
Certification and Continuing Professional
Development (CPD) requirements, please
visit: www.ibf.org.sg
Module 1
S$85.60
LIA CPD Hours
Module 2
S$56.70
To be advised.
Module 3
S$535.00
Withdrawal Policy
Module 4
S$535.00
Module 5
S$535.00
Once the registration is processed
and payment is made, no refund
of the programme fee is allowed
upon any subsequent cancellation of
the application.
All fees quoted are inclusive of 7% GST.
Appeal For Module 3, 4 or 5 Only
(No appeal for other modules)
Where there are reasons to appeal against
the assessor’s decision, an appeal may be
submitted in writing to the SCI within 5
working days stating clearly the ground(s)
for appeal. An administrative fee of
S$107 (inclusive of 7% GST) is payable
to facilitate the appeal. The SCI will then
evaluate the appeal.
The SCI aims to provide the outcome
within 30 days of receipt of such a request.
If the appeal is successful, a fresh
round of assessment will be conducted
without charge, and S$107 (inclusive of
7% GST) will be refunded. If the appeal
is unsuccessful, an administration fee
of S$107 (inclusive of 7% GST) will
be charged for a re-assessment, to be
arranged.
An Appeal Form must be completed and
submitted together with the required fee,
before the process can commence.
The appeal result is final, and no further
correspondence will be entertained.
Information presented in this brochure is correct at the time of printing. However, changes
to the programme contents, dates, time, duration, venue and faculty members, can occur
owing to unforeseen circumstances. Every effort will be made to inform all participants of
such changes on a timely basis.
This programme has been accredited
under the IBF Standards, and is eligible
for funding under the IBF Standards
Training Scheme (IBF-STS), subject to all
eligibility criteria being met. Candidates
are advised to assess the suitability of
the programme and its relevance to
candidates’ business activities or
job roles.
How To Enrol
Registration should be made online at:
www.scicollege.org.sg
For enquiries, please e-mail to:
[email protected]
Programme Changes
The SCI solely reserves the right whether
or not to accept any candidate, or to
make any changes (including the fees) to
this programme owing to any unforeseen
circumstances, or when it considers
necessary or appropriate to do so.
9 Temasek Boulevard #14-01/02/03
Suntec Tower Two, Singapore 038989
Tel: (65) 6411 9762 Fax: (65) 6220 6684
Singapore College of Insurance
CPE Registration No: 199408491M
Period of Registration: From 26 Sep 2011 to
25 Sep 2015