(2) Only Version 1.1 of the amendments shall apply to any candidate who sits for the DLI01 examination before 1 June 2016.

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1 DLI01: INDIVIDUAL LIFE INSURANCE (1 ST EDITION, 2011) Version 1.2 Issued On: 1 April 2016 Note: (1) This Version 1.2 of the amendments below as well as Version 1.1 of the amendments, shall apply to any candidate who sits for the DLI01 examination from 1 June 2016 onwards. (2) Only Version 1.1 of the amendments shall apply to any candidate who sits for the DLI01 examination before 1 June (3) The next set of amendments, if any, will be issued on 1 October Amendments are made to the Individual Life Insurance Study Text (1 st Edition, 2011) as follows: 1. Chapter 13, Page 444, Learning Objectives Add a new bullet point after the last bullet point: Know what the LIA Register of Unclaimed Life Insurance Proceeds is all about 2. Chapter 13, Page 458, Section (NEW) Add a new Section after Section : LIA Register Of Unclaimed Life Insurance Proceeds Since 4 January 2016, the Life Insurance Association, Singapore (LIA) has launched the LIA Register of Unclaimed Life Insurance Proceeds on its website for members of the public, to search and contact the respective insurers directly, should they have any policies with unclaimed death proceeds of deceased relations or any unclaimed maturity policy proceeds that have been outstanding for more than 12 months. This is the industry s effort to reach out to the claimants or beneficiaries of unclaimed policy proceeds, being on top of efforts made by the individual life insurers. Life insurers will continue to do what they have been doing on a company basis. They will attempt to trace the claimants through various means, including sending advisers to contact their clients, placing newspaper advertisements, and listing unclaimed proceeds on their respective websites. The Register is available on the LIA Website at: LIA will update the name list in the Register once every six months. This list shows the following information: Policyholder s name; Policyholder s Identification number (masked); and Life insurer s name. Copyright reserved by Singapore College of Insurance Limited Page 1 of 12

2 Members of the public can search the Register by: Policyholder s name; or Life insurer s name. Source: LIA Website Copyright reserved by Singapore College of Insurance Limited Page 2 of 12

3 Version 1.1 Amendments already effected for examinations as from 4 March 2013 onwards. Amendments are made to the Individual Life Insurance Study Text (1 st Edition, 2011) as follows: 1. Chapter 2, Page 76, Section By deleting the first sentence of Section and substituting the following: As life insurance products became more investment-oriented, policy values had become more sensitive to the timing of transactions. 2. Chapter 2, Page 76, Section By deleting the last sentence of Section and substituting the following: The same issues arise from the realisation of the policy value on surrender or part surrender of the policy, which must be co-ordinated with the adjustment in the underlying investment holdings of the policy. 3. Chapter 9, Page 291, Section 1.1 By deleting the first sentence of Section 1.1 and substituting the following: Just like any other business enterprise, the profitability and viability of an insurer starts with the pricing of its products. 4. Chapter 11, Page 376, Section (NEW) Add a new Section after Section : Customer Knowledge Assessment If a client wishes to buy an investment product which is specified by MAS as requiring the client to undertake a customer knowledge assessment (CKA), the sales representative has to conduct a CKA. If the outcome of the CKA is that the client does not possess the knowledge or experience in the product, and that the client still wishes to buy the product, the representative or his superiors must inform the client of the outcome of the CKA in writing, and obtain his written confirmation that he intends to proceed with the transaction. The representative must also inform the client in writing that it is his responsibility to ensure the suitability of the specified product. Copyright reserved by Singapore College of Insurance Limited Page 3 of 12

4 5. Chapter 11, Page 378, Section (NEW) Add new Section after Section : Customer Knowledge Assessment The conduct and outcome of any CKA conducted should be documented. Where the outcome of the CKA is unfavourable, and the client intends to proceed with the transaction in the specified product for which the CKA is conducted, the communication in writing between the representative and the client as described in Section must be made and filed. 6. Chapter 11, Page 408, Table 11.2 By deleting the entire Table 11.2 and substituting with Annex Chapter 14, Page 479, Section By deleting header and substituting the following: Collateralised Debt Obligations 8. Chapter 14, Page 479, Section By deleting the second and thrid sentences of Section and substituting the following: These are usually called collateralised debt obligations or CDOs. CDOs may be sold in tranches, with each tranche having a different risk of default. 9. Chapter 15, Page 509, Section By deleting the first bullet point of paragraph 2 and substituting the following: financial institutions becoming exposed to new risks, for example, by introducing new products like variable annuities and collateralised debt obligations (CDOs), or by entering into new markets; 10. Chapter 15, Page 523, Section 6.4 By deleting paragraph 4 and substituting with the following paragraph: However, they have to be registered on a public register maintained by MAS that can be accessed online, over the Internet. For each representative, the register will display his name, the financial advisory services activities which he is allowed to conduct, the FA which he currently represents, as well as the FAs which he had represented, and regulatory actions taken against him, if any. Copyright reserved by Singapore College of Insurance Limited Page 4 of 12

5 11. Chapter 15, Page 524, Section 6.5 By deleting the paragraph Notice No: under paragraph 2 and substituting the following: Notice No: FAA-N03 FAA-N06 FAA-N13 FAA-N14 FAA-N16 Information to Clients and Product Information Disclosure Prevention of Money Laundering and Countering the Financing of Terrorism Minimum Entry and Examination Requirements for Representatives of Licensed Financial Advisers and Exempt Financial Advisers Reporting of Misconduct of Representatives by Financial Advisers Recommendations on Investment Products 12. Chapter 15, Page 525, Section 6.8 By deleting paragraph 5 and substituting the following: Over and above these disclosure requirements, there are also standards on the sales and product recommendation processes which have to be met if they are conducted by a representative of an LIA member. These standards cover the fact-finding (including the customer knowledge assessment, if required),financial needs analysis and product recommendation processes for the sale of individual life insurance products, individual accident and health insurance products, and group life and health insurance products. They include the minimum standard of documentation of the sale and product recommendation process, as well as the review of the documentation, which must be made by either the representative s superior or an officer of the insurer, before the sale can be closed. 13. Chapter 15, Page 527, Section Delete paragraph 1 of Section Chapter 15, Page 528, Section By deleting paragraph 1 and substituting with the following paragraph: Companies which are listed on the Singapore Stock Exchange, which is managed by the Singapore Exchange Limited (SGX), are also subject to SGX supervision. They must comply with the Best Practice Guide and are guided by the Code of Corporate Governance (the Code) issued by the Committee on Corporate Governance in 2001, and revised in 2005 and 2012, besides observing the various SGX Practice Notes. 15. Chapter 15, Page 528, Section By deleting paragraph 3 and substituting with the following paragraph: The Code proposes that a number of board-appointed committees be set up, namely: a Nominating Committee: to make recommendations to the board on board appointments; Copyright reserved by Singapore College of Insurance Limited Page 5 of 12

6 a Remuneration Committee: to recommend to the board a remuneration framework for directors, the chief executive officer and key management personnel; and an Audit Committee: to review the adequacy and effectiveness of internal controls, based on audit reports submitted by both the internal and external auditors, and any other risk assessors. The Code also suggests that the board may appoint a board risk committee. 16. Chapter 16, Page 545, Section By deleting paragraph 1 and substituting with the following paragraph: Returning to the primary purpose of the CPF, that of funding of retirement expenses, the government has instituted schemes for the orderly drawdown of part or all of the members accumulated savings. It first introduced the CPF Minimum Sum Scheme which required each member to maintain a minimumsum in his CPF account (other than his Medisave Account) at the withdrawal age, which is then transferred to a Retirement Account. The Retirement Account can be drawn down only when he reaches a later age, called the Draw-down Age. The monthly draw-down amount is calculated such that the balance in his Retirement Account will be adequate to fund the draw-down for 20 years, on an assumed rate of interest to be earned on the account balance. Apart from leaving his balance in his Retirement Account and drawing down as described, the CPF member also has the option of: transferring the balance to an approved bank account, to be drawn down in the same manner as if he has retained it in his CPF account (in this case, the balance will earn whatever interest which the bank declares on his account); or buying an annuity from an approved life insurance company to ensure that he will receive an income for his lifetime. The draw-down age varies with the year of birth of the member: Year of Birth Draw-down Age (Years) and after 65 The CPF Board may revise the draw-down age in the future. 17. Chapter 16, Page 554, Section By deleting paragraph 2 and substituting with the following paragraph: From that year on, upon reaching the withdrawal age (55 years, at the time ofwriting) a CPF member had to retain a minimum balance in his account (not including the balance in his Medisave Account), called the CPF Minimum Sum,which he could draw only upon at a later date upon attaining what is known as the Draw-down Age (DDA). The member could withdraw the remaining balance in one lump sum. Copyright reserved by Singapore College of Insurance Limited Page 6 of 12

7 18. Chapter 16, Page 556, Section By deleting paragraph 4 and substituting with the following paragraph: Under the CPF LIFE Scheme, upon a CPF member reaching his withdrawal age: a portion of his RA balance is withdrawn as a part premium payment for a deferred life annuity, commencing at an age selected by the CPF member, which may be the DDA or a higher age allowed (the amount withdrawn varies with the annuity commencement age selected); and the residual RA balance will be accumulated with interest until the member attains his DDA, upon which a further portion is withdrawn to complete the annuity premium payment required and, thereafter, the balance will be drawn down monthly such that it is expected to be exhausted by the date on which the life annuity commences. If the annuity payment commences when the member attains his DDA, the total accumulated balance will be withdrawn as the second premium payment, and there will not be any draw-down component. 19. Chapter 16, Page 556, Section By deleting paragraph 6 and substituting with the following paragraph: If the CPF member dies before the life annuity commences, the residual RA balance remaining after adding interest, and after deducting amounts drawn down and the life annuity premium payments (deducted upon attaining the withdrawal age and his DDA), if any, together with the total annuity premium withdrawn (with no interest addition), will be paid to his nominated beneficiaries. If he dies after the annuity commences, there will be no remaining RA balance, and only the balance of the total annuity premium, after deducting the total annuity payments received by the date of death, if still positive, will be paid to the beneficiaries. 20. Chapter 16, Page 557, Section By deleting paragraph 1 and substituting with the following paragraph: He can choose the age, up to which the residual RA balance will be drawn down (starting from the date that the member attains the DDA), and from which the annuity payment will commence. If the selected annuity commencement age is the DDA itself, the annuity will commence from the date on which he attains his DDA, and there will not be any residual RA balance to be drawn down, as the full balance will be applied to buy the annuity. 21. Chapter 16, Page 557, Section By deleting paragraph 2 and substituting with the following paragraph: The CPF LIFE payout amount, consisting of the RA balance draw-down amount (if any) and the projected annuity payment amount will depend on themember s selection of the age at which the annuity will commence. The payout amount will be higher if the annuity commences when he attains his DDA than if he defers the commencement to a higher age allowed and draws down the residual RA balance after deduction of the full premium. If the member chooses the draw-down and deferred annuity Copyright reserved by Singapore College of Insurance Limited Page 7 of 12

8 commencement option, the draw-down amount and the projected annuity payment amount will be calculated to be the same when he attains his DDA, but may vary thereafter. 22. Chapter 16, Page 557, Section By deleting paragraph 1 and substituting with the following paragraph: If the member dies before any annuity payment commences, the residual RA balance, accumulated with interest and reduced by the draw-down payments (if already commenced, i.e. the member dies after he has attained the DDA), will be paid to the member's nominated beneficiaries. The total annuity premium withdrawn, without interest, will also be returned to his RA and paid to the nominated beneficiaries. This benefit is called the bequest benefit. 23. Chapter 16, Page 557, Section By deleting paragraph 1 and substituting with the following paragraph: If the member dies after annuity payment has commenced, the total premium paid by the member reduced by the annuity payments received before death occurs, if still positive, will be refunded to his RA, and paid to his beneficiaries. This death benefit is a continuation of the bequest benefit under the scheme. 24. Chapter 16, Page 557, Section Delete paragraph 2 of Section Chapter 16, Page 558, Section By deleting paragraph 1 and substituting with the following paragraph: To replace the 1st paragraph with the following paragraph: Any CPF member whose RA balance is below the specified amount has the option of: participating in the CPF LIFE scheme voluntarily; or drawing down his balance in accordance with the CPF Minimum Sum Scheme rules (however, he will not have the option of transferring the balance to a bank account or of buying an annuity from a private life insurer). Copyright reserved by Singapore College of Insurance Limited Page 8 of 12

9 Annex 1 Table 11.2 Benefit Illustration: Whole Life Investment-linked Life Insurance Policy Main Benefit Illustration Policyholder and Plan Details Proposed Insured : Mr ABC Plan : Whole Life Age Next Birthday : 51 years Basic Sum Insured : S$150,000 Sex : Male Annual Premium : S$10,000 Smoker : No Benefit Type : Higher of Investment Value and Sum Insured Benefit Illustration Death Benefit End Of Total Projected At 3% Projected At 7% Policy Premium Investment Return Investment Return Year / Paid To-date Guaranteed Non-guaranteed Total Non-guaranteed Total Age (S$) (S$) (S$) (S$) (S$) (S$) 1/ 52 10, , , ,000 2/ 53 20, , , ,000 3/ 54 30, , , ,000 4/ 55 40, , , ,000 5/ 56 50, , , ,000 6/ 57 60, , , ,000 7/ 58 70, , , ,000 8/ 59 80, , , ,000 9/ 60 90, , , ,000 10/ , , , ,000 15/ , ,000 3, ,000 59, ,000 20/ , ,000 71, , , ,000 25/ , , , , , ,000 30/ , , , , , ,000 35/ , , , , ,000 1,044,000 40/ , , , ,000 1,301,000 1,451,000 Copyright reserved by Singapore College of Insurance Limited Page 9 of 12

10 Surrender Value End Of Total Projected At 3% Projected At 7% Policy Premium Investment Return Investment Return Year / Paid To-date Guaranteed Non-guaranteed Total Non-guaranteed Total Age (S$) (S$) (S$) (S$) (S$) (S$) 1/ 52 10,000-3,000 3,000 3,000 3,000 2/ 53 20,000-10,000 10,000 11,000 11,000 3/ 54 30,000-18,000 18,000 19,000 19,000 4/ 55 40,000-28,000 28,000 30,000 30,000 5/ 56 50,000-38,000 38,000 42,000 42,000 6/ 57 60,000-48,000 48,000 55,000 55,000 7/ 58 70,000-59,000 59,000 68,000 68,000 8/ 59 80,000-70,000 70,000 82,000 82,000 9/ 60 90,000-81,000 81,000 97,000 97,000 10/ ,000-92,000 92, , ,000 15/ , , , , ,000 20/ , , , , ,000 25/ , , , , ,000 30/ , , , , ,000 35/ , , ,000 1,044,000 1,044,000 40/ , , ,000 1,451,000 1,451,000 Notes to Main Benefit Illustration What is the significance of the Projected Investment Rate of Return? The illustrations are based on projected investment returns of 3% p.a. and 7% p.a. The two rates of return used are before deducting the annual management charges of the funds. They are purely for illustrative purposes and do not represent upper and lower limits on the investment performance. They also do not reflect potential volatility over the short-term resulting in potential sharp movements, up or down, of the underlying assets of the funds. The actual benefits payable will depend on the actual performance of the underlying assets of the funds. The performance of the funds is not guaranteed and the cash value may be less than the capital invested. Please note that, if you select a money market fund or a fixed income fund, then returns of 3% to 7% can be considered high in many cases and unlikely to be achieved if the current low interest rate environment persists. You are strongly encouraged to speak to your financial adviser who will be able to provide further information on these funds - both for your initial fund selection and subsequently. Copyright reserved by Singapore College of Insurance Limited Page 10 of 12

11 Illustration Of Deductions What is the impact of deductions on what you may get back? The following table illustrates the effect that deductions will have on the amount that you will get back on surrender or maturity. It also highlights the cost of surrendering the policy early. Table Of Deductions Deductions Projected At 3% Projected At 7% Total Investment Return Investment Return End Of Premium Value Of Effect Of Total Value Of Effect Of Total Policy Paid Premiums Deductions Surrender Premiums Deductions Surrender Year / To-date Paid To-date To-date Value Paid To-date To-date Value Age (S$) (S$) (S$) (S$) (S$) (S$) (S$) 1/ 52 10,000 10,300 7,300 3,000 11,000 8,000 3,000 2/ 53 20,000 21,000 11,000 10,000 22,000 11,000 11,000 3/ 54 30,000 32,000 14,000 18,000 34,000 15,000 19,000 4/ 55 40,000 43,000 15,000 28,000 48,000 18,000 30,000 5/ 56 50,000 55,000 17,000 38,000 62,000 20,000 42,000 6/ 57 60,000 67,000 19,000 48,000 77,000 22,000 55,000 7/ 58 70,000 79,000 20,000 59,000 93,000 25,000 68,000 8/ 59 80,000 92,000 22,000 70, ,000 28,000 82,000 9/ 60 90, ,000 24,000 81, ,000 31,000 97,000 10/ , ,000 26,000 92, ,000 35, ,000 15/ , ,000 39, , ,000 60, ,000 20/ , ,000 56, , , , ,000 25/ , ,000 80, , , , ,000 30/ , , , ,000 1,011, , ,000 35/ , , , ,000 1,479, ,000 1,044,000 40/ , , , ,000 2,136, ,000 1,451,000 Notes to Illustration of Deductions What do the columns in the table of deductions mean? 1. Value of Premiums Paid To-date is obtained by accumulating the premiums paid to date at the Projected Investment Rate of Return, assuming the premiums paid can be invested without deduction for the cost of insurance and without any expenses. 2. The difference between the Value of Premiums Paid To-date and Total Surrender Value represents the Effect of Deductions To-date. This is the accumulated value of the deductions for the cost of insurance, distribution cost, expenses, surrender charge, expected tax payments, and expected transfers to shareholders (for participating policies). Copyright reserved by Singapore College of Insurance Limited Page 11 of 12

12 Illustration of Total Distribution Cost How much are you paying for distribution costs? This Table shows the total cost of distribution that XYZ Insurer expects to incur in relation to your policy, including the cost of any financial advice provided to you. Total Distribution Cost End Of Total Total Policy Premium Distribution Year / Paid To-date Cost To-date Age (S$) (S$) 1/ 52 10,000 4,000 2/ 53 20,000 5,500 3/ 54 30,000 7,000 4/ 55 40,000 7,000 5/ 56 50,000 7,000 6/ 57 60,000 7,000 7/ 58 70,000 7,000 8/ 59 80,000 7,000 9/ 60 90,000 7,000 10/ ,000 7,000 15/ ,000 7,000 20/ ,000 7,000 25/ ,000 7,000 30/ ,000 7,000 35/ ,000 7,000 40/ ,000 7,000 Notes to Illustration of Total Distribution Cost What does the last column represent? 1. The Total Distribution Cost To-date is the sum of each year s expected distribution-related costs, without interest. Such costs include cash payments in the form of commission, costs of benefits and services paid to the distribution channel. 2. Please note that the Total Distribution Cost is not an additional cost to you; it has already been allowed for in calculating your premium. 3. You can obtain the Total Distribution Cost of each of the supplementary benefits (if applicable) from your Financial Adviser or its representatives. Copyright reserved by Singapore College of Insurance Limited Page 12 of 12

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