PREMIUMS, BASICS PLANS AND RIDERS

Classification according to Coverage

The car you have chosen is ready to go. You can join the Class A racing class, this is the advanced circuit
for the drivers with more experience. This race is extremely challenging, but you have the driving skills
to win it all you need to do is learn basic plans classified according to coverage

In this classification the focus is the number of lives covered under the life insurance policy.

Individual
The first type of plan classified according to coverage is the individual policy, these policies provide
protection to one person hence the name There is only one Insured in this type of plan.

Individual policies are also called Ordinary insurance since these are payable annually, semi-annually or
quarterly basis.

Individual policies may also be paid on a monthly basis through payroll deduction in the form of Salary
Savings insurance.
Joint
The second type of plan classified according to coverage is called joint life insurance. Joint Life plans
provide protection to two or more persons, allowing a single plan to have 2 or more Insureds.

The basic joint life plan pays the death benefit to the beneficiaries at first death, which means upon the
death of any of the insureds, after proceeds are paid out the policy terminates.

Joint and Last Survivor insurance on the other hand extends coverage until the last person being
covered in the policy dies.
Group
The third type of classification according to coverage is the Group Life plan. This type of plan provide
protection to a group of people, such as employees of a company.

In this case the policyowner is the company and the insured are the employees of that company, and
most group policies pay dividends to the employer. A Group policy covers death due to natural or
accidental causes whether during office hours and in the place of employment or outside the job.

A single master policy covers the entire group, and the group members do not receive a policy but
receive individual insurance certificates.

A covered employee who terminates his employment continues to be covered for 31 days after the
termination date during this period he can exercise his conversion privilege and convert his coverage to
an individual policy without evidence of insurability.

In most companies, the agent's role in marketing group life insurance is limited to securing the
necessary appointment for the home office group marketing people.
Contributory vs. Non-contributory
Group policies may either be contributory or non-contributory
In a contributory group policy, the employer and employees share in the premium payment. At least
75% of the group members must be included in the plan.

In a non-contributory group policy, the employer pays for the entire premium. 100% of the group
members must be included in the plan.

In either case it is assumed every member of the group is insurable provided that, every member is
working a minimum number of hours usually 30 hours a week.

Riders
In your quest to win the Motorama Cup, you need to upgrade your vehicle. Although you selected a fast
machine, you need to upgrade it with accessories to give you an advantage in the race.

These accessories will improve the performance of your vehicle and you will use your winnings from the
last race to purchase them.

Much like how these accessories enhance the features of your race car, Riders enhance the features of
the Basic Plans, and in the same way that accessories would be useless unless you have a vehicle, Riders
cannot be purchased on their own unless attached to a Basic Plan.

Riders are supplemental benefits attached to the Basic Plan to expand the features of the plan at a
minimal additional cost. These can cover uncertainties that basic plans cannot cover on their own, like
accidents, disability, hospitalization and illnesses to name a few.

Accidental Death Benefit

One of the things that will improve the performance of your race car is a set of racing wheels and tires,
this provide greater stability and grip in cornering around the Motorama track.

To add a new set of racing wheels to your vehicle, you need to learn about the Accidental Death Benefit

The Accidental Death Benefit or ADB pays an additional amount which in most cases is equal to the
basic plans face amount in case the cause of the insured's death is accidental in nature.

This is commonly referred to as double indemnity and requires that the death occurs within 90 days
from the date of the accident and is caused by external, violent and accidental means.

Good Job! Now that you understand what the Accidental Death Benefit does, you can have your pit
crew replace your wheels and tires. This will surely make a difference during the race.

Waiver of Premium due to Disability

Spoilers are accessories that affect the performance of your race car by improving the aerodynamics,
which translates to faster lap times, and allows your car to travel at higher speeds.

To add spoilers to your vehicle, you need to learn about the Waiver of Premium due to Disability or WPD

Waiver of Premium due to Disability is a rider which waives the premiums payable under the policy in
case the insured becomes totally and permanently disabled.
To be totally and permanently disabled means uninterrupted disability for not less than 6 months which
prevents the insured from engaging in any occupation, employment or business for which he is suited by
education or experience. If this is the case of the insured the life insurance company will no longer
require him to pay premiums for as long as the disability lasts. During the period when premium
payments are being waived under this benefit, the cash value of the policy will increase and the policy
will continue to earn dividiends if participating.

Good Job! Now that you understand what the Waiver of Premium due to Disability is, you can have your
pit crew install the spoilers. This will surely make a difference during the race.

Payor's Benefit
A good exhaust system for your car, improves the flow of air, allowing the engine to breath and expel
the exhaust fumes and prevent clogging of your engine

To upgrade the exhaust system of your vehicle you need to learn the Payor's Benefit

The Payor's benefit is attached to a juvenile policy and is a type of Waiver of Premium rider. When the
Policyowner or Payor dies or becomes totally and permanently disabled the premiums of the policy will
be waived until the child reaches a specified age when he can earn and pay for the premiums of the
policy on his own.

Good Job! Now that you understand the Payor's Rider you can have your pit crew upgrade your car's
exhaust system. This will surely make a difference during the race.

Guaranteed Insurability Option

Aside from being able to accelerate rapidly, race cars also need to be able to stop and slow down
efficiently, this can be done better if you have racing brakes.

To upgrade the brakes of your vehicle you need to learn about the Guaranteed Insurability Option.

The Guaranteed Insurability Option of GIO provides an opportunity for people to buy specific amounts
of additional life insurance coverage at stated future intervals without the need to show evidence of
insurability This means that the insured will automatically pay the standard rate since there would be
minimal underwriting requirements.

Good Job! Now that you understand the Guaranteed Insurability Option your pit crew will upgrade your
car's brakes. This will surely make a difference during the race.
Term Insurance Rider
To maximize the performance of you vehicle, engine upgrades are necessary, biger engines provide,
bigger horsepower and make you go faster around the track.

To upgrade the engine of your vehicle you need to learn about the Term Insurance Rider also known as
the Supplemental Term Rider
The Term Insurance Rider provides an additional amount of coverage for a minimal cost, the rider has its
own face amount separate from the coverage of the basic policy. Upon the death of the insured the face
amount of the basic and the face amount of the term rider will be payable.

Good Job! Now that you understand the Term Insurance Rider your pit crew will upgrade your car's
engine. This will surely make a difference during the race.
Family Income Rider
Now that your race car has been upgraded, one last modification will make it the fastest during the race.
Nitrous Oxide is an extra boost of fuel that will increase your acceleration and speed with the push of a
button

To install Nitrous Oxide tanks to your vehicle you need to understand the Family Income Rider

The Family Income Rider is a type of decreasing term insurance that may be attached as a rider to a
permanent plan. It generally provides a monthly allowance in addition to the face amount up to the end
of the decreasing term period.

Good Job! Now that you understand the Family Income Rider your pit crew will add Nitrous Oxide
tanks. Now it's time for the moment you have been waiting for, start your engines, this is the final race
to win the Motorama Cup

Click on NEXT to race!

POLICY PROVISIONS

1st Yellow Flag - Entire Contract Clause

You are at your First Yellow Flag called the Entire Contract Clause!This clause states that:

First - The policyowner is assured that every word of the contract is contained in the contract. The
contract is made up of the policy and the attached application including a report of physical condition.
The contract cannot be affected by later changes, since all the company's obligations and the
policyowner's rights have already been written.

Second - The company accepts the applicant's statements as representation. This means that, to the
best of the applicant's knowledge, the statements are true. Even if the statements are found to be
untrue, the contract may still hold. The company would have to prove that it relied so heavily on an
untrue statement that it otherwise would not have issued the policy, or would have issued it with
modifications.
Click on Back to Provision Mountain to see your progress

2nd Yellow Flag - Ownership Provision

You are at the Second Yellow Flag called Ownership Provision

This provision states that policyowners have valuable rights under their insurance contracts. In this
provision, policyowners have the right to assign, transfer, or have their policies amended. They can also
change their beneficiaries and exercise every option and privilege provided in their contracts or allowed
by company practice.

They also have full right to cash values and dividends, if any, under their policies. They may also transfer
these rights to others if they so desire.

3rd Yellow Flag - Premium Payment

You are at the Third Yellow Flag called Premium Payment

The Premium Payment clause tells that premiums may be paid either annually, semi-annually and
quarterly.

After the contract becomes binding with the payment of the first premium, the payment of the
subsequent premiums is entirely dependent on the will of the insured. Therefore, as long as the
policyowner keeps on paying the premiums, the company is bound to carry out its part of the contract,
whatever the future may be.

4th Yellow Flag - Grace Period

You are at the Fourth Yellow Flag called Grace Period

The Grace Period Provision occurs when the policyowner neglects to pay premiums on the due date of
the policy. This provision protects the policy from lapsing.

The insured is given a period, normally 30 days, to pay for his premium after the due date. In this
scenario, the policy is still in-force and has not lapsed yet. If the insured passes away within this period,
the proceeds of the policy will be deducted by the unpaid premium due.
5th Yellow Flag - Policy Loan

You are at the Fifth Yellow Flag called Policy Loan

One of the privileges the insured can take advantage of during the lifetime of the policy is the right to
loan against its cash value. Within prescribed limits, policyowners may borrow money against their
policies if they wish.

However, the amount should not exceed the cash value of the policy. These loans may not be called by
the company and the policyowners may repay the loans at any time but be careful for interest on the
loans will be charged to the policyowner.

If the loan is unpaid at the time of death of the insurred, loan balances and any interest due are
deducted from the proceeds of the policy at the time of claim settlement.

6th Yellow Flag – Assignment

You are at the Sixth Yellow Flag called Assignment

A life insurance policy is an asset. Since it is their property, policyowners have the right to transfer or
assign them.

If they wish to secure loans, they, as assignors can assign their policies temporarily to the lenders as
security for the loan. The policy is said to be assigned.

The assignment clause sets forth the procedure of assigning one's policy. Because a life insurance
company is involved, the policyowner must notify the company in writing, of any assignment and the
company will accept the validity of the assignment without question.

The recipient of a policy is called the assignee.

7th Yellow Flag - Dividend Options

You are at the Seventh Yellow Flag called Dividend Options

Dividends are paid on participating policies. At the end of the year, the company issuing participating
policies looks over the year's operations. If there were fewer claims than anticipated, investment
earnings were better than expected and expenses were less than estimated, then a surplus results. The
company can return a part of the policyowner's premium in the form of dividends.

Dividends vary from year to year and generally start to build up after the second year.

To get your dividends, there are 5 options to choose from. Policyowners may:

1. Choose to have their dividends paid in cash

2. Use them to help reduce premium payments

3. Leave them with the company to accumulate and earn interest

4. Use them to purchase paid-up insurance or paid-up additions

5. Use them to buy Yearly Renewable Term insurance with any extra cash remaining on deposit with the
company and earning interest at a rate to be declared by the company from time to time.

TIP: Don't forget the order of these dividend options. To make it easier to remember, use the acronym
CRIPY.

C - Cash
R - Reduce Premium Payments

I - Interest

P - Paid-up Additions

Y - Yearly Renewable Term insurance

1st Blue Flag - Misstatement of Age

You are at the First Blue Flag called Misstatement of Age

The age of the insured is very important to determine the correct premium rate for life insurance. If
there has been a misunderstanding about the applicant's age, the company would be acting on wrong
information in setting the premium rate for the policy. Thus, whenever the company learns, after the
policy has been issued, that the wrong age was used to establish the premium, an adjustment must be
made in the amount of insurance protection proceeds the policyowner may receive upon death.

Whether the insured be older or younger than his true age, the amount of insurance proceeds will be
adjusted to the amount the premium would have bought at the correct age.

2nd Blue Flag – Incontestability

You are at the Second Blue Flag called Incontestability

Through this clause, the company is given two years to contest the validity of the policy by reason of
concealment or misrepresentation of the insured. The incontestable period will not begin until the
policy has been in force for two years during the lifetime of the insured.

The company has the right to question the statements in any application and the incontestable clause
sets that limit to the length of time that the company holds that right. After a period of two years of the
policy being in force and the company did not raise any objection during that period, there can be no
objections about the payment of proceeds at the insured's death.
3rd Blue Flag – Suicide

You are at the Third Blue Flag called Suicide

For the protection of the company and its policyowners, a suicide clause is necessary to discourage
financially desperate people from purchasing policies with suicide already in mind.

If an insured takes his own life within two years of the policy being in force, the company will pay the
beneficiary a refund of all the premiums paid by the policyowner. However, if the suicide takes place
after two years, the company will pay the full proceeds as if the reason for death was of natural cause.

4th Blue Flag – Beneficiary

You are at the Fourth Blue Flag called Beneficiary

Since the policyowner's purpose in purchasing insurance is to provide for the security of the
beneficiaries, it is very important to identify them clearly. Beneficiaries are the ones who will receive the
proceeds of the policy.

In designating beneficiaries, the first person in line to receive the death proceeds is called the primary
beneficiary. Since the primary beneficiary may die before the company begins or completes paying out
the death proceeds, the policyowner usually names a substitute beneficiary.

The person next in line to receive the proceeds in case of death of the primary beneficiary is called the
secondary beneficiary.

Policyowners can name more than one beneficiary in any category and specify how much of death
proceeds each one will receive.

Policyowners also have the right to tell the company whether or not they want to retain or change their
beneficiaries. When policyowners exercise all their ownership rights by changing beneficiaries, they
designate their beneficiaries as revocable.
If policyowners tell the company they want to name certain beneficiaries and give up the right to name
anyone else at a later time, then they designate irrevocable beneficiaries. This affects all the contract
rights so this decision should not be made hurriedly. Unless policyowners have the written consent of
their irrevocable beneficiaries, the policyowners cannot surrender the policy, borrow any part of the
cash values, assign the policy or make changes in their policy.

Policyowners can regain full control of their policy if the irrevocable beneficiary gives his written consent
and if the policyowner outlives the irrevocable beneficiary.

5th Blue Flag – Settlement

You are at the Fifth Blue Flag called Settlement

Previously, claims were paid out in lump sum. However, some beneficiaries made unwise investments or
mismanaged the money and the proceeds were quickly used up. This does not solve the main problem
that life insurance covers which is protection for the deceased's family against financial loss. Now, there
are various ways that death proceeds may be paid out to beneficiaries.

Settlement options are ways wherein the company can hold in trust the proceeds of the policy. The
company guarantees the absolute safety of funds and keeps them profitably invested so that they will
earn a fair rate of interest.

The different ways to settle policy proceeds are as follows:

Interest Option

- The company holds the proceeds for a specified period. Interest earnings will be paid out regularly and
are not accumulated. The proceeds of the policy also remains the same.

Fixed Period Option

- In this option, the company pays the beneficiary equal amounts at regular intervals over a specified
period of years. Both the principal amount and interest earnings are paid out. The amount of each
installment is determined by the length of desired period of income.

Fixed Income Option

- If this option is selected, the policy proceeds are used to pay out a specified amount of income as long
as the proceeds last. It pays out both the principal proceeds and earnings from interest.

Life Income Option

- Under this option, the beneficiary receives a guaranteed regular income, not for a specified period of
years, not as long as the proceeds last but for the primary beneficiary's entire lifetime, no matter how
long he lives. The principal and the interest are paid out with the amount of payment calculated to last a
lifetime.

1st Red Flag - Non-Forfeiture Options

You are at the First Red Flag called Non-Forfeiture Options

As long as policyowners keep on paying for their premiums, the company is compelled to carry out its
promise. But what if the policyowner decides to quit paying premiums because of unavoidable
circumstances? The policyowner has options to choose from when they want to quit paying for their
premiums.

Cash Surrender Value

The Cash Surrender Value option gives the policyowner the right to exchange the policy for its
equivalent cash value. The cash value is the savings element of permanent life insurance policies. This
option is drastic and final. The policyowner can claim an immediate payment of cash but when this
option is applied, the contract stops completely.

There are other Non-Forfeiture options that keep part of their policies alive.

Reduced Paid-Up

The Reduced Paid-Up option can also be referred to as Paid-Up Insurance.

In this option, when the policyowner is unable to make premium payments but still needs life insurance
protection, the option will take the cash value built up to purchase paid-up insurance. This means that
because the policyowner will stop paying premiums, the new face amount of the client will be smaller
but his life insurance protection will still continue until age 100.
Extended Term Insurance

In the Extended Term Insurance option, when the policyowner is unable to continue premium
payments, the company will continue to protect him for the original face amount but only until a
specified period. In this option, the cash value is used to buy a term insurance contract which extends
the period of protection even though no more premiums are being paid.

When there is no non-forfeiture option selected, Extended Term Insurance, usually takes effect.

Automatic Premium Loan

In the Automatic Premium Loan option, the company lends to the insured such an amount from the cash
value to pay for overdue premiums. This can be done as long as there is sufficient cash value to keep the
policy active.The policy will also remain in force for only such period. After the cash value has been
exhausted, the policy will lapse unless premium payments are resumed and loans are paid.

2nd Red Flag – Reinstatement

You are at the Second Red Flag called Reinstatement

This is a provision that may revive or save a policy even when it has already lapsed. Unless certain
conditions apply, the policyowner has the right to reinstate the lapsed policy and bring its value up-to-
date. However, the reinstatement provision does not apply to policies that have been surrendered
already for their equivalent cash value.

The policyowner also has a limited period of time to reinstate a policy. The period is three years. This
means that after three years of lapsation, the policyowner cannot revive his policy anymore. In some
companies, reinstatement can be done even when the policyhas lapsed for five years.

There are two ways to reinstate the policy:

Pure Reinstatement and Redating

With Pure Reinstatement, the policyowner pays back all past due premiums plus interest on these
premiums. The policyowner would also have to pay all outstanding loans plus interest due and even
prove insurability. The contestable period and suicide clause starts all over.

With Redating, a new premium would be charged to the policyowner based on the policyowner's new
attained age and a new contestable period and suicide clause starts over. The premiums that were paid
will be applied to thelapsed policy years and a new policy effectivity date take effect.

ANNUITIES

Definition of Annuities

An annuity is not really a life insurance policy. It is merely a purchase of income.

Annuities answer the needs of people who would want a steady flow of income during their later years.
Individuals who purchase annuities are called annuitants.

An annuity is a scientific liquidation of both capital and interest with income payments so calculated that
the annuity income is not depleted before the person receiving it dies.

An annuity offers no life insurance protection so the plan cannot be outlived. It is simply an
accumulation and distribution of cash to provide income. The annuity plan is guaranteed so long as the
person receiving it lives.

It is a contract that provides a series of periodic payments starting at a specific date and continuing for a
fixed period or for the life of the person entitled to receive the payment.

Difference of Annuities from Life Insurance contracts

So how are annuities different from life insurance contracts? Annuities are the opposite of life insurance
contracts because the principal purpose of life insurance contracts is the systematic creation or
accumulation of capital while annuity contracts deal with the systematic liquidation of capital.
In life insurance, the risk of the company lies in the person dying too soon while with annuities, the risk
of the company lies in the person living too long.

There are two types of annuities. Fixed and Variable. Let's first discuss the different types of fixed
annuities.

Fixed Annuities

- Single Premium Immediate Annuity

As the name suggests, single premium indicates that the entire premium is deposited in the annuity
fund at one time. In this fund, the income begins immediately. So, a single premium annuity is paid for in
a single lump sum. The company, then begins to pay the annuitant a regular income right away. This is
guaranteed to last as long as the annuitant lives.

- Single Premium Deferred Annuity

Similar to the first type of fixed annuity, this annuity fund is purchased by making a single payment.
However, annuity income will begin some years after the single payment is made.

- Installment Deferred Annuity

This annuity fund is commonly referred to as Retirement Annuity. This a fund that is built up through a
series of regular payments. The annuity income will also begin some time in the future. In this plan, the
annuity is accumulated gradually over the years by regular premium payments plus interest earned by
the accumulating fund.

If the annuitant dies before the annuity income begins, the fund will be paid to the designated
beneficiaries after certain costs are deducted.

Types of Annuities – Variable

Now, let's discuss what is a variable annuity.

Variable annuities cannot guarantee an interest yield from investments because its results are usually
geared mostly to a portfolio of common stocks.
For conventional variable annuities, the investment yield is guaranteed and is based on fixed-dollar
investments which specify their interest and maturity values.

For deferred variable annuities, the period of time during which funds accumulate is called the
accumulation period. During this period, the value of each individual account rises and falls depending
on the fund's investment results.

It is possible for the variable annuity fund to generate monetary gain from investment income in the
form of interest or dividends and from the profit derived from the sale of securities for more than their
purchase price, resulting to capital gains.

Annuity Settlement Arrangements

Annuities have different settlement arrangements, especially when the annuitant passes away after
annuity income has already been provided. They are as follows:

1. Life Annuity

- Life Annuity will provide a series of periodic payments to the annuitant for his entire life.

2. Cash Refund Annuity

- If the annuitant dies after annuity income has already begun, the beneficiary will receive the cash
payment equal to the annuity fund less the amount of income already paid out to the annuitant.

3. Installment Refund Annuity

- If the annuitant dies after annuity income has already begun, the beneficiary will receive the same
monthly income until all installments are paid - equal to the annuity fund.

4. Period Certain Annuity

 - If the annuitant dies within a specified period, such as 10 or 20 years, the same annuity payments will
continue to his beneficiary until the end of the specified period.

5. Joint and Full Survivor Annuity

- An annuity income is paid jointly to an annuitant and his beneficiary. If either dies, the same income
continues to the survivor for life. When the survivor dies, no further paymentsare made to anyone.

There are other arrangements under Joint Survivor Annuities and they are as follows:

- Joint and 2/3 Survivor Annuity is similar to Joint and Full Survivor, except that the survivor's income is
cut to 2/3 of the original joint income.

- Joint and 1/2 Survivor Annuity is similar to the statement above, except that the original income of the
survivor is cut in half.

LEGAL ASPECT

A contract may either be a VALUED CONTRACT (Specific value) or a CONTRACT OF INDEMNITY (based on
actual loss). Life insurance is not a Contract of Indemnity.

TRIVIA: Did you know that the only instance when a Life Insurance contract is treated primarily as an
indemnity agreement is when a creditor insures the life of a debtor to protect himself?

A contract may either be INFORMAL (parties met the requirement concerning the substance of the
contract) or FORMAL(parties met certain formalities concerning the FORM of agreement, writing + Seal).

A contract may either be UNILATERAL ( only the Insurer has a legal obligation) or BILATERAL.

A contract may either be ALEATORY (consideration=conditional promise; greater give than what is
received) or COMMUTATIVE (Advance identified the value – equal value).

A contract may either be a CONTRACT OF ADHESION (one prepares, others accept or reject; without
bargaining agreement) or BARGAINING (they agree on the agreement).
Offer and Acceptance

Conditional Receipt (Provisional Receipt?) – Contract starts upon signing of application and payment of
initial premium.

Insurable Interest – kapag may bad financial impact to policy owner kapag namatay ang insured. Need
for identifying who should be and what should be insured. E.g. pag namatay ako wala ng support ang
family, then I am an insurable interest.

ETHICS – Unethical Practices

1. Twisting
2. Knocking
3. Overloading
4. Rebating
5. Misrepresentation

Insurance Commission and the Examination

Our industry strongly relies upon the trust and confidence of the public. This being the case, the
Insurance Commission was created to govern life and non-life insurance companies, and even pre-need
companies in the Philippines.

The Insurance Commission is a regulatory government agency that executes all laws pertaining to
insurance, insurance companies and other insurance matters.

The agency is concerned with the issuance of licenses to insurance and reinsurance companies. It is their
duty to review policy contracts and premium rates. The Insurance Commission's job is to examine the
financial condition of insurance companies to ensure solvency and to render assistance to the public on
matters pertaining to insurance.

Let's move on with our tour! Click on the NEXT button to continue

Office of the Insurance Commission

The Insurance Commission is headed by the Insurance Commissioner. An Insurance Commissioner goes
through a tedious selection process and must uphold the appropriate values to run this good office.
This regulatory agency is under the Department of Finance and it has the power to judicially settle any
claim or complaint involving not more than P100,000. These cases are decided upon within 90 days.

Let's check out that document on the wall. Click on the NEXT button.

Insurance Code

Curious about what is this framed document? This is the Insurance Code of the Philippines. Since the
industry is placed in a position of trust, this special law was promulgated to govern insurance.

Because of the many provisions rendered obsolete in the Presidential Decree No. 612, a decree to
consolidate and codify all the insurance laws of the Philippines was passed. It is now known as the
Insurance Code of 1978 or Presidential Decree No. 1460.

The Insurance Code contains all the necessary guidelines, responsibilities and requirements of insurance
companies in the Philippines.

Now let's proceed to the last stop of the tour. Click on the Next button to proceed.

Insurance Commission Examination

Insurance Commission Exam Requirements

1. Successfully complete the Sun Life Basic Training Course

2. Secure NBI Clearance and Certificate of Life Insurance Training with your signature, your recruiter or
Unit Manager, New Business Manager and Sun Life authorized representative (2 copies each)
3. Accurately, legibly and completely fill out the Application for Life Insurance Agent's Walk-in
Examination Form (3 copies in your own handwriting)

4. Attach one (1) copy of your 1x1 Identical ID Photo on the upper left hand corner of each application
form

5. Proceed to OIC Licensing Division at United Nations Avenue, Manila

Schedule of OIC Exams:

- Every Tuesday, Thursday and Friday

- 8:30-9:30 am

- 9:30-10:30 am

Don't forget to submit the Application Form to the test proctor for processing. If approved, proceed to
the cashier and pay the examination fee. Now, you can take the exam.

Wait for your result. The test proctor will return one copy of the Application for Insurance Agent's
Examination form with the result stamped ("PASS" or "FAIL")

If you Pass, submit the Application with results to Licensing Section, Agency Operations. If you Fail, you
may sit-in for a retake. Please ask your proctor about the procedure or the next examination date.

Click on the NEXT button to proceed

Insurance Institute of Asia and the Pacific - Validating Final Exam Requirements
1. Successfully complete the Sun Life Basic Training Course

2. Pass the IIAP-VFE Simulated Exam and secure Form 0930 from Sales Training

and Development Department

3. Completely fill-out the form and attach two (2) 1x1 identical photos and bring a

photocopy of your valid ID.

4. Proceed to the IIAP at the 26th Floor, Ayala-FGU Center 6811 Ayala Avenue,

Makati City

Schedule of IIAP-VFE:

- Every Saturday

- 8:00-9:00 am