Overview
This unit examines the role of insurance and risk management in client focused financial planning. You will analyse the insurance needs of clients and construct a strategic insurance and risk management plan. You will examine general and life insurance products and their suitability for a client's situation.
Details
Pre-requisites or Co-requisites
There are no requisites for this unit.
Important note: Students enrolled in a subsequent unit who failed their pre-requisite unit, should drop the subsequent unit before the census date or within 10 working days of Fail grade notification. Students who do not drop the unit in this timeframe cannot later drop the unit without academic and financial liability. See details in the Assessment Policy and Procedure (Higher Education Coursework).
Offerings For Term 2 - 2018
Attendance Requirements
All on-campus students are expected to attend scheduled classes – in some units, these classes are identified as a mandatory (pass/fail) component and attendance is compulsory. International students, on a student visa, must maintain a full time study load and meet both attendance and academic progress requirements in each study period (satisfactory attendance for International students is defined as maintaining at least an 80% attendance record).
Recommended Student Time Commitment
Each 6-credit Undergraduate unit at CQUniversity requires an overall time commitment of an average of 12.5 hours of study per week, making a total of 150 hours for the unit.
Class Timetable
Assessment Overview
Assessment Grading
This is a graded unit: your overall grade will be calculated from the marks or grades for each assessment task, based on the relative weightings shown in the table above. You must obtain an overall mark for the unit of at least 50%, or an overall grade of ‘pass’ in order to pass the unit. If any ‘pass/fail’ tasks are shown in the table above they must also be completed successfully (‘pass’ grade). You must also meet any minimum mark requirements specified for a particular assessment task, as detailed in the ‘assessment task’ section (note that in some instances, the minimum mark for a task may be greater than 50%). Consult the University’s Grades and Results Policy for more details of interim results and final grades.
All University policies are available on the CQUniversity Policy site.
You may wish to view these policies:
- Grades and Results Policy
- Assessment Policy and Procedure (Higher Education Coursework)
- Review of Grade Procedure
- Student Academic Integrity Policy and Procedure
- Monitoring Academic Progress (MAP) Policy and Procedure – Domestic Students
- Monitoring Academic Progress (MAP) Policy and Procedure – International Students
- Student Refund and Credit Balance Policy and Procedure
- Student Feedback – Compliments and Complaints Policy and Procedure
- Information and Communications Technology Acceptable Use Policy and Procedure
This list is not an exhaustive list of all University policies. The full list of University policies are available on the CQUniversity Policy site.
Feedback, Recommendations and Responses
Every unit is reviewed for enhancement each year. At the most recent review, the following staff and student feedback items were identified and recommendations were made.
Feedback from Based on last ACER report
Student request feedback to assignment items to be provided within 2 weeks.
Feedback to assignment items will be provided within 2 weeks.
- Explain the principles and legal framework of the Australian insurance industry
- Analyse insurance needs of clients to solve risk management problems
- Research and select appropriate insurance products
- Construct strategic insurance and risk management plan.
Alignment of Assessment Tasks to Learning Outcomes
Assessment Tasks | Learning Outcomes | |||
---|---|---|---|---|
1 | 2 | 3 | 4 | |
1 - Practical Assessment - 50% | ||||
2 - Examination - 50% |
Alignment of Graduate Attributes to Learning Outcomes
Graduate Attributes | Learning Outcomes | |||
---|---|---|---|---|
1 | 2 | 3 | 4 | |
1 - Communication | ||||
2 - Problem Solving | ||||
3 - Critical Thinking | ||||
4 - Information Literacy | ||||
5 - Team Work | ||||
6 - Information Technology Competence | ||||
7 - Cross Cultural Competence | ||||
8 - Ethical practice | ||||
9 - Social Innovation | ||||
10 - Aboriginal and Torres Strait Islander Cultures |
Alignment of Assessment Tasks to Graduate Attributes
Assessment Tasks | Graduate Attributes | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | |
1 - Practical Assessment - 50% | ||||||||||
2 - Examination - 50% |
Textbooks
Insurance and Risk Management
Edition: 3rd (2016)
Authors: John Teale
John Teale
US
ISBN: 978-0-646-95447-9
Binding: Paperback
Additional Textbook Information
IT Resources
- CQUniversity Student Email
- Internet
- Unit Website (Moodle)
All submissions for this unit must use the referencing style: American Psychological Association 6th Edition (APA 6th edition)
For further information, see the Assessment Tasks.
a.mcinnes@cqu.edu.au
Module/Topic
Introduction and the nature of risk management
Chapter
1 and 2
Events and Submissions/Topic
Module/Topic
Insurance and risk
Chapter
3
Events and Submissions/Topic
Module/Topic
Regulation and compliance
Chapter
4
Events and Submissions/Topic
Module/Topic
Concepts underlying insurance law
Chapter
5
Events and Submissions/Topic
Module/Topic
Understanding insurance contracts and claims
Chapter
6 and 7
Events and Submissions/Topic
Module/Topic
Chapter
Events and Submissions/Topic
Module/Topic
Introduction to life insurance
Chapter
8
Events and Submissions/Topic
Module/Topic
Life insurance products
Chapter
12
Events and Submissions/Topic
Module/Topic
Introduction to general insurance and general insurance products
Chapter
9 and 13
Events and Submissions/Topic
Module/Topic
Taxation
Chapter
10
Events and Submissions/Topic
Module/Topic
Personal risk management
Chapter
11
Events and Submissions/Topic
Module/Topic
Mandated and health insurance
Chapter
14
Events and Submissions/Topic
Module/Topic
Revision
Chapter
Events and Submissions/Topic
Module/Topic
Chapter
Events and Submissions/Topic
Module/Topic
Chapter
Events and Submissions/Topic
Please start the Practical Assessment as soon as possible. The Practical Assessment cannot be completed in a couple of weeks like most of your other unit assessments.
1 Practical Assessment
This is an individual assessment.
Important detailed information for your assessment is on the Moodle site.
Before you begin please read the:
- instructions for completing and submitting your assessment.
- case study background.
Task requirements
- Identify the client's objectives, needs and financial situation by reviewing the case study background and fact find information provided. Input this information into XPlan software and download the created Fact Find document.
- Using the reflective analysis questions provided, develop and document appropriate insurance strategies and recommendations to achieve the client's financial and lifestyle protection goals.
- Prepare a written Statement of Advice using the template provided and financial planning software XPlan, Microsoft-Excel and/or related software [which we will make available to you via Moodle].
- Present the strategies and recommendations to the client in a one A4-page summary document.
- Assume you negotiated acceptance of the financial plan with the client by documenting the conversation in a file note in XPlan.
- Assume you offered to provide ongoing service to the client, and file note the outcome of this conversation in XPlan.
We provide:
- Fact find information assumedly obtained during a meeting with the client.
- Reflective analysis questions to assist in the analysis phase of the financial planning process.
- Statement of Advice template, which you must use to present your recommendations to the client.
From the above task, it is clear this is a practical assessment dealing with a real world financial planning client insurance need. Please start this assessment as soon as possible, because for some of you it will require learning numerous new skills. Learning how to use new software [for instance, XPlan or COIN] may need sometime and practice. Your lecturer is available via Facebook Closed Group, Moodle discussion forum and Q&A forum, and mobile phone messaging, as well as email to address any concerns or difficulties during the term as you work on your Assessment. Please refer to Moodle and download all three files relating to this Assessment’s requirements. Please read these long documents carefully.
Week 11 Monday (24 Sept 2018) 11:45 pm AEST
Week 12 Friday (5 Oct 2018)
Find on Moodle a comprehensive marking criteria sheet. We award marks for:
- Completing and downloading in Microsoft-Word format the Fact Find within the context of the client's objectives, needs and financial situation in the financial planning software.
- Documenting reflective analysis answers in Microsoft-Word to demonstrate critical in-depth analysis, plus effective use of the calculation and software tools to underpin the insurance recommendations.
- Statement of Advice completion using the Microsoft-Word template provided.
- One-page client summary presentation document in a Microsoft-Word document.
- File note created in the financial planning software and downloaded into Microsoft-Word documenting the financial plan negotiations with the client and outcome.
- Analyse insurance needs of clients to solve risk management problems
- Research and select appropriate insurance products
- Construct strategic insurance and risk management plan.
- Communication
- Problem Solving
- Critical Thinking
- Information Literacy
- Team Work
- Information Technology Competence
- Cross Cultural Competence
- Ethical practice
Examination
Calculator - all non-communicable calculators, including scientific, programmable and graphics calculators are authorised
As a CQUniversity student you are expected to act honestly in all aspects of your academic work.
Any assessable work undertaken or submitted for review or assessment must be your own work. Assessable work is any type of work you do to meet the assessment requirements in the unit, including draft work submitted for review and feedback and final work to be assessed.
When you use the ideas, words or data of others in your assessment, you must thoroughly and clearly acknowledge the source of this information by using the correct referencing style for your unit. Using others’ work without proper acknowledgement may be considered a form of intellectual dishonesty.
Participating honestly, respectfully, responsibly, and fairly in your university study ensures the CQUniversity qualification you earn will be valued as a true indication of your individual academic achievement and will continue to receive the respect and recognition it deserves.
As a student, you are responsible for reading and following CQUniversity’s policies, including the Student Academic Integrity Policy and Procedure. This policy sets out CQUniversity’s expectations of you to act with integrity, examples of academic integrity breaches to avoid, the processes used to address alleged breaches of academic integrity, and potential penalties.
What is a breach of academic integrity?
A breach of academic integrity includes but is not limited to plagiarism, self-plagiarism, collusion, cheating, contract cheating, and academic misconduct. The Student Academic Integrity Policy and Procedure defines what these terms mean and gives examples.
Why is academic integrity important?
A breach of academic integrity may result in one or more penalties, including suspension or even expulsion from the University. It can also have negative implications for student visas and future enrolment at CQUniversity or elsewhere. Students who engage in contract cheating also risk being blackmailed by contract cheating services.
Where can I get assistance?
For academic advice and guidance, the Academic Learning Centre (ALC) can support you in becoming confident in completing assessments with integrity and of high standard.