Kathmandu. The Nepal Insurance Authority (NIA) has unveiled the curriculum for the insurance agent’s license. Along with this, beside attending training the aspirants for agency license have to follow the subjects based on the syllabus and pass the written exam to qualify for a new license.
The new Insurance Act 2079 provides for the mandatory examination of the insurance agent while issuing the license. The Authority has stated that even in the case of persons who have not obtained insurance agent training and license before 22 Kartik 2079, must pass the above examination for obtain a license.
According to the Authority, the full marks of the exam will be 100 and one has to score at least 50 to pass the examination. Objective questions with 2 marks of each will be given in the examination. The certificate will include the details of the examinee along with the marks obtained in the written examination.
Life Insurance Agent Training and Examination Course:
Unit 1 : Risk and Risk Management:
Meaning of risk, classification of risk, insurable risk, distress, hazard and loss, risk management and methods of risk management
Unit 2: Introduction to Insurance:
Insurance, purpose of life and non-life insurance, types of insurance, benefits of insurance, operation system of insurance, insurance and feasibility
Unit 3: Insurance Agents:
Introduction of insurance agent, type of insurance agent, liability of insurance agent to the insurer, liability of the insurance agent to the insured, liability of the insurer to the agent, process to acquire agency license, professional importance of an insurance agent, seizure of agency license.
Unit 4: Principles of Insurance:
Principle of utmost good faith, principle of insurable interest, principle of indemnity, principle of proximate cause, principle of anticipation, principle of contribution, principles of insurance applicable in whole or in part to life insurance.
Unit 5 : Insurance:
Introduction, types of life insurance policies, terminologies of insurance policies, terms and conditions, individual and group insurance, supplementary contracts(riders), types of insurance with and without participation in profit, insurance premiums calculation table
Unit 6 : Documents related to life insurance
Proposal Form, KYC Form, Insurance Premiums Receipt, Policy Document, Endorsement, Rider, Insurance Premium Payment or Renewal Notice, Policy Renewal Form and Other related Documents
Unit 7 : Insurance Premiums and Bonus
Insurance Premium and Calculation of Insurance Premiums, Bonus and Calculation of Bonus, Calculation of Paid-up Value and Surrender Value, Policy Loan against the collateral of Policy Document, forfeiture of Insurance Policy, Mortality Table
Unit 8: Underwriting
Introduction of Underwriting, Classification of risk based on Underwriting, Preliminary risk assessment, financial and medical risk assessment, risk assessment process, agent’s confidential report, insured and agent monitoring, source of income, insured’s occupational exposure, factors affecting underwriting, Underwriting Manual, Nomination and Assignment
Unit 9: Insurance Claim
Introduction Claim Process, Claim Documents, Claim Payment Process, Role of Agent in Insurance Claim Payment Claim Payment Guideline or Manual, Types of Claims, Death Claims, Maturity Claims, Survival Claims,Claims under Rider (Supplement Contract)
Unit 10 : Marketing of Life Insurance
Agency Profession, Customer Service, After Sales Service, Service During Insurance Claim, Marketing of Life Insurance, Consumer Behavior, Ethical Marketing and its Challenges, Mis-selling of insurance Policy, Liability of Insurance Agents towards Public.
Unit 11 : Insurance Agents and Taxation
Scope of tax exemption on life insurance, tax levied on remuneration of insurance agent, insurance agent and tax registration certificate
Unit 12 : Legal Provisions Relating to Insurance
Insurance Act, 2079, Insurance Regulations, 2049, Code of Conduct for Insurance Agents, Guidelines on Asset Clearance, Legal Provisions on Insurance Agents
Unit 13 : Insurance Market
Nepal Insurance Authority, Life Insurance Company, Non-Life Insurance Company, Insurance Agent, Insurance Surveyor, Third Party, Facilitator, Other Insurance Service Provider, Insurance Information Center, Insured Interest Protection Fund, Insurance Bridge, Insurance Development Fund
