Underwrite Complex Life Insurance Risks

This course describes the skills and knowledge required to apply complex risk assessments to the underwriting of a life insurance application.

Suitability

The course applies to individuals who use specialised knowledge to assess risk and make decisions, within the level of delegated authority in the life insurance industry.

Learning Outcomes

By the end of this workshop, you should be able to:

• Identify non-routine, complex aspects of a life insurance risk
• Review and interpret risk information
• Complete and document a risk assessment in accordance with organisational processes and procedures
• Explore the underwriter’s scope of authority
• Determine the appropriate approach to take regarding the risk and establish terms, conditions and premium of contract.

Day One

Introduction to life insurance 

• The major risks covered by life risk policies
• The different types of life insurance products
• Various types of policy ownership
• Regulatory requirements that apply to the life insurance applicant and underwriter
• The role of the underwriter in complex risk assessment.\

What is covered

• Introduction to life insurance
• Components of life insurance contracts
• Legal and regulatory considerations
• Industry regulators for life insurance
• The Life Insurance Code of Practice
• The role of the underwriter

Identifying complex life insurance risks 

• The different types of life risks
• Interpreting medical information that are associated with complex risks
• Identifying resources to support the review of life risks.

What is covered

• Understanding life risk
• Understanding medical terminology
• Resources for understanding medical conditions

Day Two

Assessing life insurance risk 

• Reviewing the application form
• Assessing complex risks and determining different risk factors 
• Requesting and reviewing supporting information

What is covered

• Complex risk factors
• Review and interpret complex risk
• Life risk factors

Establishing the terms and conditions 

• Establishing acceptability of life risks
• Determining appropriate terms and conditions 
• Finalising and issuing life insurance policies according to legislative and regulatory requirements.

What is covered

• Approaches to risk acceptance
• Non-standard rates
• Non-standard exclusions and policy conditions
• Assessing specific medical risk
• Post-acceptance administration