Overview
In this unit you will explore risk management and insurance concepts relating to personal financial advice. You will analyse the use of the insurance policy in risk management and wealth protection across the spectrum of client situations. You will develop a familiarity with how each insurance policy works to manage risk and protect client wealth. You will examine the role of risk management products used to hedge and diversify risk within managed investment portfolios. You will also examine the benefits and risks of investment gearing.
Details
Pre-requisites or Co-requisites
Co-requisite: FINC20025 Financial Planning Practice
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 1 - 2019
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 Postgraduate 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.
- Critically evaluate the risk and benefits of a range of personal insurance policies and risk management products
- Mitigate personal risk in a financial plan through the judicious use of insurance and risk management products
- Compare insurance, risk management and gearing products using of financial planning software and online resources
- Apply knowledge of insurance regulations, professional standards and ethical judgement in risk management and insurance advice.
This unit has been designed to conform to the accreditation requirements of the Financial Planning Education Council.
Alignment of Assessment Tasks to Learning Outcomes
| Assessment Tasks | Learning Outcomes | |||
|---|---|---|---|---|
| 1 | 2 | 3 | 4 | |
| 1 - Report - 30% | ||||
| 2 - Practical Assessment - 30% | ||||
| 3 - Examination - 40% | ||||
Alignment of Graduate Attributes to Learning Outcomes
| Graduate Attributes | Learning Outcomes | |||
|---|---|---|---|---|
| 1 | 2 | 3 | 4 | |
| 1 - Knowledge | ||||
| 2 - Communication | ||||
| 3 - Cognitive, technical and creative skills | ||||
| 4 - Research | ||||
| 5 - Self-management | ||||
| 6 - Ethical and Professional Responsibility | ||||
| 7 - Leadership | ||||
| 8 - 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 | |
| 1 - Report - 30% | ||||||||
| 2 - Practical Assessment - 30% | ||||||||
| 3 - Examination - 40% | ||||||||
Textbooks
Financial Planning
2nd Edition [Update Edition] (2017)
Authors: McKeown, Warren; Kerry, Michael; Olynyk, Marc
John Wiley & Sons, Australia, Ltd
Milton Milton , QLD , Australia
ISBN: 9780730343554
Binding: Hardcover
Insurance and Risk Management
(2017)
Authors: Teale, John
Booktopia Pty Ltd
Lidcome Lidcome , NSW , Australia
ISBN: 9781925457278
Binding: eBook
Additional Textbook Information
The eBook version of the Teale text is available here: https://www.booktopia.com.au/ebooks/insurance-and-risk-management-john-teale/prod9781925457278.html
However, if you prefer a paper text, both the Teale and McKeown texts can be purchased 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 Financial Planning Software will be used during term. This is a web-based program and access is via Login. Logins will be provided once the term commences.
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.
j.knutsen@cqu.edu.au
g.small@cqu.edu.au
Module/Topic
Insurance [Risk Management], Code of Ethics and Professionalism in Context
Chapter
Prescribed Reading:
- Teale Chapter 4
- Reading list refer study guide
Events and Submissions/Topic
Refer Study Guide Module 1 for practical application exercises and self-study questions
Module/Topic
Introduction to Insurance [Risk Management] and Risk Assessment Methodologies
Chapter
Prescribed Reading:
- Teale Chapters 1,2 and 3
- McKeown et al. Ch 4 - 4.7; Ch 9 - 9.1, 9.2, 9.7
- Reading list refer study guide
Events and Submissions/Topic
Refer Study Guide Module 2 for practical application exercises and self-study questions
Module/Topic
Insurance Law, Policies and Contract
Chapter
Prescribed Reading:
- Teale Chapters 4,5 and 6
- McKeown Chapter 9 - 9.2
- Reading list refer study guide
Events and Submissions/Topic
Refer Study Guide Module 3 for practical application exercises and self-study questions
Module/Topic
Life and Business Insurance Part 1: Policies and Products
Chapter
Prescribed Reading:
- Teale Chapter 8
- McKeown Chapter 9 - 9.3
- Reading list refer study guide
Events and Submissions/Topic
Refer Study Guide Module 4 for practical application exercises and self-study questions
Module/Topic
Life and Business Insurance Part 2: Developing Insurance Advice Plans
Chapter
Prescribed Reading:
- Teale Chapter 8
- McKeown Chapter 15
- Reading list refer study guide
Events and Submissions/Topic
Refer Study Guide Module 5 for practical application exercises and self-study questions
Module/Topic
Self study and assignment preparation
Chapter
Self study and assignment preparation
Events and Submissions/Topic
Self study and assignment preparation
Module/Topic
General Insurance Part 1: Legal Framework and Regulation
Chapter
Prescribed Reading:
- Teale Chapter 9 and 13
- McKeown Chapter 9 - 9.3
- Reading list refer study guide
Events and Submissions/Topic
Refer Study Guide Module 6 for practical application exercises and self-study questions
INSURANCE POLICY AND PRODUCT REVIEW Due: Week 6 Wednesday (24 Apr 2019) 12:00 pm AEST
Module/Topic
General Insurance Part 2: Health, Compulsory and Other insurance Policies and Products
Chapter
Prescribed Reading:
- Teale Chapter 9, 13 and 14
- McKeown Chapter 9 - 9.3
- Reading list refer study guide
Events and Submissions/Topic
Refer Study Guide Module 7 for practical application exercises and self-study questions
Module/Topic
Insurance and Taxation
Chapter
Prescribed Reading:
- Teale Chapter 10
- Reading list refer study guide
Events and Submissions/Topic
Refer Study Guide Module 8 for practical application exercises and self-study questions
Module/Topic
Insurance Claims and Proceeds
Chapter
Prescribed Reading:
- Teale Chapter 7
- Reading list refer study guide
Events and Submissions/Topic
Refer Study Guide Module 9 for practical application exercises and self-study questions
Module/Topic
Insurance and the Client Relationship Part 1: Best Practice Client Interviewing, Needs Analysis and Quality Advice Documentation
Chapter
Prescribed Reading:
- Reading list refer study guide
Events and Submissions/Topic
Refer Study Guide Module 10 for practical application exercises and self-study questions
SCALED STATEMENT OF ADVICE: PERSONAL INSURANCE FOCUS Due: Week 10 Wednesday (22 May 2019) 12:00 pm AEST
Module/Topic
Insurance and the Client Relationship Part 2: Best Practice Presenting and Reviewing the Insurance Advice
Chapter
Prescribed Reading:
- Reading list refer study guide
Events and Submissions/Topic
Refer Study Guide Module 11 for practical application exercises and self-study questions
Module/Topic
Revision
Chapter
Prescribed Reading:
- Reading list refer study guide
Events and Submissions/Topic
Refer Study Guide Module 12 for practical application exercises and self-study questions
Module/Topic
Chapter
Events and Submissions/Topic
Module/Topic
Chapter
Events and Submissions/Topic
- Assignment 1 requires you to compare 3 Insurance polices and products. Links to Product Disclosure Statements outlining the features and benefits of each of the real-world products are provided as part of the Assessment Instructions. However, you may wish to order hard copies from the Insurance Providers and should do so before Week 1.
- You will have access to XPLAN and be able to do real-world comparisons and insurance quotes.
1 Report
Detailed instructions, marking criteria and submission details are provided under ASSESSMENTS on Moodle.
In summary, the purpose of this assignment is to critically evaluate and compare the risk and benefits of a range of personal insurance policy products. In doing so you will:
- apply the professional processes which underpin the development of suitable and quality financial advice and the ethical and professional responsibilities of the advisor in relation to insurance
- demonstrate technical knowledge related to personal insurance including terms, conditions and distinctions.
- showcase self-management skills by independently researching the legal and operational characteristics of personal insurance matters,
NOTE: This comparison will subsequently inform the construction of insurance planning advice and recommendations developed as part of Assessment 2 Statement of Advice [Scaled].
Also available on Moodle are Assessment Resources including How to Write a Good Report and APA Reference Guide.
Week 6 Wednesday (24 Apr 2019) 12:00 pm AEST
This assignment is due at NOON [AEST] Wednesday 24th April 2019.
Week 8 Wednesday (8 May 2019)
Feedback will be provided via the Gradebook.
A detailed marking rubric is available on Moodle under ASSESSMENTS. In summary, marks will be based on the quality and attention given to:
- presentation and organisation of the report
- depth of analysis and comparison
- effective use of reference material and research tools
- in-text referencing and accurate formatting of reference list
- Critically evaluate the risk and benefits of a range of personal insurance policies and risk management products
- Compare insurance, risk management and gearing products using of financial planning software and online resources
- Knowledge
- Communication
- Cognitive, technical and creative skills
- Research
- Self-management
- Ethical and Professional Responsibility
2 Practical Assessment
This is an individual assessment and based on a client case study. Details of the case study PLUS the SoA Template, resources and XPLAN logins are available on Moodle.
Overview of the Task Requirements:
- From the client case study, identify the client's objectives, needs and financial situation
- Use tools provided such Insurance Needs Analysis and the Risk functions in XPLAN [or similar software] to identify the amount and type of insurance cover required
- With the client's specific needs and best interest duty in focus, compare the characteristics and appropriateness of the relevant insurance policies and/or use comparisons developed and reported in Assignment 1.
- Filter findings from the analysis and comparisons and develop recommendations
- Using the SoA Template document the personal insurance advice
Week 10 Wednesday (22 May 2019) 12:00 pm AEST
This assignment is due at NOON Wednesday 22nd May 2019.
Week 12 Wednesday (5 June 2019)
Feedback will be provided via Gradebook
Given the need to uphold professional standards, a comprehensive marking guide and rubric is available on Moodle under ASSESSMENTS.
In summary, marks will be based on the quality and attention given to:
- the basis for the advice
- clear and coherent explanations and recommendations
- demonstrations of best interest duty in the context of insurance advice
- presentation and organisation of the SoA document
For consistency, the CQU SoA template must be used to document the advice.
- Mitigate personal risk in a financial plan through the judicious use of insurance and risk management products
- Apply knowledge of insurance regulations, professional standards and ethical judgement in risk management and insurance advice.
- Knowledge
- Communication
- Cognitive, technical and creative skills
- Ethical and Professional Responsibility
Examination
Calculator - non-programmable, no text retrieval, silent only
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?
