The end of term assessment has now been changed to an
alternate form of assessment. Please see your Moodle site for details of the
assessment.
Overview
In this unit you will acquire an advanced understanding of 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
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 1 - 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 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.
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 Evaluation
Learning Materials
Review materials and consider adding more advanced content and more case study applications.
- 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 - First Nations Knowledges | ||||
| 9 - 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 | |
| 1 - Report - 30% | |||||||||
| 2 - Practical Assessment - 30% | |||||||||
| 3 - Examination - 40% | |||||||||
Textbooks
Financial Planning 2nd Edition (Update Edition)
- 2nd (Update Edition) (2018)
- Authors: McKeown, Kerry and Olynyk
- John Wiley & Sons Australia, Ltd.
- Brisbane Brisbane , Queensland , Australia
- ISBN: eText 9780730343554, paperback 9780730350620
- Binding: Paperback
Insurance and Risk Management
- 3rd Edition (2017)
- Authors: John Teale
- John Teale
- Lidcombe Lidcombe , New South , Australia
- ISBN: 9781925457278
- Binding: Paperback
Additional Textbook Information
Both prescribed texts are available as either paperback or e-texts.
The ebook version of the Teale text is available here: https://www.booktopia.com.au/ebooks/insurance-and-risk- management-john-teale/prod9781925457278. If you prefer a paper text, you can purchase one at the CQUni Bookshop here: http://bookshop.cqu.edu.au
The e-book version of Financial Planning text is available via the publisher's website. The paper version is available at the CQUni Bookshop here: http://bookshop.cqu.edu.au (search on the Unit code)
NOTE 1: The text, Financial Planning (2nd Edition Update Version) is also used in other units.
NOTE 2: Earlier versions of these texts 'may be' ok to use - however legislation changes often and the latest versions should have the current information.
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.
a.mcinnes@cqu.edu.au
Week 1
Begin Date: 09 Mar 2020Module/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
Week 2
Begin Date: 16 Mar 2020Module/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
Week 3
Begin Date: 23 Mar 2020Module/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
Week 4
Begin Date: 30 Mar 2020Module/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
Week 5
Begin Date: 06 Apr 2020Module/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
Vacation Week
Begin Date: 13 Apr 2020Module/Topic
Self study and assignment preparation
Chapter
Self study and assignment preparation
Events and Submissions/Topic
Self study and assignment preparation
Week 6
Begin Date: 20 Apr 2020Module/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 (22 Apr 2020) 10:00 am AEST
Week 7
Begin Date: 27 Apr 2020Module/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
Week 8
Begin Date: 04 May 2020Module/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
Week 9
Begin Date: 11 May 2020Module/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
Week 10
Begin Date: 18 May 2020Module/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 Monday (18 May 2020) 10:00 am AEST
Week 11
Begin Date: 25 May 2020Module/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
Week 12
Begin Date: 01 Jun 2020Module/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
Review/Exam Week
Begin Date: 08 Jun 2020Module/Topic
Chapter
Events and Submissions/Topic
Exam Week
Begin Date: 15 Jun 2020Module/Topic
Chapter
Events and Submissions/Topic
1 Report
Detailed instructions, marking criteria and submission details are provided under ASSESSMENTS on Moodle.
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
- demonstrate the ethical and professional responsibilities of the adviser in relation to insurance recommendations
- present the 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,
Importantly, this comparison exercise will inform the construction of insurance planning advice and recommendations developed as part of Assessment 2 Statement of Advice [Scaled].
Note: XPLAN Risk Researcher can be used to support this evaluation and comparison exercise.
- Refer to XPLAN Section on Moodle for login and training on XPLAN Risk Researcher.
- XPLAN demonstrations will also be conducted during the weekly webinars.
Week 6 Wednesday (22 Apr 2020) 10:00 am AEST
Week 7 Wednesday (29 Apr 2020)
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 Best Interest Duty Statement Template, resources and XPLAN logins are available on Moodle.
Summary of the Task Requirements:
From the client case study:
- Identify the client's objectives, needs and financial situation
- Use the tools provided such as the Insurance Needs Analysis to identify appropriate levels of insurance cover
- Use the Risk Researcher function in XPLAN [or similar software] and findings from Assignment 1 to establish sound reasoning as to the type of insurance policy being recommended
- Present detailed justifications and recommendations as a Best Interest Duty Statement [template provided in Moodle]
The use of a Best Interest Duty Statement as a preliminary and primary Statement of Advice document is now common practice. The high-level of detail expected in this assignment is indicative of the standards used in professional Financial Planning practice and embedded into legislation.
Week 10 Monday (18 May 2020) 10:00 am AEST
Week 11 Friday (29 May 2020)
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 Best Interest Duty Statement document
- 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
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?
