FSP101 - Insurance Licensing Program

Outline information
Semester
Schools offering this subject
Last revision date Oct 21, 2019 10:01:57 AM
Last review date Oct 21, 2019 10:01:57 AM

Subject Title
Insurance Licensing Program

Subject Description
This course prepares students to meet the requirements for Life Insurance and Accident and Sickness (A&S) licensing. Today's licensing requirements mandate certification through a regulator approved provider and training program. Seneca has achieved both of these distinctions. Students will be introduced to a basic history of the Life Insurance Industry, products common to all companies and the financial models of today's product providers. Products covered include insurance, financial investment instruments and a broad array of living benefit plans, such as medical (group and personal), critical illness and long term care. The course concludes with a basic grounding in insurance law, contract law, regulation and professional standards for agents. Upon successful completion of the course modules, with the minimum grade requirement, you will have met the necessary requirements to write the Provincial Licensing Exam. To be eligible to register for the Provincial Licensing Exam, you must be registered with the Canadian Insurance Participant Registry - CIPR. 

Credit Status
One credit.

Learning Outcomes
Upon successful completion of this subject the student will be able to:

  1. Describe the principles of insurance, and how insurance companies evolved.
  2. Identify the types of insurance products, how they evolved, and the agent's role in their distribution.
  3. Advise clients on the function insurance plays in the creation and preservation of their estates.
  4. Analyze different types of policies, benefits, and riders and how to apply them to their clients’ needs.
  5. Calculate clients’ income replacement needs and compare types of disability policies and their riders.
  6. Explain the different types of healthcare products.
  7. Analyze the benefits of group insurance and other accident and sickness products.
  8. Explain the various types of investments products, major classes of securities and insurance investment products.
  9. Describe the basic investment strategies, concepts and terms and how to apply them.
  10. Explain the importance of underwriting (evaluation of risk) and the key role that the agent plays in it.
  11. Conduct retirement planning interviews.
  12. Explain the principles, concepts and technique of risk management.
  13. Describe the legal issues and regulations concerning life insurance and its distribution.
  14. Describe how an agent's Professional Conduct is mandated by the different provincial acts and regulations.

Academic Integrity
Seneca upholds a learning community that values academic integrity, honesty, fairness, trust, respect, responsibility and courage. These values enhance Seneca's commitment to deliver high-quality education and teaching excellence, while supporting a positive learning environment. Ensure that you are aware of Seneca's Academic Integrity Policy which can be found at: http://www.senecacollege.ca/about/policies/academic-integrity-policy.html Review section 2 of the policy for details regarding approaches to supporting integrity. Section 2.3 and Appendix B of the policy describe various sanctions that can be applied, if there is suspected academic misconduct (e.g., contract cheating, cheating, falsification, impersonation or plagiarism).

Please visit the Academic Integrity website http://open2.senecac.on.ca/sites/academic-integrity/for-students to understand and learn more about how to prepare and submit work so that it supports academic integrity, and to avoid academic misconduct.

Discrimination/Harassment
All students and employees have the right to study and work in an environment that is free from discrimination and/or harassment. Language or activities that defeat this objective violate the College Policy on Discrimination/Harassment and shall not be tolerated. Information and assistance are available from the Student Conduct Office at student.conduct@senecacollege.ca.

Accommodation for Students with Disabilities
The College will provide reasonable accommodation to students with disabilities in order to promote academic success. If you require accommodation, contact the Counselling and Accessibility Services Office at ext. 22900 to initiate the process for documenting, assessing and implementing your individual accommodation needs.