Principles of Life Insurance and Pensions
6 Credits (ECTS)
Principles of Life Insurance and Pensions
Get 70% back via Tax Credit
Module Description
The Principles of Life Insurance and Pensions module introduces students to the practices and principles that define life insurance and pensions products, including insurance savings and investment products.
The module tackles the types of risks that customers are exposed to, namely mortality and longevity risks as well as illnesses or accidents which result in financial losses and describes how the life and pensions industry can help manage these risks.
The students will also be exposed to the various principles applicable to long term contracts of insurance and regulatory considerations applicable to these products.
The module addresses the legal and regulatory framework applicable to such contracts, including the protection of customers.
Entry Requirements
Candidates who apply for this course must possess one of the following:
• A related qualification at MQF Level 4
and/or
• One ‘A’ Level or equivalent and a pass in English Language*, Mathematics, and/or Business Studies at MQF Level 3 (‘O’ Level or equivalent).
• Preference will also be given to applicants having 1 year work experience related to the study programme.
*In the case of students who do not possess all the formal required academic qualifications, then the Recognition of Prior Learning (RPL) process could be applied such that if evidence of equivalent learning is found then the applicant could still be accepted in the course.
Target Audience
This course is targeted at:
- Individuals seeking to advance their academic and professional knowledge in Insurance.
- Individuals wanting to pursue a wide range of career paths within the insurance profession.
- Individuals wanting to enhance their ability to interpret, assess and communicate insurance related information.
Career Paths
This programme leads to a bachelor’s qualification that will cover the general requirements of the Chartered Insurance Institute, which will secure the competences for individuals who aspire for professional roles in this industry.
The potential positions for which this programme aims to prepare could be and are not limited to:
- Claims: Claims Handler Surveyor, Claims Executives
- Insurance Compliance Officer
- Insurance Advisor
- Insurance Business Analyst / Consultant
- Insurance Operations Executives
- Insurance Product and Business Development Executives
- Risk Management Executives
- Underwriting Executives
How you’ll be assessed
The course comprises:
- Evening classes for part-time courses.
- Classes held throughout the day for full-time courses.
- Guided learning, presentations, comprising synchronous online discussions, tutorials and/or videos.
- Self-study hours comprising research, reading and assignment work.
Assessment
Assessment is carried out via two mandatory components:
- Assessment 1
- Assessment 2
The programme includes different forms of assessment which allow for and promote students’ critical engagement. The assessment tasks may include an in-class assignment and/or a home-based written assignment using diverse assessment tools which may take the form of online and in-class discussions, examinations, case studies, reports, proposals, essays, and presentations, etc., as applicable to the diverse modules.
Additional Info
Upon successful completion of this course, students will be eligible for a 70% refund of the cost through the ‘Get Qualified’ scheme.**
Due to the modular structure of the course, you may also opt to take individual modules as stand-alone. The entry requirements still apply.***
*Prices are applicable to students who reside in Malta at the time of applying.
**Terms and conditions apply.
*** For the price of individual modules, please contact the IDEA College team.
Learning Outcomes
Competences:
At the end of the module/unit the learner will have acquired the responsibility and autonomy to:
- Discuss the role and value of the Life and Pensions sector within the insurance industry.
- Outline expectations and financial needs of the typical customer.
- Explore the role of financial protection products, savings and investment products, and pensions in customer solutions.
- Identify the main income options in retirement.
- Explore operations of Life and Pensions firms.
- Outline key principles of good customer service.
- Explain legal, ethical, and regulatory principles and responsibilities in the life insurance and pensions industry.
- Differentiate between general and life insurance products and contractual principles.
- Explain how long-term contracts of insurance can be used as retirement planning vehicles and how they are different from other non-insurance pension products.
Knowledge:
At the end of the module/unit the learner will have been exposed to the following:
- Discuss the role and value of the Life and Pensions sector within the insurance industry.
- Outline expectations and financial needs of the typical customer.
- Explore the role of financial protection products, savings and investment products, and pensions in customer solutions.
- Identify the main income options in retirement.
- Explore operations of Life and Pensions firms.
- Outline key principles of good customer service.
- Explain legal, ethical, and regulatory principles and responsibilities in the life insurance and pensions industry.
- Differentiate between general and life insurance products and contractual principles.
- Explain how long-term contracts of insurance can be used as retirement planning vehicles and how they are different from other non-insurance pension products.
Skills:
At the end of the module/unit the learner will have acquired the following skills:
- Identify how providers of long-term contracts of insurers can offer financial protection to consumers.
- Identify how the state and private institutions help in assuring sufficient retirement income to consumers.
- Illustrate the purpose and role of long-term contracts of insurance within the financial services sector.
- Describe the importance of having sufficient income during retirement.
- Identify the main organisations within the life and pensions sector and, also, the main functional areas within these organisations.
- Explain how providers and consumers interpret, respond to, and manage mortality and longevity risk.
Module-Specific Communication Skills:
The learner will be able to:
- Communicate ideas, problems, and solutions to both specialist and non-specialist audiences.
Module-Specific Learner Skills:
At the end of the module/unit the learner will be able to:
- Identify the main organisations within the life and pensions sector and, also, the main functional areas within these organisations.
Module-Specific Digital Skills and Competences:
The learner will be able to:
- Navigate through the online learning platform to benefit from assignments, discussion boards, literature, tutorials etc.