and trends relevant to financial protection

Transcription

1 Financial Protection (R05) Wizard Learning Financial Protection Online Multimedia Course contents Gaps listed in the CII gap fill tool (as at January 2011) - these were taken by the CII from the FSA consultation document NOTE - the final gap fill template states "The examination standard for protection is not included because the level has not changed, so there is no gap to fill." Understand the consumer and retail market factors and trends relevant to financial protection Understand the consumer and retail market factors and trends relevant to financial protection Chapter 1 Consumer and market factors and trends relevant to financial protection Learning outcome 1: Understand the consumer and retail market factors and trends relevant to financial protection 1.1 Introduction 1.2 The role of insurance in mitigating financial risk 1.3 Consumer attitudes and behaviours to protection planning needs 1.4 Trends relevant to financial protection 1.5 Health and longevity trends 1.6 Trends in life product design and pricing 1.7 Summary 110: consumer attitudes and behaviours to protection needs planning 111: trends - health and morbidity, longevity and mortality, employment, product design and development, access to advice and/or insurance cover Learning material: 1,475 words; 12 minutes of audio & audiovisual presentations; 4 test your knowledge questions; 9 questions in the final assessment Understand the areas of need for protection planning and the main sources of financial protection Chapter 2 The need for protection and the main sources of financial protection Learning outcome 2: Understand the areas of need for protection planning and the main sources of financial protection 2.1 Introduction 2.2 The areas of need for protection planning 2.3 Death 2.4 Illness, incapacity and redundancy 2.5 Implications of loss or reduction of income 2.6 Asset protection 2.7 Protecting a business 2.8 The effect of divorce on planning needs 2.9 Interaction between insurance, assets and liabilities 2.10 What the state provides 2.11 Employee benefits 2.12 The main types of financial protection cover 112: personal and family income and capital protection needs - health, incapacity, accident 113: capital protection needs 114: the relationship between insurance and assets and liabilities Learning material: 3517 words; 26 minutes of audio & audiovisual presentations; 8 test your knowledge questions; 10 questions in the final assessment

2 Understand the role and limitations of State Benefits and State/local authority funded solutions for financial protection Chapter 3 State Benefits Learning outcome 3: Understand the role and limitations of State Benefits and State/local authority funded solutions for financial protection Understand the role and limitations of State Benefits and State/local authority funded solutions for financial protection 115: considerations and impact on financial planning 3.1 Introduction 3.2 The scope of State benefits 3.3 Income Support 3.4 Jobseekers Allowance 3.5 Child Benefit 3.6 Benefits available on death 3.7 Statutory Sick Pay 3.8 Incapacity benefit 3.9 Employment & Support Allowance 3.10 Disability Living Allowance 3.11 Attendance Allowance 3.12 Support for Mortgage Interest 3.13 Homeowners Mortgage Support 3.14 Tax Credits 3.15 Basic State Pension 3.16 State Earnings Related Pension Scheme (SERPS) 3.17 State Second Pension 3.18 Inherited Additional State Pension 3.19 State Pension Credit 3.20 Summary Learning material: 6,835 words; 18 test your knowledge questions; 17 questions in the final assessment

3 Understand the range, structure and application of life assurance and pension based policies to meet financial protection needs Chapter 4 Life Assurance Learning outcome 4: Understand the range, structure and application of life assurance and pension based policies to meet financial protection needs Demonstrate an understanding of the range, structure and application of life assurance and pension-based policies to meet financial protection needs 116: comparative costs, benefits and disadvantages. 117: terminal illness benefit 4.1 Introduction 4.2 Whole life plans: Non-Profit; With-Profit; Low Cost; Unitised with-profits; Flexible Unit Linked; Universal Funeral Plans 4.3 Term assurance: Level; Decreasing; Increasing; Convertible; Renewable; Gift Inter Vivos; Family Income Benefit; Pension 4.4 Multiplans 4.5 Terminal illness benefit 4.6 Assessing the need for life cover 4.7 Suitability, flexibility and options 4.8 Premium calculation 4.9 Premium loadings 4.10 Underwriting 4.11 Evidence required 4.12 Access to Medical Reports Act Offering terms 4.14 Non-disclosure 4.15 Assignment 4.16 Absolute assignments 4.17 Mortgaged life policies 4.18 Claims 4.19 Suicide and unlawful acts 4.20 Lost policies 4.21 Surrenders and paid up plans 4.22 Life assurance and trusts Learning material: 13,395 words; 75 minutes of audio & audiovisual presentations; 18 test your knowledge questions; 38 questions in the final assessment

4 Understand the taxation treatment of life assurance and pension based policies Chapter 5 The taxation of financial protection products Learning outcome 5: Understand the taxation treatment of life assurance and pension based policies 118: offshore policies and taxation considerations 5.1 Introduction 5.2 Term assurance 5.3 Whole life plans 5.4 Endowment assurance 5.5 Onshore and offshore life funds 5.6 Pension term assurance & group life 5.7 Friendly Society plans 5.8 Issues affecting premiums 5.9 Substations and variations 5.10 Chargeable events 5.11 Chargeable gains 5.12 Trust Policies 5.13 IHT Planning using life assurance 5.14 Making provision 5.15 Using reliefs & exemptions 5.16 Insuring Lifetime Gifts 5.17 Nil Rate Bands & Wills Learning material: 7,173 words; 15 test your knowledge questions; 30 questions in the final assessmen Understand the range, structure and application of income protection insurance and options to meet financial planning needs Chapter 6 Income Protection Insurance Learning outcome 6: Understand the range, structure and application of income protection insurance and options to meet financial planning needs 6.1 Introduction 6.2 The need for income protection 6.3 Policy types 6.4 Product features 6.5 Definitions of incapacity 6.6 Exclusions and conditions 6.7 Underwriting 6.8 Claims 6.9 Taxation 6.10 Group schemes and keyperson plans Understand the range, structure and application of income protection insurance and options to meet financial planning needs 119: comparative costs, benefits and disadvantages 120: definitions, exclusions, premium calculation factors Learning material: 3,659 words; 9 test your knowledge questions; 13 questions in the final assessment

5 Understand the range, structure and application of critical illness insurance to meet financial planning needs Chapter 7 Critical Illness Learning outcome 7: Understand the range, structure and application of critical illness insurance to meet financial planning needs 7.1 Introduction 7.2 Marketing and product development 7.3 Premiums and underwriting 7.4 Definitions 7.5 Claims 7.6 Taxation 7.7 Trusts 7.8 Group CIC Schemes 7.9 Income protection or critical illness Understand the range, structure and application of critical illness insurance to meet financial planning needs 121: comparative costs, benefits and disadvantages 122: market developments for critical illness insurance 123: definitions, conditions, exclusions 124: claims Learning material: 2,460 words; 6 test your knowledge questions; 8 questions in the final assessment Understand the range, structure and application of long term care insurance to meet financial protection needs Chapter 8 Long Term Care Learning outcome 8: Understand the range, structure and application of long term care insurance to meet financial protection needs 8.1 Introduction 8.2 FSA definitions 8.3 State benefits and long term care 8.4 Means testing for local authority funding 8.5 Types of long term care 8.6 Long Term Care Insurance 8.7 Immediate needs plans 8.8 Pre funded plans 8.9 Equity release 8.10 Private funding of LTC 8.11 Choosing the care package 8.12 Power of attorney 8.13 Future developments Understand the range, structure and application of long term care insurance to meet financial protection needs 125: regulatory considerations 126: political environment, social care policy, national factors 127: costs and other factors, options and choices 128: legal considerations Learning material: 6,586 words; 10 test your knowledge questions; 17 questions in the final assessmen

6 Understand the main features of other insurance based protection policies Chapter 9 Other insurances Learning outcome 9: Understand the main features of other insurance based protection policies 9.1 Introduction 9.2 Personal accident and sickness 9.3 Private medical insurance 9.4 Mortgage payment protection 9.5 Accident sickness and unemployment Learning material: 3,708 words; 4 test your knowledge questions; 10 questions in the final assessment Evaluate the needs and priorities for financial protection and the relevant factors in selecting appropriate solutions Chapter 10 Needs and priorities for personal protection Learning outcome 10: Evaluate the needs and priorities for financial protection and the relevant factors in selecting appropriate solutions 10.1 Introduction 10.2 Personal details 10.3 Attitude to risk 10.4 Identifying and quantifying the need 10.5 Product selection and suitability 10.6 Identifying and reviewing solutions Evaluate the needs and priorities for financial protection and the relevant factors in selecting appropriate solutions 129: consequences of inadequate protection 130: co-habitation, marriage, civil partnerships 131: work, going overseas 132: the importance of regulated reviews Learning material: 3,937 words; 3 test your knowledge questions; 10 questions in the final assessmen Evaluate the needs and priorities for financial protection and the relevant factors in selecting the appropriate solutions Chapter 11 Business protection Learning outcome 10: Evaluate the needs and priorities for financial protection and the relevant factors in selecting the appropriate solutions 11.1 Introduction 11.2 Key person insurance 11.3 Key person - the level of cover 11.4 Key person - taxation 11.5 Key person - underwriting 11.6 Key person - type of policy 11.7 Key person other insurances 11.8 Key person business loan cover 11.9 Share protection insurance Shareholder agreements Shareholder protection suitable plans Partnership protection Partnership protection arrangements Business loan protection Commerciality Learning material: 6,944 words; 9 test your knowledge questions; 12 questions in the final assessmen