LEARN. GROW. SUCCEED.
Class of Business Training: Long-Term Insurance
Build practical knowledge of assistance, life risk, life investment, fund, sinking fund and reinsurance policies within South Africa’s Long-Term Insurance Class of Business.
About the Long-Term Insurance COB course
This course provides a structured introduction to the main categories of Long-Term Insurance products and the environment in which these products are designed, distributed, serviced and regulated.
To begin with, learners examine assistance policies and life risk policies. Thereafter, the course explains life investment, fund and sinking fund policies. Learners also explore the role of reinsurance in managing insurance risk.
In addition, the course considers business cycles, legislation, taxation and relevant industry standards. Consequently, learners develop a broader understanding of the factors that influence Long-Term Insurance products and customer outcomes.
What is Class of Business training?
Class of Business training provides knowledge about a particular class or subclass of financial products. It is broader than training on one insurer’s specific product and forms part of the competence requirements applicable to relevant financial-services roles.
What you will learn
Upon completion, learners should understand the main Long-Term Insurance subclasses as well as the legal, economic and industry environment in which these products operate.
Assistance policies
Explain the purpose, features, benefits, limitations and practical use of assistance policies.
Life risk policies
Explain how life risk policies protect against events such as death, disability or severe illness.
Life investment policies
Understand investment-linked insurance products, policy values, charges, risks and potential customer outcomes.
Fund policies
Understand insurance policies connected to funds and the roles played by insurers and fund structures.
Sinking fund policies
Describe the purpose, structure and general characteristics of sinking fund arrangements.
Reinsurance
Explain how insurers transfer or share Long-Term Insurance risk through reinsurance arrangements.
Economic influences
Recognise how inflation, interest rates and business cycles may affect insurers, policies and customer outcomes.
Legislation and taxation
Understand the main legal and tax considerations relevant to Long-Term Insurance policies.
Industry standards
Explain how relevant industry codes and standards support professional conduct and fair customer outcomes.
The six subclasses covered by this course
The course covers the Long-Term Insurance subclasses listed in Annexure Three of Board Notice 194 of 2017.
Assistance Policy
Policies designed to provide defined assistance benefits, often connected to funeral and related needs.
Life Risk Policy
Policies that provide benefits when an insured life event, such as death or disability, occurs.
Life Investment Policy
Policies that include an investment component whose value may depend on investment performance.
Fund Policy
Long-Term Insurance arrangements issued to or connected with a fund and its benefit obligations.
Sinking Fund Policy
Policies structured to accumulate or provide capital according to agreed policy terms.
Long-Term Reinsurance Policy
Arrangements through which an insurer transfers or shares Long-Term Insurance risk with another insurer.
Nine Long-Term Insurance learning modules
Work through the modules in sequence. Select a module below to open that lesson and continue your training.
Assistance Policy
Features, benefits, market participants, risks and practical customer considerations.
Open Module 1 →Life Risk Policy
Risk events, life cover, underwriting, claims, exclusions and customer-protection considerations.
Open Module 2 →Life Investment Policy
Investment-linked policies, returns, charges, risk, liquidity and suitability considerations.
Open Module 3 →Fund Policy
How fund policies operate and how insurers, funds, employers, members and beneficiaries may interact.
Open Module 4 →Sinking Fund Policy
The structure, purpose and principal characteristics of sinking fund policies.
Open Module 5 →Reinsurance Policy
Why insurers use reinsurance and how insurance risk may be transferred or shared.
Open Module 6 →Business Cycles
How changing economic conditions may affect insurers, investments, policy values and customer behaviour.
Open Module 7 →Impact of Legislation and Tax on Life Insurance Policies
The principal legal and tax considerations influencing policy design, advice, servicing and benefits.
Open Module 8 →The Applicable Industry Codes
The role of industry standards and codes in promoting professional conduct and fair customer outcomes.
Open Module 9 →Your online learning journey
You are already enrolled. You do not need to register, purchase or enrol in the course again.
Designed for Long-Term Insurance roles
Financial services representatives
Representatives who render financial services in relevant Long-Term Insurance product categories.
Key individuals
Key individuals who manage or oversee financial services relating to applicable Long-Term Insurance classes.
Compliance professionals
Compliance personnel who monitor competence, onboarding, supervision and training records.
Insurance support teams
Staff who support insurance advice, intermediary services, servicing, claims or policy administration.
What learners should remember
COB includes different subclasses
Completing training for one subclass does not automatically prove competence in every other Long-Term Insurance subclass.
COB is broader than one product
COB training covers the general product category, while product-specific training addresses a particular supplier’s product.
Economic conditions matter
Interest rates, inflation and investment markets can affect insurers, policies and customer outcomes differently.
Training must be recorded
FSPs must maintain appropriate evidence of completed COB and product-specific training in the competence register.
Legislation supporting your learning
These resources provide important regulatory context for Long-Term Insurance Class of Business training.
FAIS Act
The Financial Advisory and Intermediary Services Act regulates the rendering of financial services in South Africa.
View the FAIS ActBoard Notice 194 of 2017
This Board Notice contains the Fit and Proper Requirements, including the Class of Business framework.
View Board Notice 194 of 2017Insurance Act
The Insurance Act provides the prudential regulatory framework applicable to insurers.
View the Insurance ActFinancial Sector Regulation Act
The FSR Act establishes the broader regulatory framework for South Africa’s financial sector.
View the FSR ActPolicyholder Protection Rules
The Policyholder Protection Rules establish requirements intended to support fair treatment and protection of policyholders.
View insurance regulatory resourcesProtection of Personal Information Act
POPIA regulates the lawful processing and protection of personal information.
View POPIAQuestions about Long-Term Insurance COB training
Do I need to enrol again?
What is Long-Term Insurance COB training?
Which Long-Term Insurance subclasses are covered?
Is this the same as product-specific training?
Can I download the learner manual?
How many modules does the course contain?
Complete all nine modules and assessments
Select the relevant module from the course curriculum to continue your training. If you are starting for the first time, use the Start or Continue Learning button at the top of the page to open the course resources.
You must log in and have started this course to submit a review.