Introduction to

INSURANCE IN SUPER - Part 1

 
1Sep
Registration
1:00pm
Start
1:00pm
Finish
4:30pm
NOTE: Times are in AEST
Virtual Classroom
Members
$495.00
Professional Subscribers
$560.00
Starter Subscribers
$590.00
Non-Members
$625.00
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CPD 3.5

Introduction to Insurance in Super - Part 1

This course examines the evolution of group life insurance in super, and how today’s complex legislative and regulatory landscape, along with industry standards and fund demographics, have formed the insurance offerings currently made by super funds to their members.

The course also explores the parties involved in group life insurance, the types of benefit designs offered, how claims are managed, and the role of underwriting. 


Who should register?

Anyone wishing to meet their ongoing CPD obligations with a positive educational experience, or gain a new or expanded understanding of group life insurance as an industry newcomer, current fund employee, trustee director, service provider or regulator.

 

Accreditation

Upon successful completion of the course, participants will receive 3.5 CPD points and an AIST Statement of Completion.

 

Learning outcomes

Understanding:

  • trustee obligations in making default insurance available to members and beneficiaries
  • how funds establish and maintain their insurance offering
  • the benefits that are provided to members
  • how claims are managed

Topics will include

  • history & evolution
  • how group life differs from non-super insurance
  • features & benefits
  • definitions & the conditions of release
  • eligibility & ineligibility
  • automatic acceptance
  • dangerous occupations
  • SIS Act covenants
  • Superannuation Prudential Standard (SPS) 250 Insurance in Superannuation
  • types of cover
  • member segmentation
  • pricing
  • insurer selection
  • establishing, managing & monitoring the insurer relationship
  • contents of the GL contract
  • unitisation, fixed premium/cover or age & salary-based cover
  • cross-subsidisation
  • purpose and possible outcomes of underwriting
  • privacy obligations
  • preservation & conditions of release
  • definitions & evidence required
  • trustee discretion & dealing with beneficiaries
  • types of nominations
  • valid and invalid death benefit nominations
  • categories of dependants
  • taxation & administration of benefit payments
  • lump sums vs income streams

Course duration

Three and a half hours including short breaks.

 

Dates

Virtual Classroom
1 September 2022
1:00 pm - 4:30 pm AEST
Register here
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Important notes

Delivery methods

Interactive public or in-house virtual classroom sessions conducted using zoom video conferencing, or face-to-face classroom workshops (if available).

 

Course Assessment

Participants are not required to complete an assessment for this course.

 

”Yesterday I zoomed into the AIST Insurance in Super course. I gather this is a new course for AIST and I found it very worthwhile, the presenter was excellent and I would recommend it to other Trustee Directors. For me it dealt with new material I haven’t covered in the other training I have undertaken.”

Wendy Wills – Trustee Director and Claims Review & Investment Committee member at NGS Super