Nurturing Asia s Best

Transcription

1 Nurturing Asia s Best CHARTERED LIFE UNDERWRITER 2018 Awarded by the Singapore College of Insurance under licence from The American College

2 SECURITY, LEADERSHIP. Module titles for CLU /S, a Designation awarded by Singapore College of Insurance (SCI), under license from The American College CLUS01 / DLI01: Individual Life Insurance CLUS02 / DLI02: Risk Management, Insurance and Retirement Planning CLUS03 / DLI03: Life Insurance Law CLUS04 / DLI04: Life Insurance Company Operations CLUS05 / DLI05: Financial Planning: Process and Environment CLUS06: Investments CLUS07: Planning for Business Owners and Professionals CLUS08: Group Benefits and Health Insurance

3 LEARNING OUTCOMES By the end of the 8 modules, candidates will be able to: Provide guidance to clients on types and amounts of life insurance needed. Make recommendations on aspects of risk management, including personal and business uses of a variety of insurance solutions. Provide guidance to clients on legal aspects of life insurance contracts and beneficiaries. Understand the various types of estate planning tools, as well as the implications of various wills and trust arrangements on financial, retirement and succession planning issues. Provide a holistic and comprehensive approach to addressing the insurance planning needs of your clients. Who should enrol in the CLU /S designation? Financial Planners / Life Insurance Advisers; Relationship Managers; Bancassurance Staff; and Other insurance professionals whose job responsibilities require in-depth knowledge of financial planning principles, practices and products, and those wishing to obtain a professional financial planning qualification for their career advancement

4 Entry Requirements Any candidate who registers for the Chartered Life Underwriter /Singapore (CLU /S) programme must have completed the Chartered Financial Consultant / Singapore (ChFC /S) programme or the Diploma in Life Insurance (DLI) programme. DLI holders may earn the Chartered Life Underwriter / Singapore (CLU /S) designation by completing the following 3 additional modules: CLUS06: Investments CLUS07: Planning for Business Owners and Professionals CLUS08: Group Benefits and Health Insurance ChFC /S holders may earn the Chartered Life Underwriter /Singapore (CLU /S) designation by completing the following 4 additional modules: CLUS01 / DLI01: Individual Life Insurance CLUS03 / DLI03: Life Insurance Law CLUS04 / DLI04: Life Insurance Company Operations CLUS08: Group Benefits and Health Insurance AFC Designation Upon passing DLI05, the candidate can apply for the Associate Financial Consultant (AFC) designation directly with IFPAS, subject to any terms and conditions as specified by IFPAS. The candidates are required to come to SCI to sign a Student Contract for each of the DLI modules before they are able to register for the examinations. After obtaining the CLU /S designation, candidates can proceed to take the following five modules to obtain their ChFC /S designation, also awarded by SCI, under licence from The American College: ChFC03: Tax, Estate Planning and Legal Aspects of Financial Planning ChFC05: Plan Construction, Practice Standards and Ethics ChFC07: Wealth Management and Financial Planning ChFC08: Financial Planning Applications ChFC09: Ethics for the Financial Services Professional - 2 -

5 Examination Details Examination Duration Examination Format Total Marks Pass Requirement 2 Hours 100 Multiple-Choice 100 marks 70% Pass Mark (Per module) Questions (per module) Examination Fees (Valid for 2018) Note: A one-time non-refundable registration fee of S$32.10 (inclusive of 7% GST) is applicable at the time of first admission into the programme. Fee Per Module (All Fees inclusive of 7% GST) First Attempt (With Study Text) Member Company S$ S$ Non-Member Company S$ S$ Each Subsequent Attempt (Without Study Text) 2018 Examination Schedule for CLU /S Modules The examinations for CLUS01 to CLUS08 are conducted weekly. For the detailed Examination Schedule, please refer to the SCI Website at: asp?clus 2018 Examination Syllabus Please refer to the SCI Website at:

6 CPD Hours Awarded CLUS01 to CLUS08: 2 CPD hours per module for the relevant examination passed. Qualification Awarded Upon Successful Completion Upon successful completion of the examination modules within the specified time frame, candidates will be eligible to use the certification designation of CLU /S, subject to other qualifying requirements being met, including experience and ethics requirements. For the examination schedule and other programme details, please refer to the SCI Website at: Release of Result Slips The result slip will be released immediately upon the candidate finishing the computer-mode examination. Certificate Parchment Candidates will be notified when the relevant certificate parchments are available for collection. The candidates will have to personally collect their certificate parchments from SCI during our office hours

7 Examination Policies Registration Policy Registrations should be made online at Before registering, candidates should refer to the For Whom and Entry Requirement section of the respective Programmes, to ensure that they meet the recommended experience and programme prerequisites. A good command of the English language is essential. SCI reserves the right to reject any candidates who does not meet the minimum entry requirements. SCI reserves the right to make changes to the programme details owing to unforeseen circumstances. Refund Policy Should the candidate decide to withdraw from the examination(s), the candidate must complete and submit the Withdrawal Form For ChFC /S and CLU /S Programme in person at SCI during office hours. The candidate must return the Withdrawal Form For ChFC /S and CLU /S Programme. A copy of the Withdrawal Form For ChFC /S and CLU /S Programme is available for download at the SCI Website at: scicollege.org.sg. Candidates to note the following refund policy : Withdrawal notice of more than 14 working days before the examination registered for, 75% refund of the examination fee. Withdrawal notice of between 14 to 7 working days before the examination registered for, 50% refund of the examination fee. Withdrawal notice of less than 7 working days before the examination registered for, there will be no refund. There will be no refund of the one-time registration fee of S$32.10 (inclusive of 7% GST). No substitution is allowed

8 Absent on Day of Examination Candidates will be graded ABSENT if they do not attend the examination on the examination date. No refunds will be given. If the candidate is absent from the examination owing to the following valid reasons: Medical grounds (self); Bereavement cases (immediate family member); Disabling accident or injury (self); Court appearance (self); or National Service (self) in accordance with the Enlistment Act (Chapter 93); The candidate may apply for his examination entry to be rescheduled to the next examination series by completing an online Absent On The Day Of Examination For ChFC /S and CLU /S Programme Form(s) at the SCI Website at: scicollege.org.sg within three working days of the examination that the candidate was absent from due to valid reasons as above. Supporting documents will have to be uploaded upon submission of the Absent On The Day OF Examination For ChFC /S and CLU /S Programme Form(s). No other reasons will be entertained. Rescheduling Policy The candidate may apply for his examination entry to be rescheduled to the next examination series, by paying a fee of S$53.50 (inclusive of 7% GST) (valid for 2018) per module for rescheduling notice given at least 7 working days before the examination date. Should there be a change in the study text edition, the candidate is required to pay the difference between the first-timer and re-taker examination fee. Rescheduling applications must be submitted online with payment via the SCI Website, using the Rescheduling Of Examination For ChFC /S and CLU /S Programme Form. No rescheduling will be allowed for notice of less than 7 working days from the examination date. Should the candidate decide to reschedule to a later examination date, please note that the time bar will remain as of the first registered examination date

9 Qualifying Requirements for CLU /S Time Bar for Completion To obtain the CLU /S designation, DLI and ChFC /S holders are given another 3 consecutive years (or 36 months) from the date of first registered examination date to pass the additional 3 and 4 modules respectively. Should the candidate be absent or decide to transfer his first registered examination date, to another date, the time bar will still start from the examination date the candidate first registered to sit for. Modules passed or exempted exceeding 3 years (or 36 months) are considered outdated passes and will not count towards meeting the CLU /S qualifying requirements. If the candidate does not complete all the modules within this time limit, the modules previously passed or exempted will no longer be valid and the candidate will be required to retake all the modules. It is the candidate s responsibility to monitor his own time bar for the examination completion of the CLU /S programme. SCI will not send any notification to remind the candidate in this respect. If there are any changes to the modules, SCI will make every effort to ensure that the candidate is not disadvantaged by such changes. There will be a proper transitional arrangement for the candidate

10 Education Requirement The candidate must pass the examinations for all the 8 modules and meet all other course and ethics requirements. Sequence Of Examination Attempts There is no sequence of examination attempts for the CLU /S programme. Candidates are allowed to take any of the modules in any sequence based on the Examination Schedule. Number Of Attempts Allowed There is no limit on the number of attempts that a candidate can take to complete each module, subject to the Examination Schedule and the maximum period for completion as specified. Experience Requirement 3 years of full-time business experience is required for the award of the CLU /S designation. The 3-year period must be within the 5 years preceding the date of the award. An undergraduate or graduate degree from an accredited educational institution qualifies as one year of business experience. Ethics Requirement To comply with the high ethical standard expected of a Chartered Life Underwriter / Singapore, every holder of the CLU /S designation must sign a statement agreeing to be bound by the CLU /S Code of Ethics. SCI reserves the right to withdraw the CLU /S designation should any CLU /S holder be found in violation of the CLU /S Code of Ethics. Continuing Professional Development (CPD) Requirement To maintain the designation, the CLU /S holder is required to register a minimum of 30 hours of CPD credits with SCI every 2 years. The CPD credits for each reporting period must comprise educational activities in acceptable subject matter areas. The CLU /S holder must have independent verification for the 30 CPD hours in the event of being audited. Independent verification should consist of grade reports, attendance certificates, transcripts, or written confirmation of attendance from the relevant organisation. Written confirmation should include the name, topics addressed, date and duration of programme, as well as a signature of an authorised representative. Renewal of the CLU /S designation is subject to the fulfillment of the required CPD requirement. If the CLU /S holder did not fulfil this requirement, he will not be allowed to use the designation till the required CPD hours have been fulfilled accordingly

11 CLU /S DESIGNATION Candidates who successfully meet the education requirement and the necessary experience and ethics requirements will be entitled to apply for the CLU /S designation awarded by SCI under licence from The American College, with the word Singapore. This is because the studies are based on Singapore laws. If the CLU /S holder wishes to practise in the US, he will need to take the US equivalent papers for the CLU/US title. The CLU/S title is not transferable in this case. THE COMMITMENT OF A CLU /S CLU /S designees are held to the following ethical pledge: In all my professional relationships, I pledge myself to the following rule of ethical conduct: I shall, in light of all conditions surrounding those I serve, which I shall make every conscientious effort to ascertain and understand, render that service which, in the same circumstances, I would apply to myself

12 Contact Details CHARTERED LIFE UNDERWRITER Information presented on this marketing material is correct at the time of publishing. However, changes to the programme contents, dates, time, duration and venue can occur owing to unforeseen circumstances. Every effort will be made to inform all candidates of such changes on a timely basis. Version 1: 14 Dec 2017 Singapore College of Insurance Limited 9 Temasek Boulevard #14-01/02/03 Suntec Tower Two, Singapore General Enquiry: (+65) Fax: (+65) talk2us@scidomain.org.sg Website: Singapore College of Insurance Limited CPE Registration No.: M Period of CPE Registration: From 26 September 2015 to 25 September 2019