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 - 2020
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 Self-reflection
Seemingly, CQU students are more satisfied this term after 1) the Unit Coordinator redesigned the assessment by improving the grading rubrics, reducing the assessment tasks, making XPlan software optional, and 2) course content delivery by incorporating recorded PowerPoint Slides. The satisfaction score improved and feedback was much more positive. The unit still needs improvement as it still puts a large load on students' time to complete.
Continue to improve the assessment design and learning materials by incorporating digital eLearning methods into the Moodle site.
Feedback from Student evaluation feedback
Assessment tasks and assessment requirements scored the lowest score of 4.1 out of 5. Therefore, there is still room to improve this aspect of the assessment design.
Instead of expecting students to complete an entire scoped insurance SOA template , the assessment tasks and requirements will focus only on the insurance content of the financial plan (SOA). This will ensure the assessment load is in line with CQUniversity norms, while assessing relevant competencies.
Feedback from Self-reflection
Major assessment requires excessive grading time. If the student numbers increase then excessive grading time commitments is unreasonable. Therefore, there is a need to redesign the assessment further to make the grading time commitment more feasible.
Assessment requirements would be optimised by focusing on insurance issues and competencies alone to facilitate efficient and effective marking.
Feedback from Student feedback
Some students misinterpreted the purpose of the Zoom tutorials/workshops.
Recorded lectures will be developed separately from Zoom online tutorials/workshops, and the two will be clearly distinguished.
Feedback from Student feedback
It appeared despite polling students at the start of the term to find a suitable time convenient to the majority of students to hold weekly Zoom workshops, the same three to four students attended these sessions, including when two Zoom sessions involved two guest speakers, the Queensland State Manager for MetLife and a Practicing Financial Planner. Another student in the evaluation suggested having the Zoom session at night from 8.00pm to 11pm on different days of the week was inconvenient.
Unit Coordinator will reschedule the Zoom sessions as drop in sessions during lunch time from 1.00pm to 2.00pm and 5.00pm to 6.00pm.
- 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 - Take Home Exam - 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 - Take Home Exam - 50% | ||||||||||
Textbooks
Insurance and Risk Management: The Definitive Australian Guide
Edition: 4th (2019)
Authors: John Teale
John Teale; 4 edition (10 December 2019)
Bundaberg Bundaberg , Queensland , Australia
ISBN: 978-0646812816
Binding: Paperback
Additional Textbook Information
Both an eBook and paperback copy is available. If you prefer to study with a paper copy, they are available at the CQUni Bookshop here: http://bookshop.cqu.edu.au (search on the Unit code). eBooks are available at the publisher's website.
IT Resources
- CQUniversity Student Email
- Internet
- Unit Website (Moodle)
- XPlan Software (Optional)
All submissions for this unit must use the referencing style: American Psychological Association 7th Edition (APA 7th edition)
For further information, see the Assessment Tasks.
a.mcinnes@cqu.edu.au
Module/Topic
Nature of risk and its management
Introduction to risk management
Chapter
1 and 2
Events and Submissions/Topic
Refer to Week 1 in Moodle for:
- Study Guide
- Chapter_Overheads
- Recorded Readings
- Chapter_Solutions
- Online Zoom presentations
Module/Topic
Insurance and risk
Chapter
3
Events and Submissions/Topic
Refer to Week 2 in Moodle for:
- Study Guide
- Chapter_Overheads
- Recorded Readings
- Chapter_Solutions
Module/Topic
Regulation and compliance
Chapter
4
Events and Submissions/Topic
Refer to Week 3 in Moodle for:
- Study Guide
- Chapter_Overheads
- Recorded Readings
- Chapter_Solutions
- Online Zoom presentations
Module/Topic
Concepts underlying insurance law
Chapter
5
Events and Submissions/Topic
Refer to Week 4 in Moodle for:
- Study Guide
- Chapter_Overheads
- Recorded Readings
- Chapter_Solutions
Module/Topic
Making the insurance contract
Claims
Chapter
6 and 7
Events and Submissions/Topic
Refer to Week 5 in Moodle for:
- Study Guide
- Chapter_Overheads
- Recorded Readings
- Chapter_Solutions
- Online Zoom presentations
Module/Topic
Vacation
Chapter
Events and Submissions/Topic
- Revising Weeks 1 to 5
- Assessment completion
- Catching up incomplete Modules from Weeks 1 to 5
Module/Topic
Personal risk management
Chapter
11
Events and Submissions/Topic
Refer to Week 6 in Moodle for:
- Study Guide
- Chapter_Overheads
- Recorded Readings
- Chapter_Solutions
- Online Zoom presentations
Module/Topic
Introduction to life insurance
Life insurance products
Chapter
8 and 12
Events and Submissions/Topic
Refer to Week 7 in Moodle for:
- Study Guide
- Chapter_Overheads
- Recorded Readings
- Chapter_Solutions
Module/Topic
Introduction to general insurance
General insurance products
Chapter
9 and 13
Events and Submissions/Topic
Refer to Week 8 in Moodle for:
- Study Guide
- Chapter_Overheads
- Recorded Readings
- Chapter_Solutions
- Online Zoom presentations
Statement of Advice Due: Week 8 Monday (7 Sept 2020) 11:45 pm AEST
Module/Topic
Taxation
Chapter
10
Events and Submissions/Topic
Refer to Week 9 in Moodle for:
- Study Guide
- Chapter_Overheads
- Recorded Readings
- Chapter_Solutions
Module/Topic
Mandated and health insurance
"Have Your Say" Survey
Chapter
14
Events and Submissions/Topic
Refer to Week 10 in Moodle for:
- Study Guide
- Chapter_Overheads
- Recorded Readings
- Chapter_Solutions
- Online Zoom presentations
Module/Topic
The concept of ethics
Chapter
15
Events and Submissions/Topic
Refer to Week 11 in Moodle for:
- Study Guide
- Chapter_Overheads
- Recorded Readings
- Chapter_Solutions
Module/Topic
Revision, Exam Preparation and "Have Your Say" Survey
Chapter
Events and Submissions/Topic
- Study Guide
- Revise all Chapter_Overheads
- Revise Chapter_Solutions
- Attend final online Zoom presentations
- Prepare for the exam, including referring to Previous Exam Papers
- Complete "Have Your Say" Survey
Module/Topic
Revision, Exam Preparation and "Have Your Say" Survey
Chapter
Events and Submissions/Topic
Module/Topic
All the best with the Exams
Chapter
Events and Submissions/Topic
IRESS XPlan software is available to students to use as a resources during their assessments.
1 Practical Assessment
This is an individual assessment.
Important detailed information for your assessment is on the Moodle site in the "Assessments and Exams" Module.
Before you begin the assessment please download and read the:
- Instructions for completing and submitting your assessment [File 1].
- Case study background information and completed Fact Find [File 2].
- Statement of Advice template [File 3].
Please download all three files relating to this Assessment requirements from Moodle and read these long documents carefully.
Your task is to:
- Read the instructions document provided for this case study assessment.
- Identify the client's goals, objectives, needs and financial situation by reviewing the background information and completed Fact Find document.
- Prepare a written Statement of Advice document from the information provided in the completed Fact Find using the template provided.
From the above task, it is clear this is a practical assessment dealing with a real world financial planning client/s insurance need.
You will have access to financial planning software XPlan (optional), Microsoft-Excel and/or related software [which we will make available to you via Moodle] to complete the assessment.
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 if you choose to use it] may need sometime and practice.
Your lecturer and peers are available via Moodle Discussion and Q&A forums to address any unit content or assessment matter. Email your lecturer directly to address any personal concerns or difficulties that cannot be shared with your peers during the term.
Week 8 Monday (7 Sept 2020) 11:45 pm AEST
Download the Assessment file/s from Moodle Assessment block.
Week 10 Monday (21 Sept 2020)
Feedback will be provided in the Statement of Advice document via Moodle.
Find a comprehensive marking criteria sheet in the instructions file of the assessment on Moodle in the Assessments block
- 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.
- Communication
- Problem Solving
- Critical Thinking
- Information Literacy
- Team Work
- Information Technology Competence
- Cross Cultural Competence
- Ethical practice
2 Take Home Exam
- There is a minimum exam grade of 50% to pass the unit.
- You will be typing your answers in the examination template document provided.
- This is an individual assessment, so collaboration with other students will result in an academic misconduct allegation for all students involved. This may result in a fail result for this assessment. Please note that your paper will be submitted through Turnitin.
- You have 15 minutes at the start of the exam to download the exam file via Moodle.
- You have 15 minutes to upload and submit the completed examination paper at the end of 2.5 hours. Late submissions will not be marked. If you encounter problems submitting your paper to Moodle, email it to your unit coordinator by the due time.
-
You have 2.5 hours to complete the exam in Microsoft-Word.
Download the exam from Moodle Assessment block on the exam scheduled date and time
Upload and submit the exam via Moodle Assessment block by the exam scheduled due date and time
Open book online exam grading as per the Online Take Home Exam Advice to meet the learning outcomes.
- Analyse insurance needs of clients to solve risk management problems
- Construct strategic insurance and risk management plan.
- Communication
- Problem Solving
- Critical Thinking
- Information Literacy
- Information Technology Competence
- Cross Cultural Competence
- Ethical practice
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.
What can you do to act with integrity?
