The Malaysian Insurance Institute

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1 The Malaysian Insurance Institute (35445-H) 88 Life Assurance Objectives: To provide a knowledge and understanding of the scope of life assurance, its appropriate use and administration and the legal and regulatory influences on the conduct of this type of business. Learning Outcomes: At the end of the course, student should be able to: 1. Compare and contrast the types of life assurance available in the market. 2. Explain the legality and administrative issues of life policies 3. Applying the life assurance knowledge and skills in different scenarios. 4. Interpret the regulatory and taxation framework governing life assurance 5. Relate ethical issues that arise with consumer protection. Notes: The syllabus will be based on Malaysian law & practice. Reference is made to UK law & practice where applicable. Syllabus: 1. DEVELOPMENT OF LIFE ASSURANCE 1.1 Underwriting of early life assurance policies, including the development of basic term assurance and the growth of industrial insurances. 1.2 Construction and nature of mortality tables and their impact on life assurance business. 1.3 Nature and development of purchased life annuities. 1.4 Implication of state intervention for the growth of life assurance. 1.5 Development of Life Assurance Market Early guidelines used in Malaysia; For underwriting; The basic products introduced; In Malaysia in the early days; Growth of the insurance industry in Malaysia; How does the trend in Malaysia differ from UK trend. 1.6 Mortality tables What is a MT and how is it constructed; Impact of MT in the insurance market; Types of MT (1981, 1996) used in Malaysia; The main difference between the MT used in Malaysia to those used in UK. 1.7 Purchased annuities Development of annuities in Malaysia.

2 1.8 Intervention of the insurance market Regulatory; Statutory. 1.9 Structure of the Malaysian life insurance market How does Malaysian life insurance industry differ from UK market Trend of Dread Disease products in Malaysia 2. COVER AND LIFE ASSURANCE CONTRACTS 2.1 Scope of cover different types of products available in the Malaysian market to cover death, disability and critical illness 2.2 Joint Life products are not so common in Malaysia short description of Joint Life Policies; Joint Life Policies are being introduced in MRT assurance contracts. 2.3 Life assurance contracts types of term assurance / use / coverage; types of whole life assurance / use / coverage; types of endowment / use / coverage; Ability to distinguish between these main contracts. 2.4 Investment choice Unit link products as a form of investment choice; Par products as a form of investment choice. 2.5 Insurable interest Meaning of Insurable Interest. Insurance Act 1996 interpretation of Insurance Act How this is applied to insurance act. 2.6 Ownership of policies 2.7 Issues raised by ownership of policies Insurable interest; Methods involved in changing ownership. 2.8 Market practice involved in ownership of policies parents on children, husband on wife and vise versa, lender. 2.9 Assignment and reassignment of policies Principles of assignment and reassignment of policies; Supervisional introduction to Assignment Act in Malaysia Conversion a renewal options Various options available for conversion options; Methods of renewal options; Guidelines involved in lapsed cases in the industry payment of arrears Paid up policies Treatment of paid up policies Reduced term policies 2.13 Sale of policies Different options available for sale of policies Nature of types of trust

3 Different types of trust; The Act that governs trust policies; Insurance Act 1996 version of trust policies; How Muslims + non Muslims differs when dealing with trust policies; Difference in distribution of policy money between Muslims and non Muslims; Shariya Act involving policy money distribution Group life assurance Purpose and benefits of group life assurance, coverage, advantages and flexibility available in the benefit packages; Critical illness / Dread Disease policies as group policies; Purpose and benefits; Common products used by Malaysian employees and reason for these products Business covers Key person cases; Partnership insurance; Director share purchase (purpose and cover and sum insured calculation); How is key person insurance often sold in Malaysia, especially in sale proprietorship, partnership and family owned business. 3. POLICY CONSTRUCTION 3.1 Explain the contents of a policy and significance Guidelines on policy document; Language of policy document; Simple terms and definitions involved in policy documents; Sections involved in a policy central; Ability to differentiate policy documents of various benefits such as TPD, Hospitalisation benefits, etc. 3.2 Endorsements Guidelines involving endorsements; Types of endorsements; When are endorsements used. 3.3 Additional benefits. 3.4 Explain sums payable: Death; Critical illness; Maturity; TPD. 3.5 Additional benefits PA, ADB, WP, WPDD Healthcare products, income benefits, conversion option. 4. RISK ASSESSMENT AND CONTROL 4.1 Types of proposal form. 4.2 Types of information required to assess the risk and its significance to rating. 4.3 Need for utmost good faith. 4.4 Principles of medical underwriting.

4 4.5 Principles of financial underwriting. 4.6 Application of mortality rates. 4.7 Access to medical reports and the Access to Medical Reports Act 1988 (UK) 4.8 Implications of geographical factors for risk assessment and their treatment. 4.9 Significance of occupation and other life style factors for risk assessment Procedures at renewal, including the declaration of continued good health and days of grace Renewal options available under endowment, whole life policies and flexible policies 4.12 Reinstatement options available under endowment, whole life policies and flexible policies Options available to the assurer in the event of non-disclosure and misrepresentation Assessing the risk various types of proposal forms long proposal forms; short proposal forms; declaration only proposal form. Insurance Act guidelines on proposal forms; Information required to assess the risk and evaluate its significance to rating Other documents available in assessing the risk APS, MER, BROOD test, ECG, CXR, treadmill Principles of underwriting The principles of medical underwriting; The principles of financial underwriting Utmost good faith Need for utmost good faith Non disclosure and misrepresentation Act guidelines of non-disclosure; Act guidelines on misrepresentation of age; Market practice on non-disclosure with regards to premium Substandard risk Options when assessing substandard risk Mortality rates Application of mortality rates; Local mortality rates and their usage calculating of premium, reserves, etc Access to Medical Report 4.22 Reports Methods of access to medical reports in Malaysia; Methods of access to medical reports in UK. Privacy Act with regards to client information Reinstatement options Guidelines Guidelines with regards to reinstatement in Malaysia. Documents involved in reinstatement; Declaration of good health; Grace period; Arrears; Underwriting of reinstatement cases.

5 5. REASSURANCE 5.1 Need for reassurance. 5.2 Types of reassurance and their application. 5.3 Original terms and risk premium bases of reassurance. 5.4 Types of Reassurance Guidelines on Reassurance in Malaysia; Regulations on Reassurance in Malaysia. 5.5 Terms and bases of reassurance Original terms and risk premium bases of reassurance. 6. CLAIMS ADMINISTRATION 6.1 Types of claim, their characteristics and treatment. 6.2 Means of establishing title to policies. 6.3 Significance of the policy document in the claims procedure. 6.4 Grant of representation: letters of administration; grant of probate. 6.5 Method of discharge. 6.6 Waiver of grant of representation for small estates. 6.7 Methods for dealing with instances of missing title documents, including indemnity bonds and simple indemnity. 6.8 Settlement of disputes and the role of the Financial Mediation Bureau 6.9 Types of claims exclusions; death but body not found; missing people reported as dead Establishing title Different methods to prove ownership of policy assignment, trustee, bankruptcy, etc Age admission for release of claim benefits Payment of interest on outstanding claims. Agents role in non-disclosure. 7. LEGAL AND REGULATORY CONSIDERATIONS 7.1 Provisions and effect on life assurance of the: Insurance Act 1996; Married Woman s Property Act 1882; (UK) Policyholders Protection Act 1975; (UK) Insurance Companies Act 1982; (UK) Data Protection Act 1984;(UK) Insolvency Act 1986; (UK) Bankruptcy Act 1967; Anti Money Laundering Act 2001; Married Woman s Property Act (UK) 7.2 The code of good practice introduced by Bank Negara.

6 8. TAXATION CONSIDERATIONS 8.1 Eligibility for Life Assurance Premium Relief. 8.2 Qualifying and non-qualifying policies. 8.3 Principles of inheritance tax, capital gains tax, income tax and corporation tax. 8.4 The guidelines put forward by Malaysian Inland Revenue department. 9. INFORMATION TECHNOLOGY 9.1 Application and effect of information technology on transacting life assurance business. 9.2 Growth of direct marketing of life assurance and the contribution of information technology. 9.3 The extent, growth, and shortcomings of direct marketing in Malaysia. 10. ETHICAL CONSIDERATIONS 10.1 The need and requirements for the establishment and maintenance of best practice in life assurance Establishment and use of ethical funds. Primary Texts 1. Cousebook 735 : Life Assurance. London The CII 2. Pre-Contract Examination for Insurance Agents - MII Periodicals 1. Insurance Annual Report, Bank Negara Malaysia 2. Asia Insurance Review. 3. The Journal, The CII. 4. Post Magazine. 5. The Edge Daily. 6. BNM Annual Report. 7. BNM Takaful Annual Report.

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