- FSL501 Serving The Life Insurance And Superannuation Customer, OR
FSL507 Serving The Life Insurance Customer (New Zealand)
- FSL502 Life Insurance And Superannuation Law and Regulation, OR
FSL508 New Zealand Life Insurance Law And Regulation
- FSL503 Life Insurance Distribution
- FSL504 Life Insurance Products
- FSL505 Life Insurance Underwriting
- FSL506 Life Insurance Claims
Course delivery and assessment is offered by way of distance learning.
ANZIIF has now established a Life Insurance Industry Advisory Group and a number of representatives on this panel are members of ALUCA thus ensuring that the content of the Diploma remains relevant for our members.
ALUCA is proud to sponsor an annual prize of $2,000 that will be awarded to the student who achieves the highest marks in the ANZIIF Diploma of Life Insurance.
About CII 555 and CII 556
These internationally recognised units are available by distance learning and examinations can be undertaken at various exam centres around the world including in Sydney. We anticipate that students will be able to sit exams elsewhere in other capital cities from 2009.
CII 555 is jointly developed by the Chartered Insurance Institute and the Assurance Medical Society (AMS) and forms part of the Diploma in Life and Disability Underwriting (DLDU).
CII 556 is jointly developed by the Chartered Insurance Institute, the Assurance Medical Society (AMS) and the Health Claims Forum and forms part of the Diploma in Life and Disability Claims (DLDC).
About the ALUCA Professional Day
It is anticipated that this full-day course will be offered once a year. Expert speakers will be invited to speak on subject areas including Product Development; Legal and Regulatory Issues; Underwriting; Claims and Distribution.
Is it necessary to complete both FSL505 Life Insurance Underwriting and CII 555 Life and Disability Underwriting?
You must complete either CII 555 or 556. If you are working in underwriting you should complete CII 555. If you are an underwriter and you intend to complete CII 555 you must still complete FSL505 as the two units are very different. FSL505 is intended to provide you with an understanding of basic underwriting concepts relating to risk assessment of the range of life products available within the Australian marketplace. CII 555 provides a very much more detailed understanding of the mechanics of life and disability underwriting and includes advanced chapters on medical and non-medical underwriting.
Is it necessary to complete both FSL506 Life Insurance Claims and CII 556 Life and Disability Claims?
You must complete either CII 555 or 556. If you are working in claims you should complete CII 556. If you are working in a claims related discipline and you intend to complete CII 556 you must still complete FSL506 as the two units are very different. FSL506 is intended to provide you with an understanding of basic claims concepts including how to determine the validity of a claim, assess the impact of a claim, manage continuing claims, calculate and make claim payments and how to contribute to the policy review process. CII 556 provides a very much more detailed understanding of the mechanics of life and disability claims and includes advanced chapters on medical aspects of claims assessment, disability assessment, rehabilitation, financial assessment, actuarial considerations and the availability and usefulness of claims assessment tools etc.
Exemption for previous studies with the Australian Insurance Institute
Recognition of prior learning will be granted to members who are able to provide evidence of previous study to Senior Associate level with the Australian Insurance Institute. This will provide an exemption for the Diploma of Financial Services - Life Insurance. These members will still need to complete CII 555 or CII 556 and attend an ALUCA Professional Day. No other exemptions apply and no exemption will be provided for study with the Australian Insurance Institute to Affiliate level.
Exemption for previous studies with the Academy of Life Underwriting
Recognition of prior learning will be provided to members who have completed the ALU series of examinations up to and including ALU301 (or the earlier Research Paper). Such studies will count as an exemption for CII 555 only. Students who have only partly completed the ALU studies will have the choice of continuing to ALU301 or completing CII 555. In all cases, members will still need to complete the Diploma of Financial Services - Life Insurance (or provide evidence of prior studies to Senior Associate Level).
Prerequisites
Although there are no prerequisites, we would recommend that unless you have a background in medicine or an allied health discipline that you consider completing a medical terminology course. Further information may be obtained from individual Universities and Hospitals, or from the website of The Medical Register of Australia
http://medical.cenvue.com/medical_term_course.html
Ongoing Education
Upon qualifying as a Senior Associate of ALUCA, members are required to maintain up-to-date technical skills and knowledge through ongoing professional development equivalent to that specified in the ANZIIF Certified Insurance Professional (CIP) program. This is currently set at 25 points per calendar year. (See ANZIIF website for current Points Allocation Table.)
Academy of Life Underwriting Studies
In 1993, ALUCA negotiated a pathway for Australian Students to become certified up to Certificate, Diploma and Fellow levels with the Academy of Life Underwriting. Underwriters following this path need to complete the ANZIIF Diploma of Financial Services - Life Insurance so as to be eligible for recognition as CALU, AALU or FALU. This arrangement will remain in place and members may wish to undertake the ALU examinations as a means of continuing their education. However, members should understand that one of the reasons for transitioning to CII studies is based on feedback that the ALU studies are overly focussed on North American principles of risk selection, there is little emphasis on the type of products that we underwrite here in Australia and the course design does not cover the full range of topics that is examined in CII 555.
Accreditation
The Diploma of Financial Services - Life Insurance is benchmarked against the Australian Quality Framework (AQF) system, resulting in a quality assured and nationally recognised qualification. Successful completion of FSL501 and FSL502 (both included within the Diploma for Australian students) satisfies ASIC's PS 146 Tier 1 compliance for life insurance and superannuation.
Fellowship
ALUCA plans to develop an additional tertiary-based fellowship level that will sit above the senior associate studies outlined above. We hope to announce further details in the future.
Costs
There are six modules within the Diploma of Financial Services and the current fee for 2008 is $730 (NZ $810) per module.
The 2008 fees for the CII modules are £106 for the examination entry fee and £113 for the coursebook and update service. These estimates are based on Institute member discounts and higher fees will apply for persons who are not members of the Institute. If selected, the continuous assessment option also attracts a higher fee.
The professional day will be offered free to ALUCA members who have completed both the Diploma of Financial Services - Life Insurance and one of the CII units.
Duration of Study
How long it takes is up to you. The Diploma of Financial Services - Life Insurance can be readily completed within 2 years. Each module encompasses 50-70 hours of study time and is designed around a standard study period of 15 weeks. Examinations are held every 2 months.
Exams for the CII units are held in April and October of each year and each unit requires a minimum study commitment of 120 hours.
Enrolling for Study
Students should enrol directly with ANZIIF and the CII. Online enrolment forms can be obtained from ANZIIF or the Chartered Insurance Institute
Need More Information?
For further information regarding ALUCA's education policy, please contact Cecilia Urie
ANZIIF CIP Guide (2007) - click here to download the latest ANZIIF CIP Guide including Points Allocation Table.
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