Standard: Understands business’s responsibility to know, abide by, and enforce laws and regulations that affect business operations and transactions
Performance Element: Understand government regulations pertaining to the finance industry to protect the company wellbeing.
Performance Indicators:
Discuss legal considerations in the finance industry (BL:133) (SP)
Discuss the effect of tax laws and regulations on financial transactions (BL:134) (SP)
Performance Element: Acquire a foundational knowledge of compliance to understand its nature and scope.
Performance Indicators:
Discuss the nature and scope of compliance in the finance industry (BL:148) (SP)
Describe the use of technology in compliance (BL:149) (SP)
Performance Element: Implement compliance measures in the insurance industry to adhere to regulatory requirements.
Performance Indicators:
Discuss federal and state regulation governing the insurance industry (BL:101) (SP)
Explain federally mandated health insurance requirements and restrictions (e.g., ERISA, COBRA, HIPAA, Affordable Care Act) (BL:137) (SP)
Comply with insurance regulations (BL:152) (SP)
Performance Element: Understand the legal environment of insurance to interpret insurance contracts.
Performance Indicators:
Discuss fundamental legal principles that pertain to insurance (e.g., indemnity, insurable interest, subrogation, utmost good faith) (BL:082) (MN)
Describe the nature of insurance contracts (BL:083) (MN)
Performance Element: Develop a compliance program to protect the company wellbeing.
Performance Indicators:
Develop policies/procedures to comply with regulatory requirements and self-regulatory guidelines (BL:150) (MN)
Explain the elements of a compliance program (BL:130) (MN)
Discuss functional areas of a compliance audit (BL:131) (MN)
Develop a compliance program (BL:132) (MN)
Measure compliance program effectiveness (BL:147) (MN)
Standard: Understands the techniques and strategies used to foster positive, ongoing relationships with customers
Performance Element: Understand characteristics, motivations, and behaviors of clients in finance to facilitate client interaction.
Performance Indicators:
Explain the responsibilities of finance professionals in providing client services (CR:012) (CS)
Performance Element: Utilize technology to facilitate customer relationship management.
Performance Indicators:
Use Customer Relationship Management (CRM) technology (CR:024) (SP)
Standard: Understands tools, strategies, and systems used to maintain, monitor, control, and plan the use of financial resources
Performance Element: Understand the fundamental principles of money needed to make financial exchanges.
Performance Indicators:
Explain legal responsibilities associated with consumer financial products and services (FI:063) (CS)
Performance Element: Manage personal finances to achieve financial goals.
Performance Indicators:
Explain the nature of estate planning (FI:572) (CS)
Performance Element: Understand the use of financial-services providers to aid in financial-goal achievement.
Performance Indicators:
Discuss considerations in selecting a financial-services provider (FI:076) (CS)
Performance Element: Use risk management products to protect a business’s financial well-being.
Performance Indicators:
Describe the concept of insurance (FI:081) (CS)
Obtain insurance coverage (FI:082) (ON)
Settle insurance losses (FI:083) (ON)
Performance Element: Identify potential threats and opportunities to protect financial well-being.
Performance Indicators:
Determine insurance needs (FI:571) (SP)
Performance Element: Understand financial markets to recognize their importance in business.
Performance Indicators:
Describe the role of financial institutions (FI:336) (CS)
Explain types of financial markets (e.g., money market, capital market, insurance market, commodities markets) (FI:337) (SP)
Discuss the nature of convergence/consolidation in the finance industry (FI:573) (SP)
Describe the relationship between economic conditions and financial markets (FI:574) (SP)
Explain the nature and scope of financial globalization (FI:575) (SP)
Standard: Understands tools, strategies, and systems needed to access, process, maintain, evaluate, and disseminate information to assist business decision-making
Performance Element: Utilize information-technology tools to manage and perform work responsibilities.
Performance Indicators:
Demonstrate advanced database applications (NF:124) (SP)
Performance Element: Acquire information to process insurance claims.
Performance Indicators:
Conduct a database search to obtain background information on claimants and witnesses (NF:184) (SP)
Use claims analytics (NF:204) (SP)
Performance Element: Utilize information-technology tools to underwrite an insurance policy.
Performance Indicators:
Use computer smart systems to assist in the underwriting process (NF:134) (SP)
Use the Internet to determine a potential client’s risk (NF:135) (SP)
Standard: Understands the processes and systems implemented to monitor, plan, and control the day-to-day activities required for continued business functioning
Performance Element: Manage agency accounts to protect the insurance company’s financial wellbeing.
Performance Indicators:
Notify client in writing when policy is cancelled (OP:287) (SP)
Monitor agency accounts (OP:288) (MN)
Performance Element: Prepare documentation to support insurance underwriting.
Performance Indicators:
Explain the elements of an underwriting file (OP:452) (SP)
Interview client (OP:453) (SP)
Determine client’s insurance needs (OP:454) (SP)
Process insurance documentation (OP:455) (SP)
Performance Element: Process a claim to fulfill company’s legal obligation to client.
Performance Indicators:
Discuss the nature of insurance claims (OP:188) (CS)
Process an insurance claim (OP:289) (SP)
Interview claimant, witnesses, medical experts, and/or other individuals as necessary while processing the claim (OP:290) (SP)
Inspect property damage (OP:291) (SP)
Evaluate injury claims and needed medical treatment (OP:371) (SP)
Assign value to an insurance claim (OP:372) (SP)
Compile claim report (OP:292) (SP)
Negotiate with claimant (OP:293) (SP)
Settle insurance claim (OP:294) (MN)
Performance Element: Use investigative techniques to identify insurance fraud.
Performance Indicators:
Discuss the nature of insurance fraud (OP:187) (SP)
Investigate suspected insurance fraud (OP:285) (SP)
Conduct surveillance work (OP:286) (SP)
Performance Element: Set prices for insurance products to generate company profit.
Performance Indicators:
Explain the nature of pricing and rate-making in insurance (OP:373) (SP)
Set rates for insurance products (OP:374) (MN)
Revise rates as appropriate (OP:375) (MN)
Standard: Understands concepts, tools, and strategies used to explore, obtain, and develop in a business career
Performance Element: Acquire knowledge of the insurance industry to obtain a foundation for employment in insurance.
Performance Indicators:
Describe the nature of the insurance industry (PD:157) (CS)
Discuss the role of supervisory/regulatory bodies in the insurance industry (PD:289) (SP)
Explain ethical issues in insurance (PD:290) (SP)
Discuss the nature of errors and omissions (E&O) claims made against insurance professionals (PD:291) (SP)
Discuss trends in the insurance industry (e.g., hacker insurance, identity theft insurance) (PD:224) (SP)
Discuss the manner in which insurance companies generate income (PD:222) (SP)
Explain the use of state risk pool programs (PD:223) (SP)
Describe alternative risk transfer (ART) techniques (e.g., reinsurance, self-insurance, captives) (PD:292) (SP)
Performance Element: Analyze careers in insurance to determine which role and responsibilities best match personal abilities and traits.
Performance Indicators:
Explain career opportunities in insurance (PD:293) (SP)
Performance Element: Explore career-advancement activities in insurance to enhance professional development.
Performance Indicators:
Discuss licensing and certification in the insurance industry (PD:225) (SP)
Describe the services of professional organizations in insurance (PD:294) (SP)
Performance Element: Acquire knowledge of insurance product and benefits to facilitate workplace activities.
Performance Indicators:
Describe components of automobile insurance coverage (PD:319) (SP)
Discuss the nature of health insurance coverage (PD:320) (SP)
Discuss components of homeowners/renters insurance (PD:321) (SP)
Explain the nature of liability insurance (PD:322) (SP)
Discuss the nature of life insurance (PD:323) (SP)
Describe the nature of disability insurance (PD:324) (SP)
Discuss components of flood and earthquake insurance (PD:325) (SP)
Discuss the nature of title insurance (PD:326) (SP)
Describe components of commercial property insurance (PD:327) (SP)
Explain the nature of commercial liability insurance (PD:328) (SP)
Discuss the nature of unemployment insurance (PD:329) (SP)
Explain the nature of workers compensation insurance (PD:330) (SP)
Discuss the nature of Medicaid (PD:331) (SP)
Explain the nature of Medicare (PD:332) (SP)
Discuss the nature of long-term care insurance (PD:333) (SP)
Discuss the role of life insurance in investment, retirement, and estate planning (PD:334) (SP)
Explain the nature of annuities (PD:308) (SP)
Discuss the nature of domestic and international business insurance (PD:335) (SP)
Evaluate an existing client’s insurance needs (PD:336) (SP)
Standard: Understands tools, techniques, and systems that affect a business’s ability to plan, control, and organize an organization/department
Performance Element: Identify potential business threats and opportunities to protect a business’s financial well-being.
Performance Indicators:
Explain the nature of risk management (SM:075, LAP-SM-075) (SP)
Standard: Understands tools, strategies, and systems needed to access, process, maintain, evaluate, and disseminate financial information to assist business decision-making
Performance Element: Acquire foundational knowledge of financial-information management to understand its scope and nature.
Performance Indicators:
Explain the role of ethics in financial-information management (FM:003) (SP)
Performance Element: Utilize financial information technology tools to manage financial information and perform work responsibilities.
Performance Indicators:
Describe the use of technology in the financial-information management function (FM:011) (SP)
Performance Element: Acquire foundational knowledge of financial information analysis to aid in financial decision-making.
Performance Indicators:
Describe techniques used to analyze customer financial information (FM:009) (SP)
Standard: Understands techniques and strategies used to gather, access, and evaluate the risk posed by potential insurance clients
Performance Element: Analyze the risk posed by potential clients in order to make insurance approval/denial decisions.
Performance Indicators:
Explain insurance underwriting techniques and processes (RA:004) (SP)
Discuss the nature of credit-based insurance scores (RA:002) (SP)
Explain the importance of actuarial science in the insurance industry (RA:001) (SP)
Underwrite an insurance policy (RA:003) (SP)
Measure underwriting results (RA:005) (MN)