Insurance: Products, Processes, and The Regulatory Environment

25 Questions

A. Products (P)

1. Individual / Group
   a. Whole Life
   b. Term Life
   c. Universal Life
   d. Endowments
   e. Property and Casualty
   f. Health
   g. Managed Care
   h. Disability
   i. Flood Insurance
   j. Dental
   k. Utilization Management
   l. Long-term Care
   m. Other
   
   
2. Pensions
   a. Qualified Plans
   b. Individual Retirement Plans
   c. Savings Plans
   d. Vesting
   e. Fiduciaries
   f. Annuities
   
   
3. Reinsurance

B. Processes (P)

1. Risk Management
   a. Reinsurance
   b. Reserves
   c. Asset/Liability Management
   d. Investments
   e. Actuarial
   
   
2. Underwriting
   
   
3. Treasury Operations (e.g., Cash Management)
   
   
4. Back-office Operations
   
   
5. Proof / Items Processing and Settlement
   
   
6. Claims
   
   
7. Policy Loans
   
   
8. Marketing Sales and Distribution (e.g., Insurance Agencies)
   
   
9. Mergers and Acquisitions

C. The Regulatory Environment (P)

1. Overview (e.g., Function of Insurance Regulators)
   
   
2. Laws and Regulations
   a. Reserve Requirements
   b. Financial and Personal Information Privacy
   c. Self-assessment of Internal Controls/Risk Management
   d. Securities and Exchange Commission

P=Candidates must exhibit proficiency (thorough understanding; ability to apply concepts) in these topic areas.
A=Candidates must exhibit awareness (knowledge of terminology and fundamentals) in these topic areas.