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Insurance Planning

Course Description:

Insurance Planning is the second course in the ASM- Executive and Professional Education Center (EPEC) – Greene Consulting Hybrid Format of the CFP® Certification Professional Education Program. This course provides an in-depth overview of insurance products and insurance planning. The course covers both private and public sector forms of insurance.

Grading:

Successful completion of this course requires two elements: attendance at all live, instructor-led course sessions, and a passing score of 80% or better on the 25-question midterm and a passing score of 80% or better on the 25-question final exam.

Course Schedule:

The live, instructor led sessions meet every other Saturday from 9:00 AM – 12:00 PM. It is expected that the students participate in the online lessons for each program according to their pace and schedule, provided that their assignments are aligned with the discussion/review in the instructor led sessions.

Learning Objectives:

By the end of this course, you will be proficient in the Fundamentals of Insurance

Planning. You will be expected to: 1) Explain the risk management process, differentiate between the different

types of risk exposures, and describe the various forms of risk control2) Apply the following fundamental concepts of insurance:

a. Insurable vs non-insurable risk

b. Insurance contract requirementsc. Legal characteristics of insurance contracts

d. Basic policy parts and componentse. Cost control

3) Explain the key characteristics of property and liability insurance, including:

a. How to properly value propertyb. Deductibles, co-insurance, and settlement limits

c. Key liability exposuresd. Negligence

4) Analyze key risk exposures possible with various homeowners insurance

policy types, and how to properly address key exposures for clients5) Analyze key risk exposures of owning an automobile and how to properly

protect clients with use of the personal auto policy6) Explain the key characteristics of commercial property and liability insurance,

including the following topics:

a. Direct versus indirect loss

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b. Settlement of property claimsc. Commercial auto insurance

d. General liability insurancee. Business liability exposures and coverages, such as directors and

officers liability, and workers compensation7) Demonstrate proficiency and compare and contrast the key differences of

individual medical insurance expenses and group medical expense insurance,

including the following key topicsa. Major medical insurance

b. Managed Care Plansc. Health Savings Accountsd. Federal Income Tax issues

e. Medicaref. Medicaid

g. COBRAh. Group dental and vision, cafeteria plans, flexible spending accounts

8) Describe key characteristics of disability income and long-term care

insurance, determine the need for disability income insurance, and assessthe need for and proper application of long-term care insurance

9) Demonstrate proficient understanding of Social Security, including when aworker and beneficiary are covered, how to achieve various levels of status,what disability benefits are available, and possible tax implications of benefits

10) Calculate a client’s life insurance need using capital needs, financial needs,and human life value approaches

11) Compare and contrast the various types of life insurance12) Demonstrate proficiency in the common policy provisions and conditions of

life insurance13) Describe the various ways to purchase life insurance and how life insurance

is priced, and be able to properly recommend based on client needs and

financial capabilities14) Analyze the tax implications of life insurance

15) Describe the business uses of life insurance, specifically the role of lifeinsurance in business continuation

16) Explain the key characteristics of deferred and immediate annuities, and

analyze the appropriate use based on client needs

Prerequisites:

Fundamentals of Financial Planning

Lessons:

Lesson 1: Principles of Risk and Insurance Lesson 2: Fundamentals of Insurance

Lesson 3: Property and Liability Insurance Fundamentals Lesson 4: Homeowners Insurance

Lesson 5: Personal Auto and Umbrella Liability Policies Lesson 6: Commercial Property and Liability Insurance Lesson 7: Individual Medical Expenses

Lesson 8: Group Medical Expense Insurance

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Lesson 9: Disability Income and Long-Term Care Insurance Insurance Planning Midterm Exam (25 Questions)

Lesson 10: Social Security Lesson 11: Calculating the Use of Life Insurance as a Risk Management Tool

Lesson 12: Types of Life Insurance Lesson 13: Life Insurance Policy Provisions and Conditions Lesson 14: Purchasing and Pricing Life Insurance

Lesson 15: Income Taxation of Life Insurance Lesson 16: The Irrevocable Life Insurance Trust

Lesson 17: Business Uses of Life and Disability Insurance Lesson 18: Deferred Annuities - A Tax-Deferred Accumulation Vehicle Lesson 19: Immediate Annuities - A Tax-Advantaged Income Planning Tool

Insurance Planning Final Exam (25 Questions)

Textbook:

Title: Insurance Planning, 5th EditionAuthors: Dalton, Dalton, Langdon and GilliceEdition: 5thPublisher: Money Education