Given that “jobless recovery” is the new normal, is being a
Chartered Life Underwriter truly is a recession proof form of employment?
By: Ringo Bones
Even though recession has already “officially” ended in
America and yet jobless recovery has since become the new normal, it seems that
in every newspaper’s classified ads and online job search sites, Chartered Life
Underwriters seems to be in hot demand as of late. Given that it has a “claim-to-fame”
of being a recession proof form of employment, what is a Chartered Life
Underwriter?
Chartered Life Underwriters (CLUs) are a financial
professional designation for individuals who wish to specialize in life
insurance, estate planning and wealth transfer. The Chartered Life Underwriter
– as a designation – was first given by The American College of Financial
Services, also known as The American College, in Bryn Mawr, Pennsylvania,
U.S.A.
Technically, a Chartered Life Underwriter is a professional
who has passed examinations on taxation, insurance and investments. He or she
should also have planning experience with regards to life insurance. Chartered
Life Underwriters typically undergo ten courses, 3 years of relevant and
qualifying experience as well as the knowledge and obedience to the code of
ethics as provided to the Chartered Life Underwriter. The courses aim to
provide in-depth training that is concentrated on life insurance and personal
insurance planning. There is also an exam after the end of the courses.
3 comments:
The term Chartered Life Underwriter refers to a certification program that serves as an indication of expertise in insurance products. The Chartered Life Underwriter Exam or CLU Exam, is developed and administered by the American College of Financial Services. The purpose of the certification is to ensure professionals are qualified to provide individuals and business clients with advice on topics such as health insurance and life insurance as well as estate and tax planning.
The Chartered Life Underwriter Exam or CLU Exam refers to a program consisting of five college-level courses and three electives. Each course takes approximately three weeks to complete with the entire outline progression of study running from six to nine months in duration.
A typical Chartered Life Underwriter curriculum consists of the following five core courses: 1) Fundamentals of Insurance Planning which includes insurance needs, risk management, industry operations, legal principles and regulation. Insurance topics include life, annuities. medical, disability, long-term care, personal property and liability. 2) Individual Life Insurance - includes policy types, use of annuities in financial planning, insurance reserves and investments. 3) Life Insurance Law - includes legal rights and obligations of the policy owners and insurers, resolving disputes, the judicial process, contract law, policy provisions, assignments, ownership rights, beneficiary designations, disposition of proceeds and privacy issues. 4) Fundamentals of Estate Planning - includes estate and gift tax planning, valuation, transfer, administration, property taxes, strategies, trusts, wills, power of appointment, marital deductions, buy and sell agreements in addition to ethics. 5) Planning for Business Owners and Professionals - includes legal and tax aspects of business formation, compensation, buy-sell agreements, estate planning, transfers and disposition of business interest.
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