A Detailed syllabus of the CIP program
Objective of this program: This Certification of Insurance Planning program is a single module to provide comprehensive coverage of personal financial planning & the essential aspects of insurance contracts and the insurance industry.
The Goal: The goal of this Certification of Insurance Planning program is
- to teach the fundamentals of insurance planning so they can make informed advice related to personal finance & long-term financial security.
- to help using financial planning tools with a step-by-step approach to help, identify and evaluate choices as well as understand the consequences of decisions in terms of opportunity costs.
- offers the essential aspects of insurance contracts and the insurance industry while providing a substantially more conceptual analysis and attention to business risk management and public policy issues that exists in current texts.
Certificate in Insurance Planning is a single module program offered by LUGI.
The detailed syllabus as follows.
PART – 1 : FINANCIAL PLANNING
- Introduction to Financial Planning
- : Introduction
- : What is Financial Planning
- : How do you make financial planning work for your clients
- : The Financial Planning process
- : Income & Expense statement
- : Budgeting
- : Personal details
- : Cash flow statement
- : Net worth statement
- : Investment details
- : Insurance details
- : Estate planning data
- : Retirement planning data
- : Priorities
- Personal Financial Ratios
- : Introduction
- : Liquidity ratios
- : Savings to Income ratio
- : Debt to Income ratio
- : Net worth of an individual
- : Solvency ratio
- : Life insurance coverage ratio
PART – 2 : TIME VALUE OF MONEY
- Introduction to Time value of Money
- : Introduction
- : Time value of money – Theory & Concepts
- : Financial mathematics
- : Power of compounding
- : Time value calculations
- : Inflation versus Purchasing power
- : Real rate of return
- : Post tax return
- : Rule of 72
- : Annexure
- Time value of Money
- : Numerical
- : Practice test
- : FC manual
PART – 3 : Insurance
- Risk Management & Insurance
- : Introduction
- : Risk vs Uncertainty
- : Peril & Hazard
- : Classifications of hazard
- : Classification of Risks
- : Risk management quadrants
- : Risk management process flowchart
- : Concept of Insurance
- : Fundamental principles of Insurance
- : Requirement of Insurable interest
- : Legal aspects of Insurance
- : Main parts of an Insurance policy
- : Why insurance contracts are peculiar in nature?
- Life insurance
- : Introduction
- : Life insurance
- : Life expectancy trends in India
- : How much of Life insurance one needs?
- : Human Life Value Concept.
- : Elements of Life insurance policy
- : Main types of Life insurance policies
- : Annuities
- : Key man insurance
8.10 :Group insurance
- General insurance
- : Introduction
- : Important principles in general insurance
- : Coinsurance
- : Sum assured vs Sum insured
- : Cover note
- : Endorsement
- : Property insurance
- : Motor insurance
- : Personal accident & Disability insurance
- : Liability insurance
- : Health insurance / Mediclaim
- : Individual Mediclaim vs. Floater Mediclaim
- Group mediclaim insurance
- Overseas mediclaim / travel insurance
8 General Principles of the Law of Contract
2.9 Life Insurance Contract.
2.9.1 Proposal.
2.9.2 Competence to Contract.
2.9.3 Insurable Interest.
2.9.4 Policies on the life of Minors.
2.9.5 Policies on the life of others.
2.10 Principle of Indemnity.
2.10.1 Human Value Life Concept.
2.10.2 Representation and Warranty.
2.11 Section 45 of the Insurance Act 1938.
2.12 Indisputability of Policies.
2.14 Contracts which are Defective.
2.14.1 Void Agreement.
2.14.2 Void Contracts.
2.14.3 Voidable Contract.
2.14.4 Unenforceable Contracts.
2.14.5 Illegal Agreements.
- Group Insurance
3.1 Group and Individual Insurance.
3.1.1 Group Insurance.
3.1.2 Individual Insurance.
3.1.2.1 Terms Plans.
3.1.2.2 Savings Products.
3.1.2.3 Annuities.
3.1.2.4 Health Insurance.
- Calculations:.
3.21 Method to calculate life insurance need
3.21.1 Rules of thumb.
3.21.2 Needs approach.
3.21.3 Capital retention approach.
3.21.4 Capital liquidation approach.
3.21.5 Human life value approach.
3.22 Questions for revision.
- Annuities
4.1 Introduction.
4.2 Annuity Contract.
4.2.1 Immediate annuity.
4.2.2 Deferred annuity.
- property Insurance, claims etc.
6.1 Introduction.
6.2 Overview of the special legal principles applicable to insurance.
6.3 Structure of policies.
6.3.3 Claims.
6.3.4 General Claim procedures.
6.5 Property insurance.
6.10 Liability insurance.
6.11 Categories of liability insurance.
6.13 Product liability policy.
6.15 Professional indemnity policy.
6.20 Principles of motor insurance.
6.21 Motor vehicles act.
6.22 Provisions of the motor vehicles act, 1988.
6.23 Important definitions related with motor insurance.
6.24 Underwriting.
6.25 Insurance and road safety.
- Medical Expenses Insurance
7.1 Introduction.
7.2 Basic medical expenses coverage.
7.3 Major medical insurance.
7.4 7.4.1 Group plans.
7.4.2 Individual plans.
7.8 Total disability.
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