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 - 2021
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 Email from a previous student who is working full time for a financial planning practice
A previous student suggested that now that she is working and using XPlan software, she wishes that instead of XPlan being optional for the assessment that she was forced to use it.
The unit coordinator, will use this feedback to strongly recommend students to use the XPlan software for their assessments. However, given the already high workloads to learn the main content and complete the assessment of this unit, XPlan will remain optional.
Feedback from Student evaluations
Time-poor and auditory learning students were positive about the podcast recordings of prescribed readings
The unit coordinator will continue providing podcast recordings of the prescribed readings.
Feedback from Student evaluations
Students found the workload of this financial planning unit stressful, because they needed to keep up each week with the readings and recordings. Getting behind made it difficult for them to catchup.
The unit coordinator will review the learning material to ensure that it can be covered in the required hours per week.
Feedback from Student evaluations
Some students are still finding the design of the practical assessment unsatisfactory in terms of length, time to complete, having to keep up to date with weekly content and not get behind, having each week's content linked to each task of the assessment and wanting more personalized feedback than currently offered.
The unit coordinator will review assessments to ensure that they can be successfully completed within the required volume of learning for this unit.
- 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; (10 December 2019) (2019)
Authors: John Teale
John Teale
Bundaberg Bundaberg , Queensland , Australia
ISBN: 978-0646812816
Binding: Paperback
Additional Textbook Information
If you prefer to study with a paper text, you can purchase one at the CQUni Bookshop here: http://bookshop.cqu.edu.au (search on the Unit code).
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.d.lane@cqu.edu.au
a.mcinnes@cqu.edu.au
Module/Topic
- Nature of risk and its management
- Introduction to risk management
Chapter
Prescribed Reading Chapters 1 and 2
Events and Submissions/Topic
Refer to Week 1 in Moodle for:
- Study Guide
- Chapter_Overheads
- Online webinar
- Recorded Chapter_Readings
- Chapter_Solutions
- Online Zoom workshop presentations
Module/Topic
- Insurance and risk
Chapter
Prescribed Reading Chapter 3
Events and Submissions/Topic
Refer to Week 2 in Moodle for:
- Study Guide
- Chapter_Overheads
- Online webinar
- Recorded Chapter_Readings
- Chapter_Solutions
- Online Zoom workshop presentations
Module/Topic
- Regulation and compliance
Chapter
Prescribed Reading Chapter 4
Events and Submissions/Topic
Refer to Week 3 in Moodle for:
- Study Guide
- Chapter_Overheads
- Online webinar
- Recorded Chapter_Readings
- Chapter_Solutions
- Online Zoom workshop presentations
Module/Topic
- Concepts underlying insurance law
Chapter
Prescribed Reading Chapter 5
Events and Submissions/Topic
Refer to Week 4 in Moodle for:
- Study Guide
- Chapter_Overheads
- Online webinar
- Recorded Chapter_Readings
- Chapter_Solutions
- Online Zoom workshop presentations
Module/Topic
- Making the insurance contract
- Claims
Chapter
Prescribed Reading Chapters 6 and 7
Events and Submissions/Topic
Refer to Week 5 in Moodle for:
- Study Guide
- Chapter_Overheads
- Online webinar
- Recorded Chapter_Readings
- Chapter_Solutions
- Online Zoom workshop presentations
Module/Topic
- Vacation and catchup week
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
Prescribed Reading Chapter 11
Events and Submissions/Topic
Refer to Week 6 in Moodle for:
- Study Guide
- Chapter_Overheads
- Online webinar
- Recorded Chapter_Readings
- Chapter_Solutions
- Online Zoom workshop presentations
Module/Topic
- Introduction to life insurance
- Life insurance products
Chapter
Prescribed Reading Chapters 8 and 12
Events and Submissions/Topic
Refer to Week 7 in Moodle for:
- Study Guide
- Chapter_Overheads
- Online webinar
- Recorded Chapter_Readings
- Chapter_Solutions
- Online Zoom workshop presentations
Module/Topic
- Introduction to general insurance
- General insurance products
Chapter
Prescribed Reading Chapters 9 and 13
Events and Submissions/Topic
Refer to Week 8 in Moodle for:
- Study Guide
- Chapter_Overheads
- Online webinar
- Recorded Chapter_Readings
- Chapter_Solutions
- Online Zoom workshop presentations
Module/Topic
- Taxation
Chapter
Prescribed Reading Chapter 10
Events and Submissions/Topic
Refer to Week 9 in Moodle for:
- Study Guide
- Chapter_Overheads
- Online webinar
- Recorded Chapter_Readings
- Chapter_Solutions
- Online Zoom workshop presentations
Module/Topic
- Mandated and health insurance
- "Have Your Say" Student Evaluation Survey
Chapter
Prescribed Reading Chapter 14
Events and Submissions/Topic
Refer to Week 10 in Moodle for:
- Study Guide
- Chapter_Overheads
- Online webinar
- Recorded Chapter_Readings
- Chapter_Solutions
- Online Zoom workshop presentations
- Complete Student Evaluation Survey
Scoped Insurance Statement of Advice Due: Week 10 Monday (20 Sept 2021) 11:45 pm AEST
Module/Topic
- The concept of ethics
- "Have Your Say" Student Evaluation Survey
Chapter
Prescribed Reading Chapter 15
Events and Submissions/Topic
Refer to Week 11 in Moodle for:
- Study Guide
- Chapter_Overheads
- Online webinar
- Recorded Chapter_Readings
- Chapter_Solutions
- Online Zoom workshop presentations
- Complete Student Evaluation Survey
Module/Topic
- Revision
- Exam Preparation
- "Have Your Say" Student Evaluation Survey
Chapter
Refer to Assessment Section on Moodle for Exam Advice
Events and Submissions/Topic
- Revise all Study Guides
- Revise all Chapter_Overheads
- Online webinar
- Revise Chapter_Solutions
- Attend final online Zoom workshop presentations
- Prepare for the exam, including referring to Previous Exam Papers
- Complete "Have Your Say" Student Evaluation Survey
Module/Topic
- Revision
- Exam Preparation
- "Have Your Say" Student Evaluation Survey
Chapter
Prescribed Reading Chapters 1 to 15
Events and Submissions/Topic
- Revise all Study Guides
- Revise all Chapter_Overheads
- Online webinar
- Revise Chapter_Solutions
- Attend final online Zoom workshop presentations
- Prepare for the exam, including referring to Previous Exam Papers
- Complete "Have Your Say" Survey
Module/Topic
Wishing you all the best with the Exams
Chapter
Events and Submissions/Topic
Unit Coordinator End of Term Report
- Available once finalised by all the relevant Committees and after Certification of Grades
1 Practical Assessment
This is an individual assessment.
Important detailed information for your assessment is on the Moodle site in the "Assessments" tile.
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].
- Scoped Insurance 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 Microsoft-Word template provided.
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 and MyCentre] to complete the assessment. Learning how to use new software [for instance, XPlan if you choose to use it] may need sometime and practice.
Your lecturer and classmates are available vis Moodle Discussion and Q&A Forums to address any unit content or assessment matter. Only email your lecturer directly to address any personal concerns or difficulties that cannot be shared on the public forums during the term.
Please start this assessment as soon as possible, because for some of you it will require learning numerous new skills.
From the above task, it is clear this is a practical assessment dealing with a simulated real world financial planning client/s insurance need. The Statement of Advice template completion is a simulation of the real-world. It contains specific justifications related to your financial planning recommendations. Hence, this assignment has the reputation for being challenging, yet useful in terms of how it builds wealth protection knowledge as well as provides an employable skill.
Week 10 Monday (20 Sept 2021) 11:45 pm AEST
Download the Assessment file/s from Moodle Assessment tile.
Week 12 Monday (4 Oct 2021)
Feedback will be provided in the Statement of Advice and Rubrics document uploaded onto Moodle via the Assessment tile.
Find a comprehensive marking criteria sheet (rubrics) in the instructions file of the assessment on Moodle in the Assessments tile.
- 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
- 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.
- This is an open book timed exam of 3 hours, including downloading, uploading, and submission time.
- 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 date and time.
- You have 2.5 hours to complete the exam in Microsoft-Word template.
- There is a minimum exam grade of 50% to pass the unit.
- You will be typing your answers in the examination Microsoft-Word template document provided.
- Late submissions will not be marked.
- If you encounter problems submitting your paper to Moodle, email it to your unit coordinator by the due date and time.
Download the exam from Moodle Assessment tile 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.