| CODE | INS3070 | |||||||||
| TITLE | Life Assurance and Pensions | |||||||||
| UM LEVEL | 03 - Years 2, 3, 4 in Modular Undergraduate Course | |||||||||
| MQF LEVEL | 6 | |||||||||
| ECTS CREDITS | 4 | |||||||||
| DEPARTMENT | Insurance | |||||||||
| DESCRIPTION | Objectives: To provide the student with: - The meaning, purpose and use of life insurance and pensions business; - A thorough understanding of the legal aspects of life insurance; - An overview of the various types of life insurance policies insurance policies and the essential features of the various types of policies; - A thorough understanding of the practice of life insurance; - An overview of the regulatory framework in Malta affecting life insurance business; - An overview of the various types of pension, retirement and “at retirement” policies and of the essential features of the various types of policies; - An overview of current developments in the life insurance market in Malta and in the EU. Contents: Lecture 1 - Principles of Life Insurance - Purpose - Economic principles - Types of life insurance - Actuarial principles - The long term nature of life insurance Lecture 2 - The Contract of Life Insurance - Nature of the contract - Formation of the contract - The policy - The premium - Key features of life insurance policies - Ways of writing an insurance policy Lecture 3 & 4 - Legal Aspects of Life Insurance - Utmost Good Faith and non-disclosure - Insurable Interest - The Civil Code (Amendment) Act 2005 “Of Life Insurance Contracts” - Part II of Book Second of the Civil Code. Lecture 5 - Proposal Forms - Legal significance - Parties to a Proposal Form - Key features - Supplementary Proposal Forms - Financial Questionnaires Lecture 6 - Types of Life Insurance Policies (1) - Non-Participating Policies (Protection Policies) - Participating Policies (with-profits) - Critical Illness - Group Life - Policy riders and optional extensions Lecture 7 - Types of Life Insurance Policies (2) - Investment Policies (Unit-Linked Policies) - Capital Guaranteed Policies - Unitised with-profits Policies Lecture 8 - Principles of Underwriting Life Insurance - Purpose of Underwriting - Factors involved in assessing and rating risks - Sub-standard risks - Underwriting in practice Lecture 9 - Claims and Benefit Payments - Death Claims - Claims under riders and optional extensions - Surrenders and Partial Surrenders - Maturities - Paid-up - Loans - Policy Loans - Assignment - Designation of Beneficiaries Lecture 10 - Retirement and “At Retirement Policies” - Individual retirement plans - Group Retirement plans - Annuities - Equity Release Policies Lecture 11 - The Life Insurance Market in Malta and in the EU - MFSA - Malta Insurance Association - Distribution Channels - Premium Income Lecture 12 - The Regulation of Life Insurance in Malta (1) - Overview of regulatory framework - Product Disclosure Lecture 13 – The Regulation of Life Insurance in Malta (2) - Consumer Protection - Data Protection - Professional Secrecy - Product Disclosure Lecture 14 - The Regulation of Life Insurance in Malta (3) - Protection and Compensation Fund - Statutory Obligations - Anti – Money Laundering Regulations - Morality and Ethics in Life Insurance Main Text/s and any supplementary readings: Reference Material: - Law of Life Assurance – Houseman, David & Davies etc. Witherby, 2001. - Life Assurance Law and Practice – Peter Hamilton. London FT Law and Tax 1995. - The Law and Practice of Life Assurance Contracts - Andrew McGee. London Sweet & Maxwell 1995. Important Websites: - Malta Financial Services Authority – www.mfsa.com.mt - Financial Services Authority – www.fsa.gov.uk - Association of British Insurers – www.abi.org.uk - The Chartered Insurance Institute – www.cii.co.uk - The Geneva Association – www.genevaassociation.org - The Committee Europeean d’Assurances (CEA) – www.cea.eu - Swiss Re - www.swissre.com - Munich Re – www.munichre.com - Aviva – www.aviva.com |
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| STUDY-UNIT TYPE | Lecture and Tutorial | |||||||||
| METHOD OF ASSESSMENT |
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| LECTURER/S | Denise Bezzina Victor Farrugia |
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The University makes every effort to ensure that the published Courses Plans, Programmes of Study and Study-Unit information are complete and up-to-date at the time of publication. The University reserves the right to make changes in case errors are detected after publication.
The availability of optional units may be subject to timetabling constraints. Units not attracting a sufficient number of registrations may be withdrawn without notice. It should be noted that all the information in the description above applies to study-units available during the academic year 2023/4. It may be subject to change in subsequent years. |
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