Certificate In Insurance Salesmanship Examination Syllabus

LIFE:

SUBJECT 30 - PRINCIPLES AND PRACTICE OF LIFE ASSURANCE:

Nature of Insurance - Brief History of Life Insurance - Comparison of Life Assurance with other forms of Insurance - Advantages of Life Assurance.

Organisational setup of LIC of India - Structure of LIC - Review of Working of LIC by Committees - OIC Pattern - Branch as a unit of Growth & Profit - Growth of L.I. Business - Unit Linked Life Insurance Plan, Postal Life Insurance.

Principles of Life Assurance - Economic Principles - Legal Principles - Actuarial Principles.

Elements in Computation of Life Assurance Premium - Mortality- Interest-Expenses - Level Premium System - Calculation of Age - Steps involved in calculation of premium

Selection and classification of Risks - Factors for assessing risk -sources of information - How to find the degree of risk - Numerical method of rating - Methods of Rating - Insurance on Female lives - Non-medical business-Agent's Role as a underwriter

Salient features of important plans - (a) Term Assurance Plans. (b) Whole Life Plans (c) Endowment Plans (d) Combination of whole life & endowment plans (e) Children's Plans (f) Annuity Plans.

Important Stages from Proposal to Policy

Policy conditions and privileges conditions - Forfeiture - Proof of Age, Travel, Residence, Occupation - Suicide - Installment Premium - Privileges - Days of grace - Revival - Claim concession - Non-forfeiture -Surrender - Loans-Calculation of paid up value, Surrender and Loan - Assignment- Nomination- Settlement option-Alterations-Supplementary benefits-Claim settlement-Discounted claim.

Group Schemes - Salient features - Group term assurance scheme - Group Superannuation Scheme -Group Gratuity Scheme - Group Insurance Scheme inliew of EDLI - Group savings Linked Insurance Scheme.

Valuation - Need for Valuation - Difference between Profit and Surplus - Methods of finding out liabilities- Methods of Distribution of bonus-Calculation of Bonus-Loyalty Addition

COMMON:

SUBJECT 31 - INSURANCE SALESMANSHIP :

Salesmanship - An introduction - Knowledge of why people buy - why selling is required - persuading customers -Customer satisfaction - Product knowledge -Salesman-Customer relationship-Flexibility in approach - Kinds of salesmanship.

Basic Principles - Product Variations - Risks - Determination of Value - Human life values - Protection - Indemnity - Good faith sharing -Underwriter - Planning - Limitations - Faith in product

Prospecting - Why Prospect - Prospecting Attitude - Who is a prospect - Source for names : Nests, Centres of influence, Referred Leads, Orphaned policy holders, Claimants, Cold Canvass-Qualifying of names - Basics.

The Selling Process - Steps (a) Pre- approach (b) Approach (c) Interview (d) Objection - close - Pre-approach-Using information to the advantage - Preparation - Approach in an appointment interview -Approach to a preferred lead - Approach in the endless chain method - Interview - Planned Presentation - Uncovering the need - Motivation - The Closing efforts - The Standard Close - Automatic Close - Challenge Close - Circumstantial Close.

Objections - Opportunity - Ways of meeting objections - Some common objections and their answers - Stock Answers - Objection during approach - Objections in closing.

Segment wise Selling -Division of market into segments

Service- No substitute - Making after sale service calls - Review - Better value - Reassurance - Beneficial cycle -strong bonds.

Corporate bodies - Difference in corporate bodies and individuals - Tough Customers - Prospecting - Pre-approach-Approach - Interview -Tact Knowledge -Caution -Service.

Human life values and life insurance - Definition of Human Life Value and the Significance of the concept - Characteristics of Human Life Value - Possibility of Loss of human life value - Capitalization and indemnification of human life value.

Tax laws and Life insurance - Specialised selling under Tax Law - Key man Insurance, Partnership insurance, Employer - Employee Scheme.

On being professional - importance of training - The Personality - Time Management - Self-Discipline - Agents Clubs-Gratuity & Term Insurance.

Customer Satisfaction - Consumerism, Consumerism in LIC, consumer Protection Act.

NON-LIFE:

SUBJECT 32/41 - PRINCIPLES AND PRACTICE OF GENERAL INSURANCE.

Risk and Insurance - Nature of Insurance contracts - Functions of Insurance.

Basic Principles of Insurance - Utmost good faith - Insurable interest - indemnity -Subrogation - Contribution -Proximate cause.

Practice of insurance - Insurance forms - Premium - New Business and Renewal procedure -Co-insurance-physical and moral hazard-Claim procedure.

Structure of Insurance market in India - Insurance legislation- General Insurance Business (Nationalisation) Act, 1972 -The Insurance Act, 1938 (as amended) - Agency Commission structure.

Scope of fire, marine, accident, aviation, engineering agricultural insurances.

Note: The candidates are expected to have a broad knowledge of :

• Risks covered under standard policies.

• Risks covered by extra-premium

• Policy conditions

• Rating and underwriting factors and

• Claims processing

Principles and process of insurance Salesmanship - Servicing -Selection, training and supervision of agents - Development staff scheme - Loss Control measures.

Note: There will be two questions of objective type. Out of 10 questions, candidate is expected to attempt any 8 questions.

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