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Chartered Life Underwriter®/Singapore (CLU®/S)

   


Register For CLU®/S Examination
Examination Schedule
Download CLU®/S Programme Brochure

Programme Description
This eight-course self-study programme leading to the award of the CLU®/S professional designation focuses on the protection, accumulation, preservation, and distribution of the economic values of human life. Candidates will also learn the most current financial planning strategies for individuals and for business owners.

Who Will Benefit

  • Financial Planners / Life Insurance Advisers
  • Relationship Managers
  • Bancassurance Staff
  • Life Insurance Brokers
  • Other insurance professionals whose job responsibilities require in-depth knowledge of financial planning principles, practices and products, and those wishing to obtain a professional insurance / financial planning qualification for their career advancement
  • Entry Requirement

    Candidates who register for the CLU®/S Programme must have completed the Chartered Financial Consultant® (ChFC®/S) Programme or the Diploma in Life Insurance (DLI) Programme.

    DLI holders may earn the Chartered Life Underwriter®/Singapore (CLU®/S) designation by completing the following three additional modules:

  • Investments
  • Planning for Business Owners and Professionals
  • Group Benefits and Health Insurance


  • ChFC®/S holders may earn the Chartered Life Underwriter®/Singapore (CLU®/S) designation by completing the following four additional modules:

  • Individual Life Insurance
  • Life Insurance Law
  • Life Insurance Company Operations
  • Group Benefits and Health Insurance
  • How These Qualifications Can Help Career Development

  • Have a good understanding of insurance company functions and operations, individual life insurance products and concepts, such as surrender values, policy provisions, and selection and classification of risks.
  • Know the laws relating to life insurance and legal issues that affect the validity and enforcement of life insurance contracts.
  • Gain knowledge of the process, tools and concepts of financial planning and investments.
  • Apply the basic tax concepts and skills to deal with individual income, expenses and allowances.
  • Learn the various types of estate planning tools, such as wills, trusts, powers of attorney and life insurance.
  • Discuss the major types of investments and risk profiles.
  • Use a systematic approach to risk management, insurance and retirement planning.
  • Gain insights on the importance of business succession planning and buy-sell agreements.
  • Provide knowledge of group employee benefit insurance and the market know-how to serve employers.
  • Module Description

    • Individual Life Insurance (CLUS01)

    • Provides an in-depth knowledge of life insurance, its underwriting process and the role of claim assessors. It covers a wide range of topics from the basis of life insurance, product design and pricing, to the various types of life, annuity and disability insurance products.

      The CLUS01 Study Text consists of 561 pages (excluding Supplementary Notes).

    • Risk Management, Insurance and Retirement Planning (CLUS02)

    • Focuses on the use of risk management techniques in treating the risks faced by individuals. It also provides an outline of the basic insurance principles, as well as the various classes of insurance, given the importance of insurance in the risk management process. In addition, it presents the steps in insurance planning to equip the candidates with the knowledge on how to perform insurance planning services.

      Candidates will be taught the importance of retirement planning, the possible sources of retirement funds, how to invest for retirement, how to help their clients overcome inadequate retirement resources as well as the steps involved in quantifying one’s retirement needs.

      The CLUS02 Study Text consists of 271 pages (excluding Supplementary Notes).

    • Life Insurance Law (CLUS03)

    • Examines the legal aspects of life insurance, including basic principles of contract law, incontestable clause, assignments, law of agency and the rights of beneficiaries.

      The CLUS03 Study Text consists of 256 pages (excluding Supplementary Notes).

    • Life Insurance Company Operations (CLUS04)

    • Provides a good understanding of the life insurance company’s operational processes. It also covers specific functions such as claims handling, new business, information technology, actuarial management and marketing.

      The CLUS04 Study Text consists of 683 pages (excluding Supplementary Notes).

    • Financial Planning: Process and Environment (CLUS05)

    • Provides an overview of the financial planning process, including communication techniques, ethics, risk tolerance, time-value-of-money concepts and financial planning applications. It also offers an understanding of the role and responsibilities of a financial planner, along with some analytical skills to aid in financial decision making.

      The CLUS05 Study Text consists of 290 pages (excluding Supplementary Notes).

    • Investments (CLUS06)

    • Covers the different risks and returns from the various forms of investments, as well as the types of investment strategies that can be taken, given the increasingly challenging investment environment. It also provides a systematic approach to investment planning and how to deal optimally in a volatile market.

      The CLUS06 Study Text consists of 364 pages (excluding Supplementary Notes).

    • Planning for Business Owners and Professionals (CLUS07)

    • Focuses on the various forms of business structures, and highlights the risks and returns involved in a business investment. It also provides insights on buy-sell agreements and the importance of planning for business succession.

      The CLUS07 Study Text consists of 387 pages (excluding Supplementary Notes).

    • Group Benefits and Health Insurance (CLUS08)

    • Provides the technical knowledge and market know-how to service employers in this important aspect of their needs. It analyses group employee benefit insurance, including the environment, insurance products, contract provisions, benefit design, risk management, marketing, underwriting, rate making, plan design, plan administration, claims and renewal processes. It also discusses voluntary and flexi-benefit and cafeteria plans.

      The CLUS08 Study Text consists of 304 pages (excluding Supplementary Notes).

    Examination Format & Structure

    Examinations for all modules in English are conducted weekly, according to the Examination Schedule.


    Examination Duration Examination Format Minimum Passing Grade
    2 Hours (per module) 100 Multiple-Choice Questions 70%


    Examination Fees

    (Applicable For 2016)


    Fees Per Module Member Company Non-Member Company
    First Attempt
    (with Study Text)
    S$385.20 S$423.72
    Each Subsequent Attempt
    (without Study Text)
    S$107.00 S$117.70
    Note: The registration fee of S$21.40 (inclusive of 7% GST) is waived for registrations in 2016.

    CPD Hours Awarded

    CLUS01 to CLUS08: 2 CPD hours per module for the relevant examination passed.

    Qualifying Requirements To Be A CLU®/S Holder

    Education Requirement

    The candidate must pass the examinations for all the eight modules and meet all other course and ethics requirements.

  • Sequence Of Examination Attempts
    There is no sequence of examination attempts for the CLU®/S Programme. Candidates are allowed to take any of the modules in any sequence based on the Examination Schedule.

  • Number Of Attempts Allowed
    There is no limit on the number of attempts that a candidate can take to complete each module, subject to the Examination Schedule and the maximum period for completion as specified.

  • Maximum Period For Completion
    To obtain the CLU®/S designation, DLI and ChFC®/S holders are given another three consecutive years to pass the additional three and four modules respectively. The three-year period commences from the date of the first examination registered. If the candidate does not complete all the modules within this time limit, the modules previously completed will no longer be valid and the candidate will be required to re-take all modules.

  • Time Bar For Examination Completion
    Please note that it is the candidate’s responsibility to monitor his or her own time bar for the examination completion of the CLU®/S Programme accordingly. The SCI will not send any notification to remind the candidate in this respect.
  • Experience Requirement
    Three years of full-time business experience is required for the award of the CLU®/S designation. The three-year period must be within the five years preceding the date of the award. An undergraduate or graduate degree from an accredited educational institution qualifies as one year of business experience.

    Ethics Requirement
    To comply with the high ethical standard expected of a Chartered Life Underwriter®/Singapore, every holder of the CLU®/S designation must sign a statement agreeing to be bound by the Code of Ethics.

    SCI reserves the right to withdraw the CLU®/S designation should any CLU®/S holder be found to violate the CLU®/S Code of Ethics.

    Continuing Professional Development (CPD) Requirement

    To maintain the designation, the CLU®/S holder is required to register a minimum of 30 hours of CPD credits with SCI every two years. The CPD credits for each reporting period must comprise educational activities in acceptable subject matter areas. The CLU®/S holder must have independent verification for the 30 CPD hours in the event of being audited. Independent verification should consist of grade reports, attendance certificates, transcripts, or written confirmation of attendance from the relevant organisation. Written confirmation should include the name, topics addressed, date and duration of programme, and a signature of an authorised representative. Renewal of the CLU®/S designation is subject to the fulfillment of the required CPD requirements.

    If the CLU®/S holder did not fulfil this requirement, he /she will not be allowed to use the designation till the required CPD hours have been fulfilled accordingly.

    CLU®/S Designation
    Candidates who successfully meet the education requirement and the necessary experience and ethics requirements will be entitled to apply for the CLU®/S designation awarded by SCI under licence from The American College, with the word “Singapore”. This is because the studies are based on Singapore laws. If the CLU®/S holder wishes to practise in the US, he or she will need to take the US equivalent papers for the CLU/US title. The CLU/S title is not transferable in this case.

    ChFC®/S / CLU®/S Connection
    SCI ChFC®/S / CLU®/S Connection is set up specially for the ChFC®/S / CLU®/S graduates and candidates in the region to communicate and interact with SCI. This platform features activities, as well as news and updates, relevant to the interests of the ChFC®/S / CLU®/S graduates and candidates.

    Recognition Of Prior Learning (RPL) Credits Awarded By The Chartered Insurance Institute (CII)

    Singapore College of Insurance qualification

    CII recognition of prior learning award until 31 January 2019

    Chartered Life Underwriter®/Singapore (CLU®/S)

    15 Certificate-level non unit-specific credits in the Insurance framework

    or

    an exemption from (AWF) Award in Financial Planning (15 Certificate-level credits in the Financial Services framework)

    The CII will accept applications based on the completed qualification. Students must have completed the full qualification without being awarded exemptions from any of the eight modules.

    Candidates are however advised to familiarise themselves with the CII RPL Scheme rules and application process before submitting their applications.

    We also wish to draw the attention of candidates to the following statement by the CII:

    "At its sole discretion, the CII reserves the right to make, amend and/or withdraw credit awards which are the subject of this application at any time, on due notice as it sees fit and without monetary compensation. Under no circumstances will the CII accept any liability for consequential, indirect or special losses or special damages of any kind arising out of or in any way connected with the awarding or withdrawal of credit awards. The award of credits in the CII’s qualification framework is a privilege and not a right and awards can change over time as qualification frameworks evolve. There is no intent to bring legal relations into being or otherwise establish a contractual relationship between the CII and students."

    Should you have any further questions with regard to CII RPL credits or application, you may contact the CII Customer Service team at +44 (0) 20 8989 8464 or e-mail to: customer.serv@cii.co.uk.

    Pathway To The Australian And New Zealand Institute Of Insurance And Finance (ANZIIF) Membership

    Candidates who complete the Chartered Life Underwriter®/Singapore (CLU®/S) Programme are eligible to apply for 60 points towards the 100 points required for ANZIIF Fellow CIP membership.

    The Australian and New Zealand Institute of Insurance and Finance (ANZIIF) is the leading membership body and provider of education, training and professional development services to the insurance and financial services industry in Australia, New Zealand and the Asia-Pacific region. Established in 1884, ANZIIF has more than 14,000 members in over 50 countries. With offices in Australia, New Zealand and China, our mission is to lead, engage and support the industry through education, thought leadership, community initiatives and the promotion of professional standards. Through our activities, we aim to help members to achieve their career and corporate aspirations and to contribute to the success of the insurance and financial services industry.

    ANZIIF members are recognised throughout the insurance and financial services industry as professionals who are qualified, knowledgeable and committed to excellence in their fields. You can read more about CIP on the ANZIIF Website at: https://theinstitute.com.au/membership/cip

    For more information on the ANZIIF membership application and applicable fees payable, you can refer to this link at: https://theinstitute.com.au/membership/about-membership. Do note that ANZIIF reviews its membership criteria, benefits and eligibility requirements from time to time. All decisions on election to membership will reflect the requirements at the time of application.

    Programme Changes
    SCI solely reserves the right whether or not to accept any candidate, or to make any changes (including the fees) owing to any unforeseen circumstances, or when it considers necessary or appropriate to do so.

     
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