Suitability of LTC, Life Insurance & Annuities in Canada
Instructor
UIE Phone
(253) 846-1155 Email
mail@uiece.com |
Course Overview
The course begins by looking at why governments may be able to provide greater access to needed health care services for all people than private industry is able to supply. The course looks at primary care, secondary care, and tertiary care, which are all involved in the structure of health care. In the case of Canada, the system is run by the provincial and territorial health care systems, but they must follow the federal standards, which is covered by the course.
COVID-19 affected healthcare systems globally, including Canada. The course looks at how the pandemic affected Canada and why governments around the world are now looking at ways to prevent future pandemics, or at least minimize them.
The course looks at Critical Illness insurance and the characteristics of this type of policy. Long-Term Care Insurance is especially covered since COVID highlighted the shortcomings in this type of health care everywhere, not just in Canada. It looks at the LTC reforms, including the Fixing LTC Act, 2021. Because long-term care costs are high, it examines the sustainability from an economic standpoint.
Life insurance products are discussed in this course in detail, making it ideal for new agents, but also giving details experienced agents may not be aware of. The course discusses the agent’s role, determining risk factors, and the chances of loss. The course examines the role played by the term, the law of large numbers, when determining underwriting risks. It also looks at the various types of risk that insurers consider. The course covers annuities, too. It looks at Canadian legislation regarding the Income Tax Act of Canada, provincial income tax legislation, pension legislation, insurance legislation, and succession legislation. General policy provisions are discussed, including longevity risk (the risk of outliving one’s money).
Lastly, anti-money laundering is covered since insurance is a primary target of such activities. The course discusses client due diligence, including determining the identities in face-to-face interviews when needed, to identify new clients in some cases. The course talks about suspicious transactions and how to recognize them. The term “red flag” signs are discussed as well.
Anti-money laundering activities and terrorism produces insurer risks, so of course, insurance companies want to avoid being involuntarily involved in such things. The course talks about the Proceeds of Crime and Terrorism Financing Act and know-your-client rules. |
|
Chapter |
Subject |
Description |
|
Chapter 1 |
Care Around the World |
Health and Long-Term Care |
|
Chapter 2 |
Life Insurance |
Life insurance, viatical settlements, trusts |
|
Chapter 3 |
Annuities |
Annuities and suitability |
|
Chapter 4 |
Anti-Money Laundering |
Identification of anti-money
laundering. |
ClearCert Approved.