Study Notes for the Long Term Insurance Examination (2011 Edition)

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3. BENEFIT RIDERS AND OTHER PRODUCTS 3/13.1 Disability Benefits 3/13.1.1 Waiver of Premium3.1.2 Disability Income Benefit3.2 Accident Benefits 3/33.2.1 Accidental Death and Dismemberment3.2.2 Other Accident Benefits3.3 Accelerated Death Benefits 3/63.3.1 Critical Illness Benefit3.3.2 Long-Term Care (LTC)3.4 Medical Benefits 3/83.5 Insurability Benefits 3/103.5.1 Guaranteed Insurability Option3.6 Inflationary Adjustment 3/113.6.1 Cost of Living Adjustment (COLA)4. EXPLAINING THE LIFE INSURANCE POLICY 4/14.1 Entire Contract Provision 4/14.2 Incontestability Provision 4/14.3 Grace Period 4/44.4 Beneficiary Designation 4/44.5 Nonforfeiture Benefits 4/54.6 Policy Loan 4/64.7 Reinstatement 4/64.8 Misstatement of Age or Sex 4/74.9 Assignment 4/74.10 Dividend Options 4/84.11 Settlement Options 4/94.12 Suicide Exclusion 4/9iii
5. LIFE INSURANCE PROCEDURES 5/15.1 Company Operation 5/15.1.1 Typical Company Operational Structure5.2 Application 5/45.2.1 Application Procedure5.2.2 Receipts and Policy Effectiveness5.2.3 Client Service - Policies and Standardsa. The Importance of Client Serviceb. How to Achieve Quality Client Service5.2.4 Cooling-Off Period5.2.5 Policy Switching5.2.6 Sales Illustrations for Linked and Non-Linked Policiesa. Linked Policy Illustration Documentb. Non-Linked Policy Sales Illustrationc. Universal Life (Non-Linked) Policy SalesIllustration5.2.7 Distributions of Policy Dividendsa. Basic Principles of Dividend Distributionsb. Methods of Dividend Distributionsc. Advantages of Participating Policiesd. Transparency of Life Insurers with regard toDividends5.3 Underwriting 5/255.3.1 Factors Considered5.3.2 Medical Reports5.3.3 Sub-Standard Life and Underwriting Measures5.4 Policy Issuance 5/295.4.1 Policy Delivery5.5 After Sales Service 5/295.5.1 Policy Changes5.6 Claims 5/305.6.1 Maturity Claims5.6.2 Death Claims5.6.3 Surrendersiv
Page 2 and 3: PREFACEThese Study Notes have been
Page 6 and 7: APPENDICESA. Customer Protection De
Page 8 and 9: 1 INTRODUCTION TO LIFE INSURANCE1.1
Page 10 and 11: (d)(e)(f)Indemnity: providing an ex
Page 12 and 13: (ii)(iii)Debts: it is legally possi
Page 14 and 15: As no detailed sleep study had been
Page 16 and 17: under the insurance. The principle
Page 18 and 19: To achieve these criteria, a number
Page 20 and 21: 2 Not all life insurance policies c
Page 22 and 23: costs of setting up the policy have
Page 24 and 25: Representative Examination Question
Page 26 and 27: 2 TYPES OF LIFE INSURANCE AND ANNUI
Page 28 and 29: (b)Decreasing term insurance: under
Page 30 and 31: Because anti-selection is again a p
Page 32 and 33: (a)(b)(c)(d)is subject to a flexibl
Page 34 and 35: A detailed study of this sophistica
Page 36 and 37: 2.4 GROUP AND INDIVIDUAL INSURANCE
Page 38 and 39: 4 Which three of the following are
Page 40 and 41: Having noted the above, the Complai
Page 42 and 43: 3.2.1 Accidental Death and Dismembe
Page 44 and 45: (c)Exclusions: the normally applica
Page 46 and 47: (f)Premium waiver: some insurers of
Page 48 and 49: (iv)(v)AIDS or HIV related conditio
Page 50 and 51: Representative Examination Question
Page 52 and 53: 4 EXPLAINING THE LIFE INSURANCE POL
Page 54 and 55:
Further, the Complaints Panel found
Page 56 and 57:
(c)A life policy usually allows the
Page 58 and 59:
(v)(vi)a further contestable period
Page 60 and 61:
(d)(e)used to buy paid-up additiona
Page 62 and 63:
Representative Examination Question
Page 64 and 65:
5 LIFE INSURANCE PROCEDURES5.1 COMP
Page 66 and 67:
(iii)Resources and facilities: the
Page 68 and 69:
(iii)(iv)Alterations and amendments
Page 70 and 71:
(iii)(iv)(v)cover is not conditiona
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policyholder that he has the right
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(a)"Twisting" defined: The Code def
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policies matures before this age ,
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obligated to do under the Code - di
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and for every fifth year thereafter
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Company, to earn interest at a rate
Page 84 and 85:
(c)Charges/Rates of return: comment
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(a)Point of Sale Illustrations: At
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5.3 UNDERWRITINGUnderwriting may be
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medical practitioners. The source o
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5.4 POLICY ISSUANCEOnce the underwr
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(iii)(iv)list any requirements for
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5.6.3 SurrendersMany of the conside
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4 Which three of the following are
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The Agent/Broker shall explain to y
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I hereby authorize the Insurer of t
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(2a) The agent/broker must help the
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Appendix BInformation to be disclos
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Appendix D(Source: HKFI)6/10
Page 110 and 111:
Actuarial Department ( 精算部
Page 112 and 113:
Attending Physician's Statement (AP
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Claims ( 理賠 ) A crucial area f
Page 116 and 117:
Cooling-Off Period ( 冷靜期 )
Page 118 and 119:
De-mutualised ( 股份化 ) A mut
Page 120 and 121:
Excess Interest ( 額外利息 )
Page 122 and 123:
Guaranteed Insurability Option (GIO
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Language ( 語言 ) The Illustrati
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Medical Benefits ( 醫療保險
Page 128 and 129:
Net Premium ( 淨保費 ) Sometim
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Personal Representative ( 遺產
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Reduced Paid-Up Insurance ( 減額
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Subrogation ( 代位權 ) An insu
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Underwriting ( 核保 ) Concerned
Page 139 and 140:
INDEXAbsolute assignment 絕對
Page 141 and 142:
Customer prospecting 客戶拓
Page 143 and 144:
Level term insurance 定額定
Page 145 and 146:
Proof of age 年齡證明 5.6.1(
Page 147 and 148:
Representative Examination Question
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Study Notes for the Long Term Insurance Examination (2011 Edition)

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