Risk Management and Insurance Planning Learning

Risk management and insurance planning

Managing risk and planning for the unexpected are critical aspects of personal financial planning. By improving your understanding of these areas, you’ll be well-placed to assist clients with these challenging issues.

As an experienced practitioner, you can expand your knowledge across various topics, including:

• The risk management planning process
• Needs analysis and insurance contracts
• Life insurance types and features
• Key characteristics of annuities
• Personal risk insurance
• Group insurance and other employee benefits
• Executive and deferred compensation arrangements
• Closely held businesses

Navigating the insurance landscape

You’ll also explore fundamental aspects of the insurance industry, such as:

• The regulatory environment
• Professional responsibilities
• The insurance carrier environment

This knowledge will give you a firm context from which you can guide clients through the complex and specific considerations involved with making decisions about risk and protection.

Applying core principles in practice

You’ll be able to tie together the theoretical and practical aspects of the insurance industry and its position in the world of personal financial planning. You’ll examine how various elements of risk management and insurance planning integrate with other areas of personal financial planning, including:

• Tax planning
• Retirement planning
• Estate planning
• Charitable planning

This will help you to maximize the value and support you can offer to your clients.

About the Personal Financial Planning Certificate Program

The Personal Financial Planning Certificate Program is a series of certificates covering the core areas of personal financial planning (PFP), including retirement, estate, risk management and insurance, and investment planning, and how tax planning relates to each area. This certificate program is a combination of education and a certificate exam that gives you the opportunity to enhance your knowledge and demonstrate competence in that specific discipline.

Who Will Benefit

CPAs, financial planners, and qualified professionals with basic knowledge of, and interest in, personal financial planning.

Key Topics

• The risk management planning process
• Needs analysis and insurance contracts
• Life insurance
• Annuities
• Personal risk insurance
• Group insurance and other employee benefits
• Executive and deferred compensation arrangements
• Closely held businesses

Learning Objectives

• Identify the risk management process used to uncover a client’s risk exposure.
• Distinguish between the three types of life insurance needs analysis.
• Determine the type of term life insurance contract based on death benefit and premium payment.
• Distinguish between types of annuity contracts based on key features including the type and timing of benefit payments and other key characteristics.
• Distinguish between various types of medical insurance plans.
• Distinguish between different types of group life insurance considering specific characteristics and issues.
• Distinguish between various executive compensation arrangements.
• Identify specific issues relating to closely held businesses, including valuation, liquidity events, and implications of family member involvement.