Preparation for the insurance agent exam

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Introduction

In the Grand Duchy of Luxembourg, the distribution of insurance products is mainly carried out by insurance intermediaries, and more specifically by insurance agents. This system ensures that, even in a digitalised environment, clients can rely on professional and personalised advice on all matters relating to their insurance coverage.

The regulatory framework and the increasing complexity of the insurance sector require a high level of professionalism and constant vigilance with regard to the quality of the services provided by agents and the advice they offer to their clients. To ensure this, the legislator has introduced a state examination as a prerequisite for entering the profession of insurance agent, as well as regular training throughout the agent’s career.

Access to the profession of insurance agent is therefore limited to individuals who have demonstrated their qualifications by passing this state examination, organised by the Commissariat aux Assurances and conducted under the supervision of a jury of insurance experts.

ACA has sought to provide candidates for this examination with a manual that responds as closely as possible, and in a practical manner, to the training needs of the profession. This syllabus is the result of a collaborative effort by experts from insurance companies that are members of the ACA, designed to support candidates in preparing for the insurance agent examination. It is also intended for anyone interested in the rules governing insurance and its distribution.

This publication is recognised by the Commissariat aux Assurances as one of the reference materials that may be used in preparation for the insurance agent examination.

Syllabus content

The subjects covered correspond to the themes listed in CAA Regulation 19/01, which must be mastered in order to sit the examination.

The syllabus is divided into three main sections, corresponding to the three modules of the examination:

  • Part 1: “Common subjects for life and non-life insurance”. This section aims to teach the general and fundamental rules of the insurance sector that are common to both life and non-life insurance.
  • Part 2: “Non-life insurance” focuses on the subjects specific to the non-life programme.
  • Part 3: “Life insurance” is dedicated to the subjects specific to the life insurance programme.

Overview of the chapters

Part 1 – Common subjects for Life and Non-Life Insurance

Chapter 1 – General overview

Chapter 2 – The insurance contract

Chapter 3 – Insurance distribution

Chapter 4 – International insurance

Chapter 5 – Professional secrecy

Chapter 6 – Financial crime and international financial sanctions

Chapter 7 – Accident insurance

Chapter 8 – Health (medical) insurance

Part 2 – NON-LIFE INSURANCE

Chapter 1 – General principles and claims handling in property insurance

Chapter 2 – Civil liability and civil liability insurance

Chapter 3 – Motor insurance

Chapter 4 – The Luxembourg Motor Insurers’ Bureau

Chapter 5 – The Motor Guarantee Fund

Chapter 6 – The Pool for Aggravated Risks

Chapter 7 – Fire insurance

Chapter 8 – Storm insurance

Chapter 9 – Flood insurance and natural catastrophes

Chapter 10 – Water damage insurance

Chapter 11 – Theft insurance

Chapter 12 – Glass breakage

Chapter 13 – Costs and losses common to certain covers

Chapter 14 – Legal defence and recourse insurance and legal expenses insurance

Chapter 15 – Assistance

Chapter 16 – Related liability insurance

Chapter 17 – Construction all risks insurance and ten-year civil liability insurance

Chapter 18 – Credit insurance and surety insurance

Part 3 – LIFE INSURANCE

Chapter 1 – The parties involved in a life insurance contract

Chapter 2 – “Traditional” life insurance

Chapter 3 – Unit-linked insurance

Chapter 4 – Capitalisation contracts

Chapter 5 – Specific features of a life insurance contract

Chapter 6 – Taxation of life insurance contracts

Chapter 7 – Distribution of insurance-based investment products (IBIPs)

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