Course Outline School: Department: Course Title: Business Accounting Introduction To Life Insurance Course Code: FINA 340 Course Hours/Credits: 56 Prerequisites: ACCT 112, BFPE 212 Co-requisites: Eligible for Prior Learning, Assessment and Recognition: Originated by: N/A Yes Thomas Barker Creation Date: Winter 2015 Current Semester: Summer 2015 Approved by: Chairperson/Dean Students are expected to review and understand all areas of the course outline. Retain this course outline for future transfer credit applications. A fee may be charged for additional copies. This course outline is available in alternative formats upon request.
Course Description This course provides an overview of life, disability and accident and sickness insurance. It covers the basic principles and products related to individual and group life insurance, disability insurance and accident and sickness insurance. Several additional topics specific to these types of insurance and a number of financial planning topics are also covered. The course concludes with the topics of needs analysis, risk management and legal and professional standards. The course consists of the following: (1) The Insurance Industry, (2) Individual Life Insurance Products, (3) Individual Disability and Accident Insurance Investment Products, (7) Insurance Investment Products, (8) Underwriting, Issues and Claims, (9) Taxation, (10) Retirement, (11) Needs Analysis/Risk Management, (12) Legal and Professional Standards. This course is based on materials and standards developed by the IFSE Institute for the "Life License Qualification Program" (LLQP). The LLQP is the name of the life, accident, and sickness insurance licensing regime currently in place in Ontario. There are several course providers accredited by the life insurance industry. Centennial has chosen IFSE Institute as its course provider. IFSE Institute has implemented an academic partner discount for this course, which provides Centennial College students a price of $200 plus tax. It is Mandatory to register at the following website: and Sickness Products, (4) Group Insurance Products, (5) The Life Insurance Contract, (6) Non- https://www.ifse.ca/site/processpage.aspx?id=4a31f501-82ed-4841-8369- 52EC66E42135&SID=879BAE7D-1F85-4A98-B2AF-CE80C130B198&P=1 Program Outcomes Successful completion of this and other courses in the program culminates in the achievement of the Vocational Learning Outcomes (program outcomes) set by the Ministry of Training, Colleges and Universities in the Program Standard. The VLOs express the learning a student must reliably demonstrate before graduation. To ensure a meaningful learning experience and to better understand how this course and program prepare graduates for success, students are encouraged to review the Program Standard by visiting http://www.tcu.gov.on.ca/pepg/audiences/colleges/progstan/. For apprenticeship-based programs, visit http://www.collegeoftrades.ca/training-standards. Course Learning Outcomes The student will reliably demonstrate the ability to: 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Explore the dimensions of the Insurance Industry. Assess the range of insurance products. Describe group insurance products. Outline the attributes of a Life Insurance Contract. Explore underwriting issues and claims. Compare insurance and non-insurance investment products. Identify taxation issues and opportunities. Relate insurance concepts to retirement and estate planning. Diagnose clients using needs analysis and risk profiling Articulate legal, ethical and professional standards. THIS COURSE ADHERES TO ALL COLLEGE POLICIES (See College Calendar) 2
Essential Employability Skills (EES) The student will reliably demonstrate the ability to*: 1. Communicate clearly, concisely and correctly in the written, spoken, and visual form that fulfills the purpose and meets the needs of the audience. 2. Respond to written, spoken, or visual messages in a manner that ensures effective communication. 3. Execute mathematical operations accurately. 4. Apply a systematic approach to solve problems. 5. Use a variety of thinking skills to anticipate and solve problems. 9. Interact with others in groups or teams in ways that contribute to effective working relationships and the achievement of goals. 10. Manage the use of time and other resources to complete projects. *There are 11 Essential Employability Skills outcomes as per the Ministry Program Standard. Of these 11 outcomes, the following will be assessed in this course. Global Citizenship and Equity (GC&E) Outcomes N/A Methods of Instruction Classroom & lecture. Text and other Instructional/Learning Materials Text Book(s): All course material must be purchased through the IFSE Institute course website: 52EC66E42135&SID=879BAE7D-1F85-4A98-B2AF-CE80C130B198&P=1 It is mandatory that all students will have registered to access the website after the first week as the quizzes (Unit Assessments) are only available online and the course material is accessed online. Cost is $200 plus tax. Online Resource(s): https://www.ifse.ca/site/processpage.aspx?id=4a31f501-82ed-4841-8369- https://www.ifse.ca/site/processpage.aspx?id=4a31f501-82ed-4841-8369- 52EC66E42135&SID=879BAE7D-1F85-4A98-B2AF-CE80C130B198&P=1 Material(s) required for completing this course: Textbook and online resources as described, above. Financial calculator. Evaluation Scheme Assignments and/or Discussion Boards: group or individual assignments and/or participation on e- centennial Discussion Board. Online Unit Assessments: Complete end-of-unit quizzes every week. Test 1: Multiple choice and short answer questions. Test 2: Multiple choice and short answer questions. Comprehensive Test: Comprehensive LLQP Qualifying Test THIS COURSE ADHERES TO ALL COLLEGE POLICIES (See College Calendar) 3
Evaluation Name CLO(s) EES GCE Outcome(s) Outcome(s) Weight/100 Assignments and/or Discussion Boards 1, 2, 9, 10 1, 2, 3, 4, 20 5, 9, 10 Online Unit Assessments 1, 2, 3, 4, 5, 3, 4, 5 10 6, 7, 8, 9, 10 Test 1 1, 2, 7, 8 2, 3, 4, 5 20 Test 2 1, 2, 3, 7 2, 3, 4, 5 20 Comprehensive Test 1, 2, 3, 4, 5, 1, 2, 3, 4, 5 30 6, 7, 8, 9, 10 Total 100% If students are unable to write a test they should immediately contact their professor or program Chair for advice. In exceptional and well documented circumstances (e.g. unforeseen family problems, serious illness, or death of a close family member), students may be able to write a make-up test. All submitted work may be reviewed for authenticity and originality utilizing Turnitin. Students who do not wish to have their work submitted to Turnitin must, by the end of the second week of class, communicate this in writing to the instructor and make mutually agreeable alternate arrangements. When writing tests, students must be able to produce official College photo identification or they may be refused the right to take the test or test results will be void. Student Accommodation It is College Policy to provide accommodation based on grounds defined in the Ontario Human Rights Code. Accommodation may include modifications to standard practices. Students with disabilities who require academic accommodations must register with the Centre for Students with Disabilities. Students requiring accommodation based on other human rights grounds should talk with their professors as early as possible. Please see the Student Accommodation Policy. Use of Dictionaries Only English Language Learner dictionaries are permitted in class work (English words, idioms, and pronunciations are explained). Program or School Policies N/A Course Policies N/A College Policies Students should familiarize themselves with all College Policies that cover academic matters and student conduct. All students and employees have the right to study and work in an environment that is free from discrimination and harassment and promotes respect and equity. Centennial policies ensure all incidents THIS COURSE ADHERES TO ALL COLLEGE POLICIES (See College Calendar) 4
of harassment, discrimination, bullying and violence will be addressed and responded to accordingly. Academic honesty is integral to the learning process and a necessary ingredient of academic integrity. Academic dishonesty includes cheating, plagiarism, and impersonation. All of these occur when the work of others is presented by a student as their own and/or without citing sources of information. Breaches of academic honesty may result in a failing grade on the assignment/course, suspension or expulsion from the college. For more information on these and other policies, please visit www.centennialcollege.ca/aboutcentennial/college-overview/college-policies. Students enrolled in a joint or collaborative program are subject to the partner institution's academic policies. PLAR Process This course is eligible for Prior Learning Assessment and Recognition (PLAR). PLAR is a process by which course credit may be granted for past learning acquired through work or other life experiences. The PLAR process involves completing an assessment (portfolio, test, assignment, etc.) that reliably demonstrates achievement of the course learning outcomes. Contact the academic school to obtain information on the PLAR process and the required assessment. This course outline and its associated weekly topical(s) may not be reproduced, in whole or in part, without the prior permission of Centennial College. THIS COURSE ADHERES TO ALL COLLEGE POLICIES (See College Calendar) 5
Topical Outline (subject to change): Week Topics Readings/Materials Weekly Learning Outcome(s) Instructional Strategies Evaluation Name 1 Course introduction Unit 1, Online Describe the basics of the Insurance Industry, Lecture & discussion. Unit 1: The Insurance its rules and general product benefits. Industry Lesson 1: Insurance Basics Lesson 2: Roles and Functions Lesson 3: Insurance Products and Benefits 2 Unit 2: Individual Life Insurance Products Lesson 1: Life Insurance Overview Lesson 2: Term Life Insurance Lesson 3: Permanent Life Insurance Lesson 4: Term-100 and Universal Life Lesson 5: Riders and Supplementary Benefits - Lesson 6: Advanced Case Studies in Choosing Life Insurance Products 3 Unit 3: Individual Disability Insurance and Other A&S Products Lesson 1: Disability Insurance Lesson 2: Disability: Coverage and Exclusions Lesson 3: Government Disability Benefit Lesson 4: Private Extended Healthcare Unit 2, Online Unit 3, Online Categorize the various products and understand the use of riders. Post-Lecture Assessment Group Activity Assignment 1 handed out Lecture & discussion Lecture & discussion. Post-Lecture Assessment Group Activity Assignment 1 handed out Evaluation Date THIS COURSE ADHERES TO ALL COLLEGE POLICIES (See College Calendar) 6
Week Topics Readings/Materials Weekly Learning Outcome(s) Instructional Strategies Evaluation Name Plans (EHPs) Lesson 5: Critical Illness and Long-term Care Lesson 6: Case Studies 4 Unit 4: Group Online Unit 4 and 5 Diagnose opportunities and applications for Lecture & discussion Insurance Products Online Assessment group policies. Lesson 1: Group Insurance and How It Works Lesson 2: Group Life Insurance Lesson 3: Group Disability Insurance Lesson 4: Group Medical and Dental Insurance Unit 5: The Life Insurance Contract Lesson 1: The Contract Lesson 2: Policy Provisions and Limitations Lesson 3: Beneficiaries 5 Review and Test #1 Units 1-5 Analyze and interpret insurance products and Multiple choice and Test 1 Units 1-5 concepts discussed to date. open ended questions 6 Unit 6: Non-insurance Investment Products Lesson 1: Guaranteed and Fixed Income Investments Lesson 2: Equities Lesson 3: Mutual Funds Lesson 4: Evaluating Investments Calculating Investment Returns Unit 6, Online Evaluate and compare non-insurance investment products. Lecture & discussion 7 Unit 7: Insurance Unit 7, Investigate annuities and IVIV's Lecture & discussion Evaluation Date THIS COURSE ADHERES TO ALL COLLEGE POLICIES (See College Calendar) 7
Week Topics Readings/Materials Weekly Learning Outcome(s) Instructional Strategies Evaluation Name Investment Products Online Lesson 1: Annuities Lesson 2:Individual Variable Insurance Contracts (IVICs) Lesson 3: Fee Structures Lesson 4: Regulatory Requirements Lesson 5: Case Studies 8 Unit 8: Underwriting, Unit 8, Identify the underwriting process and related Lecture & discussion Issues, and Claims Online issues. Lesson 1: Introduction to Underwriting Lesson 2: The Application Lesson 3: The Underwriting Process Lesson 4: Delivery of the Contract Lesson 5: The Claims Process 9 Review and Test 2 Units 5-8 Unit 9, Online Calculate tax advantages associated with various insurance strategies. Lecture & discussion Test 2 Evaluation Date Unit 9: Taxation Lesson 1: Canadian Tax System Lesson 2: Taxation of Investment Income Lesson 3: Taxation of Individual Life Insurance Products Lesson 4: Tax Planning with Life Insurance Lesson 5: Taxation of Other Insurance Policies 10 Unit 10: Retirement Planning Lesson 1: The Unit 10 Online Categorize pension plans, RRSP's, TFSA's and understand how to use HBP's and RRIF's Lecture & discussion THIS COURSE ADHERES TO ALL COLLEGE POLICIES (See College Calendar) 8
Week Topics Readings/Materials Weekly Learning Outcome(s) Instructional Strategies Evaluation Name Retirement Planning Process Lesson 2: Government Pension Plans Lesson 3: Employersponsored Retirement Plans Lesson 4: RRSP Basics Lesson 5:Types of RRSPs Lesson 6: Withdrawals from RRSPs, RRIFs, and Locked-in Plans Lesson 7: The Home Buyers Plan & RESPs Lesson 8: Tax-free Savings Accounts 11 Unit 11: Risk Unit 11, Analyze risk and apply to needs and personal Lecture & discussion Management and Online financial plan. Needs Analysis Lesson 1: Process and Needs Analysis Lesson 2: The Math Behind Insurance Needs Analysis Lesson 3: Researching Insurance Products Lesson 4: Personal Financial Planning Lesson 5: The Role of Life Insurance in Estate Creation and Conservation Lesson 6: Insurance and Business Needs Lesson 7: Case Studies 12 Unit 12: Legal and Unit 12, Online Describe legal and professional standards Lecture & discussion Evaluation Date THIS COURSE ADHERES TO ALL COLLEGE POLICIES (See College Calendar) 9
Week Topics Readings/Materials Weekly Learning Outcome(s) Instructional Strategies Evaluation Name Professional and your responsibilities as an agent. Standards Understand the criticality of a highly ethical Lesson 1: Insurance business practice. Laws Lesson 2: Your Responsibilities as an Agent Lesson 3: Errors and Omissions Insurance Lesson 4: Legal and Professional Standards Review for Final Exam 13 Review for Final Sample Final Test Explore entire course content. Mock test and exam writing tips. 14 Final, qualifying, comprehensive test All units Explore entire course content Test Comprehensiv e test Evaluation Date THIS COURSE ADHERES TO ALL COLLEGE POLICIES (See College Calendar) 10