[초단기 합격보장] 26년 생명보험시험 기본강의 제 3강(총 6강 완성)

Main ideas, concepts, and lessons

1) Purpose of the lecture + how to use the exam-topic table

• The instructor introduces a table that maps major institutions’ duties to the approximate question coverage across questions 1–40.
• Key instruction:
  • Do not try to memorize the table immediately.
  • Finish studying first, then return to the table to “organize your thoughts” and do it as review/homework.

2) Who does what: designer vs agency vs broker (and exam framing)

The instructor distinguishes roles and emphasizes how exam questions treat them:

• Agency work: leans toward representing the seller.
• Brokerage work: leans toward representing the consumer/contracting party.
• A planner is effectively framed as performing brokerage duties.
• Exam takeaway:
  • For the exam, it’s “enough” to remember that the designer performs brokerage duties (as phrased by the instructor for test purposes).

3) Registration responsibilities and where each role is registered

General principle:

• All agents/agencies/brokers must be registered with the Financial Services Commission (FSC).

Delegation/exceptions by domain:

• Insurance agent registration is delegated out because the FSC oversees other sectors too.
• Designers and agents: registration handled by the Insurance Association.
• Brokers: registration handled by the Financial Supervisory Service (FSS) (as stated in subtitles).

Exam logic:

• Since the association sets questions, exam explanations tend to focus on designers and agencies.

4) Company affiliation rules (exclusivity, deposits, and broker independence)

Designers:

• Exclusively affiliated with one company (exclusivity principle).

Agencies:

• Can be affiliated with multiple companies.

Brokers:

• No affiliation; they act via independent contracting.

Security deposit / guarantee fund concept:

• Insurance companies require deposits to cover risks of trust.
  • Deposit requirements differ for individual vs corporate agencies.
• Instructor’s note:
  • For financial institution insurance agencies, deposit obligations are waived due to perceived solidity.
  • Brokers (not affiliated with insurers) must deposit a guarantee fund issued by the FSS, not deposits to individual insurers.

5) Ineligible people for soliciting insurance

Not allowed (examples listed):

• Certain corporate officers (e.g., representative director, board members, auditors, audit committee members).
• Persons previously declared legally incompetent (historical terminology mentioned).
• Bankrupt persons not yet rehabilitated.
• Persons who violated the Insurance Business Act within a specified time window.
• If registration has been cancelled 2+ times, registration is restricted for 3 years (as described).
• If customer insurance money was misappropriated: 3-year restriction.
• Minors, credit delinquents, drunk drivers (as listed in subtitles).

6) Cross-recruitment (and why it matters for exam answers)

Exclusivity rule allows a limited exception:

• Under an exception, a designer may choose outside the affiliated “same type” as described.

Example logic:

• A planner working for A Life Insurance cannot switch to B Life Insurance (same category).
• But if currently at A Life, they may choose a different type such as B non-life.

Exam framing:

• Since agencies/brokers can already handle multiple sources, cross-recruitment questions may target designers rather than agencies/brokers.

7) Registration vs appointment vs cancellation (how procedures work)

Terminology:

• Registration is handled as an appointment relationship (not “register directly with the insurer”).
• Quitting is called dismissal.

Process described:

• The insurance company notifies the association to register eligible individuals.
• For quitting, the company notifies the association to remove names.

Direct application nuance:

• Normally registration/cancellation is done via the insurance company,
• but the instructor states: designers can directly apply for cancellation to the association.

8) Grounds for cancellation/suspension + who holds the hearing

Hearing authority:

• FSC conducts a hearing to revoke registration or order suspension.

Exam warning:

• A common wrong choice is that FSS conducts the hearing.

Types of grounds (as described):

• Grounds for outright cancellation: more “automatic” and serious situations.
• Grounds for suspension/possible cancellation: discretionary suspension/cancellation.

Frequently appearing grounds (as listed by the instructor):

• Cancellation frequent cases:
  • Registration via false/fraudulent means.
  • Business suspension imposed 2+ times for Insurance Business Act violations.
• Suspension/cancellation frequent cases:
  • Fines imposed 2+ times for Insurance Business Act violations.
  • Conducting business during a suspension period.
  • “More than twice” for testing purposes (wording emphasized in subtitles).

9) Financial institution insurance agencies (“bancassurance”) — what they can/can’t do

Definition:

• Selling insurance through banks/securities/credit-card companies in their capacity as insurers/distributors is called a financial institution insurance agency.

Examples and exclusions:

• Banks selling products of many insurers (including Kyobo/KB/Samsung/etc.) → financial institution insurance agency.
• Post Office or “Se-maul” locations that sell only their own mutual insurance → not financial institution insurance agencies.

What institutions can’t serve as entities (as listed):

• Post Office, Saemaul Credit Union, and a credit business operator (as stated).

Online/in-store recruitment constraints:

• You cannot recruit online in general.
• Recruitment only at designated locations inside the base.
• Alternative recruitment channel:
  • Can target an unspecified number of people via internet homepage.
  • Can’t send emails to specific individuals; can run banner ads.
• In-store limit:
  • Only up to 2 people engaged in recruitment within the store.

Product limits (to protect agent territory):

• Not available for sale (explicitly listed):
  • General personal protection
  • General long-term protection
  • Personal auto insurance
• Third-party insurance constraint:
  • Third-party insurance (injury/illness/nursing care) can sell only the main contract.
  • Products with a death rider in third-party insurance cannot be sold.
• Memorization list (explicit):
  • “Memorize right now”: guaranteed coverage, car insurance, death rider (as “can’t sell” items, per instructor phrasing).

Confusion-prevention note:

• Savings banks can sometimes recruit for general insurance, but not for retirement pensions.

10) Compliance requirements (agreement-based “rules”) and penalties

Nature of the rule:

• The agreement discussed is treated as a rule established among parties (insurance companies/employees/agents) authorized by FSC, not enacted by the National Assembly.

Exam implications:

• Agencies and brokers are excluded from the sanctions described (per subtitle wording).

Reporting duty:

• If violated, must report to the Life Insurance Association within 6 months.
• The association investigates and imposes fines.

Memorization shorthand:

• “Human” refers to the committee (as phrased in subtitles).
• “Reporting” refers to the association.

Common wrong answer:

• Reporting destination: FSS is incorrect.
• “Reporting within 1 year” is also a frequent incorrect option.

Penalty amounts (by violation type)

• Special benefits provided: fine up to 30 million won
• Parallel contracts (contracts concluded in another person’s name): fine 2 million won
• Unqualified-person recruitment, dissemination of false information, or successful contracts: fine 1 million won
• Contract drafting penalty nuance:
  • For “drafting the contract,” the fine is the larger of:
    • Navi insurance premium, and
    • 1 million won
  • Examples:
    • If premium is 500,000 → pay 1,000,000
    • If premium is 3,000,000 → pay 3,000,000

11) Replacement contract rules (designer switching companies)

Replacement contract definition/rule:

• When an insurance agent moves companies, certain contracts terminated/rescinded within 3 months before/after the cancellation date are treated as new contracts with the new company.
• These are counted within 6 months from the cancellation date.

Explicit exceptions:

• Contracts involving:
  • social insurance planners
  • the individual themselves
  • spouses, parents, children are excluded from sanctions (as stated).

Kinship exam nuance:

• “First-degree kinship” is treated as exempt.
• Sibling contracts are clarified as subject to sanctions (not exempt), per the instructor’s correction in subtitles.

12) “Excellent Certified Planner” system (high-probability exam topic)

Overview:

• Awarded since 2008 to those meeting strict standards set by the Life Insurance Association.

Exam warning:

• Don’t pick “FSS provides it” (incorrect option).
• Must memorize the certification standards.

Eligibility scope:

• Applies to designers or individual agencies at the same company for 3+ years.
• Corporate agencies are not eligible.

Criteria (as listed):

• Retention rate:
  • 13th-month retention rate ≥ 90%
  • 25th-month retention rate ≥ 80%
• Income:
  • Annual income ≥ 40 million won
• Disqualification/negative condition (if warranty got cancelled due to issues during sale such as quality assurance problems, complaints, invalidation in previous year):
  • Must have had no “single book” in the past year
  • No accident recruiter records
  • No disruption of financial/credit order (as phrased)
• More severe faults must not have occurred in the previous 3 years.

Exam pattern noted:

• Confusion between whether the record standard is 1 year vs 3 years.

Application process:

• Once qualified, apply to the association via the company.
• “Marks” appear during:
  • June 1 to the next May 31.

Instructor conclusion:

• This is a very high probability exam question → review the standards.

13) Insurance consumer protection: deposit insurance for insurance vs banks

Deposit insurance coverage limit change (for insurers):

• Bankruptcy payout previously up to 50 million won → now up to 100 million won.

Payout circumstances:

• Depositors get paid when institutions face certain triggers:
  • deposit suspension, revocation of liquidation permits, dissolution, bankruptcy
• “Non-payment reason always accompanies this” means cases where the institution is not yet bankrupt.

Why not all cases pay:

• Mergers, transferring contracts, business suspensions, delisting → not yet bankrupt → deposit-protection insurance benefits are not paid.

Special calculation rule for insurance vs bank deposits:

• Guarantee amount for insurance is based on surrender value.
• Amount excluding debt is paid.

Covered vs excluded (protected subjects/products)

• Simple rule:
  • Individuals protected; corporations not protected.
• Product distinctions:
  • Most private insurance policies are protected; corporate insurance policies are not.
• Variable insurance:
  • Deposit protection applies to special clauses and minimum guaranteed amount, not the main contract.
• Retirement pensions complexity:
  • DC (defined contribution) = “worker’s money” → deposit protection applies.
  • DB (defined benefit) = “employer responsible” → considered corporation’s money → no deposit protection.
  • IRP (Individual Retirement Account):
    • treated like individual → deposit protection applies.

14) Dispute mediation system for insurance consumers

Intake process:

• Consumers file disputes with the Financial Supervisory Service (FSS).

Two-stage structure:

1. FSS recommendation
   • Encourages settlement between parties (e.g., settlement within 30 days).
2. If no agreement:
   • Goes to the Financial Dispute Mediation Committee within the FSS.
   • Mediation/alternative resolution within 60 days.

Effect of acceptance:

• If settlement proposal/alternative is accepted, you cannot raise the same issue again.
• Instructor notes: effect is similar to a judicial settlement.

Court overlap rule:

• If the consumer files a complaint with the court during the FSS process:
  • FSS “hands off” the case to court and it won’t go to the mediation committee.

15) Convenience systems for insurance subscription and claims

“Find My Insurance” service:

• Provided by Life Insurance Association.
• Checks subscription details of almost all life/non-life insurers, excluding post offices and Saemaul Geumgo.
• Convenience:
  • Verify using mobile phone once
  • Then check coverage and file claims.
• For deceased persons:
  • online inquiry not available; must visit.

Online “insurance supermarket” multi-service:

• A price comparison site.
• Jointly operated by Life Insurance Association and Non-life Insurance Association.
• Exam keyword:
  • “Boheomhwa”

16) Proxy claimant designation system (insurance claim by proxy)

Applies when:

• There is only one policyholder, insured, beneficiary, but the person cannot claim directly (e.g., dementia/unconsciousness).

Allowed proxy:

• Designate spouse or a relative within the third degree of kinship in resident registration.

Incorrect option correction (as taught):

• Not allowed to have different people for policyholder/insured/beneficiary.
• Only possible when policyholder, insured, and beneficiary are all the same contract.

Another exam nuance: “resident registration spouse”

• Correction:
  • A spouse is not allowed as the resident-registration-based designation in the described incorrect option sense.
  • Only eligible if the designated person is a relative in an age bracket tied to uncle/aunt generations (as phrased).

17) Insurance advertising review system (types + who reviews + fines)

Rule nature:

• Difficult on the exam, but essential memory points were provided.

Types of ads:

• Product advertising
• Business advertising
• Brand advertising

Review requirements:

• Product advertising: in principle prior review
• Broadcast/home shopping:
  • pre-screening and post-broadcast monitoring
  • post-broadcast reviews: 1–3 episodes per month
• Job advertisement types (examples):
  • financial planning and healthcare advertisements
• Brand ads:
  • No review needed if it’s just brand name/slogan-type messages (~15 seconds).

Who reviews depends on producer:

• Company-produced ads:
  • reviewed by the association’s deliberation committee
• Designer-produced ads:
  • checked by the designer’s internal compliance officer
  • used after approval from that compliance officer

Loan ads / publication ads nuance (company-produced):

• Company loan ads:
  • not sent to the association; handled internally
• Publication ads:
  • resolved internally through company compliance monitoring (no association committee review)

Memory structure emphasized:

• Basically company → deliberation committee
• Designer → internal compliance
• Exceptions:
  • Loan ads (company): internal only
  • Publication ads (company): internal only

Fines for advertising violations

• Advertising without required review, or content different from reviewed content: fine 100 million won
• Violating mandatory notices: fine 50 million won
• If used after expiration date: fine 30 million won
• Validity period standard:
  • Insurance ad validity standardized to 1 year
  • “Valid for 6 months” is a frequent incorrect option
• If inspection is refused:
  • fine 30 million won

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Speakers / sources featured

• Teacher Kim Tori (instructor/primary speaker)
• Financial Services Commission (FSC) (referenced authority)
• Financial Supervisory Service (FSS) (referenced authority)
• Korea Life Insurance Association (Life Insurance Association) (referenced authority/service provider)
• Financial Dispute Mediation Committee (within FSS) (system referenced)
• Korea Deposit Insurance Corporation (deposit protection referenced)