Nurturing Asia s Best

Transcription

1 02 Diploma In Life Insurance (DLI) Self-Study Nurturing Asia s Best 2018

2 Diploma In Life Insurance (DLI) Self-Study Programme Highlights Offered on a self-study basis, Diploma in Life Insurance is developed and awarded by the Singapore College of Insurance (SCI) as a professional qualification for Singapore-based insurance industry practitioners. It is a technical and supervisory qualification for life insurance staff and is a logical progression after obtaining the Cert SCI (Life Insurance) and Cert SCI (Health Insurance) designations. This Programme provides a good understanding of the various individual life, annuity and disability insurance products, including design, pricing, underwriting, claims, investments and other managerial operations of a life insurance company. In addition, this Programme presents an overview of risk management relating to insurance and retirement planning. It also provides an in-depth treatment of the legal aspects of life insurance, life insurance company operations, as well as the process and environment relating to financial planning. This Programme can be a milestone towards the attainment of the Chartered Life Underwriter /Singapore (CLU /S) Programme, which is awarded by SCI under licence from The American College. For Whom Supervisors, team leaders, senior executives and those with long-term ambitions of assuming managerial positions; Insurance staff members employed in support functions wishing to develop their knowledge of the business; and Those wanting to be provided with a pathway towards achieving the CLU /S qualification. Entry Requirements In order to be registered for the Examination, the Candidate: (a) must be at least 18 years of age; (b) should be a Singapore Citizen / Singapore Permanent Resident or foreigner who is ordinarily resident in Singapore at the point of registering for the Examination; (c) should preferably be engaged in financial services activities; and (d) must have successfully completed the Capital Markets and Financial Advisory Services (CMFAS) Examination Module 5 and Module 8 or Module 9, as well as Health Insurance examination. The Candidate must produce relevant supporting documents to SCI for verification purposes during the signing of the Student Contract at SCI.

3 Overview Of Modules DLI01: Individual Life Insurance This module provides in-depth knowledge of life insurance, its underwriting process and the role of claim assessors. It covers a wide range of topics from the basis of life insurance, product design and pricing, to the various types of life, annuity and disability insurance products. DLI02: Risk Management, Insurance and Retirement Planning Focuses on the use of risk management techniques in treating the risks faced by individuals. It also provides an outline of the basic insurance principles, as well as the various classes of insurance, given the importance of insurance in the risk management process. In addition, it presents the steps in insurance planning to equip the Candidates with the knowledge on how to perform insurance planning services. Candidates will be taught the importance of retirement planning, the possible sources of retirement funds, how to invest for retirement, how to help their clients overcome inadequate retirement resources as well as the steps involved in quantifying one s retirement needs. 02 DLI03: Life Insurance Law This module examines and provides in-depth treatment of the legal aspects of life insurance, including basic principles of contract law, incontestable clause, assignments, law of agency and the rights of beneficiaries. DLI04: Life Insurance Company Operations This module provides a good understanding of the life insurance company s operational processes. It also covers specific functions such as claims handling, new business, information technology, actuarial management and marketing. DLI05: Financial Planning: Process and Environment Provides an overview of the financial planning process, including communication techniques, ethics, risk tolerance, time-value-of-money concepts and financial planning applications. It also offers an understanding of the role and responsibilities of a financial planner, along with some analytical skills to aid in financial decision making. Signing Of Advisory Note & Student Contract For CPE-registered examinations, Candidates must first make an appointment with SCI to sign the Advisory Note and Student Contract as required under the Private Education Act (Chapter 247A). Before signing the Advisory Note and Student Contract, Candidates have to first check if they have met the entry requirements. On the day of the appointment for the signing of the Advisory Note and Student Contract at SCI, Candidates must bring along their relevant original educational certificates and NRIC/Passport for verification purpose.

4 Cooling-Off Policy The Student Contract provides a Cooling-Off Period of 7 working days counting from the date of signing the Student Contract. Should the Candidate decide to withdraw from the examination(s) within the Cooling-Off Period, the Candidate must complete and submit the Withdrawal Form For CPE-Registered Programme in person at SCI during office hours. The Candidate must return the original signed Student Contract(s) and the study text(s) issued, in its original condition. (A copy of the Withdrawal Form For CPE-Registered Programme is available for download at the SCI Website at: Otherwise, a fee of S$ (inclusive of 7% GST) will be charged per study text. The Student Contract(s) signed between SCI and the Candidate will be rescinded, and SCI will give a full refund of the examination fee and the one-time registration fee of S$32.10 (inclusive of 7% GST), if any, to the Candidate within 14 working days. Qualifying Requirements To qualify for Diploma in Life Insurance (DLI), Candidates are given 3 consecutive years (or 36 months) from the date of first registered examination date to pass all the 5 modules. DLI01 : DLI02 : DLI03 : DLI04 : DLI05 : Individual Life Insurance; Risk Management, Insurance and Retirement Planning; Life Insurance Law; Life Insurance Company Operations; and Financial Planning: Process and Environment. For the learning outcomes and syllabus of each of the above modules, please refer to the SCI Website at: scicollege.org.sg Time Bar for Completion Candidates are given 3 consecutive years (or 36 months) from the date of first registered examination date to pass all the 5 modules. Should the Candidate should 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 DLI 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 DLI 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.

5 04 Designatory Letters upon Achieving the Qualification Upon successful completion of the examination modules within the specified time frame, Candidates will be eligible to use the certification designation: Dip SCI (LI) Sequence of Examination Attempts Modules can be taken in any order except SCI recommends that they be taken in sequential order. There is no limit on the numbers of attempts that the Candidate can take to complete each module, subject to the examination schedule and the time bar period for completion. Start and End Date of Qualification Qualification start date shall be the date of the first registered examination date and ends on the date that the Candidate passes his last module in the qualification, which may be 36 months or earlier. Examination Fees (inclusive of 7% GST) Fee Per Module First Attempt (With Study Text) Fee Per Module (S$) Each Subsequent Attempt (Without Study Text) Fee Per Module (S$) Member Company S$ S$ Non Member Company S$ S$ 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. Payment of Examination Fees Payment must be made at the time of registering for the examination(s) at the SCI Website at: org.sg. Payment should be made at the time of registering for the module via credit card or NETS (available at SCI office). The study text will be released only upon payment is made. Miscellaneous Fees Purpose of Fee (A) To apply for a Letter of Certification (B) To apply for a Transcript (C) To apply for an Exemption Amount Payable S$23.50 for each application (inclusive of 7% GST) S$12.80 for each application (inclusive of 7% GST) S$ for each module applied for exemption (inclusive of 7% GST) A non-refundable administration fee of S$53.50 (inclusive of 7% GST) is also payable for each exemption application submitted. To apply for any of the above items, please visit the SCI Website at to submit an online application with payment.

6 Important Dates Release of Result Slips The result slip will be released immediately upon the Candidate finishing the computer-mode examination. Release of Transcript & Certificate Parchment The transcript and certificate parchment will be mailed out to the registered address by ordinary post within three (3) months after the release of the final results of the Candidate. (Only applicable to those who have passed all five required modules, viz DLI01 to DLI05). No other mode of collection is allowed. Results cannot be released via s or by verbal means. Examination Details Modules Examination Format Length Of Examination DLI01: Individual Life Insurance 100 Multiple Choice Questions 2 hours 70% DLI02: Risk Management, Insurance and Retirement 100 Multiple Choice Questions 2 hours 70% Planning DLI03: Life Insurance Law 100 Multiple Choice Questions 2 hours 70% DLI04: Life Insurance Company Operations 100 Multiple Choice Questions 2 hours 70% DLI05: Financial Planning: Process and Environment 100 Multiple Choice Questions 2 hours 70% Important Note: All examinations will be computer-screen based. Pass Mark Requirement 2018 Examination Schedule for DLI Modules The examinations are offered on a monthly basis. Please refer to the SCI Website at: The examinations are opened for registration three months in advance. The closing date for examination registration is two weeks before the examinations. CPD Hours 2 hours per module upon passing the examinations. Eligible For The Australian And New Zealand Institute Of Insurance And Finance (ANZIIF) Membership ANZIIF members are recognised throughout the insurance and financial services industry as professionals who are qualified, knowledgeable and committed to excellence in their fields. DLI holders are eligible to apply for Associate CIP membership. ANZIIF grants Associate Membership to financial services professionals who have completed an insurance/finance qualification equivalent to the ANZIIF Certificate IV level or any other recognised education requirement (Life or General Insurance Affiliateship). Upon such membership approval, an Associate of ANZIIF may use the post nominal ANZIIF (Assoc) CIP. For more information on the ANZIIF membership application and applicable fees payable, you can refer to this URL at: Do note that ANZIIF reviews its membership criteria, benefits and eligibility requirements from time to time. All decisions on election to membership will reflect the requirements at the time of application.

7 06 Refund Policy Should the Candidate decide to withdraw from the examination(s), the Candidate must complete and submit the Withdrawal Form For CPE-Registered Programme in person at SCI during office hours. The Candidate must return the Withdrawal Form For CPE-Registered Programme together with the original signed Student Contract(s). A copy of the Withdrawal Form For CPE-Registered Programme is available for download at the SCI Website at: org.sg. The Student Contract(s) for the DLI programme signed between SCI and the Candidate will be rescinded. 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. 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 CPE-Registered 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 CPE-Registered Programme Form(s). No other reasons will be entertained. Appeal For Examination Results Please visit the SCI Website at for details. Exemption For exemption of modules, please refer to SCI Website at:

8 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) 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 firsttimer and re-taker examination fee. Rescheduling applications must be submitted online with payment via the SCI website, using the Rescheduling Of Examination For CPE-Registered 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. Grievance Procedure / Dispute Resolution Please refer to the SCI Website at Funding Support Union Training Assistance Programme (UTAP) UTAP (Union Training Assistance Programme) is an individual skills upgrading account specially for NTUC members to help defray the costs of training and skills upgrading. As a member, he enjoys UTAP funding at 50% of the unfunded course fee capped at S$250 every year, when he signs up for courses supported under UTAP. Terms & Conditions apply. For more information, please refer to the UTAP Website at: SkillsFuture Credit This programme is not eligible for SkillsFuture Credit. Singapore College of Insurance 9 Temasek Boulevard #14-01/02/03 Suntec Tower Two, Singapore Tel: (65) Fax: (65) Singapore College of Insurance CPE Registration No: M Period of CPE Registration: From 26 September 2015 to 25 September Singapore College of Insurance Limited (SCI). All Rights Reserved by SCI. 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.