FINC19019 - Insurance Planning

General Information

Unit Synopsis

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

Level Undergraduate
Unit Level 2
Credit Points 6
Student Contribution Band 3
Fraction of Full-Time Student Load 0.125
Pre-requisites or Co-requisites There are no pre-requisites for the 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).

Class Timetable View Unit Timetable
Residential School No Residential School

Unit Availabilities from Term 2 - 2020

Term 2 - 2020 Profile
Online
Term 2 - 2021 Profile
Online

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).

Assessment Overview

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.

Assessment Tasks

Assessment Task Weighting
1. Practical Assessment 50%
2. Take Home Exam 50%

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

Past Exams

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Previous Feedback

Term 2 - 2019 : The overall satisfaction for students in the last offering of this course was 4.2 (on a 5 point Likert scale), based on a 25.71% response rate.

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.

Source: Student evaluation survey
Feedback
Add an SOA exemplar for guidance
Recommendation
SOA exemplar will be added to the Moodle site.
Action Taken
Several scoped Insurance advice exemplars were added to the Moodle site.
Source: Student evaluation survey
Feedback
The assignment was very drawn out and required a lot of focus and hard work. Maybe the assignment could be split in two parts and therefore ensures students are working on it progressively.
Recommendation
Provide written timeline guidelines on work in progress through the assessment on Moodle
Action Taken
The assessment task was rationalised and the task description revised. This will balance the assessment load, while assessing relevant competencies.
Source: Self-reflection
Feedback
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.
Recommendation
Continue to improve the assessment design and learning materials by incorporating digital eLearning methods into the Moodle site.
Action Taken
Nil.
Source: Student evaluation feedback
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.
Recommendation
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.
Action Taken
Nil.
Source: Self-reflection
Feedback
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.
Recommendation
Assessment requirements would be optimised by focusing on insurance issues and competencies alone to facilitate efficient and effective marking.
Action Taken
Nil.
Source: Student feedback
Feedback
Some students misinterpreted the purpose of the Zoom tutorials/workshops.
Recommendation
Recorded lectures will be developed separately from Zoom online tutorials/workshops, and the two will be clearly distinguished.
Action Taken
Nil.
Source: Student feedback
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.
Recommendation
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.
Action Taken
Nil.
Unit learning Outcomes

On successful completion of this unit, you will be able to:

  1. Explain the principles and legal framework of the Australian insurance industry
  2. Analyse insurance needs of clients to solve risk management problems
  3. Research and select appropriate insurance products
  4. 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
2 - Take Home Exam
Alignment of Graduate Attributes to Learning Outcomes
Introductory Level
Intermediate Level
Graduate Level
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
Alignment of Assessment Tasks to Graduate Attributes
Introductory Level
Intermediate Level
Graduate Level
Assessment Tasks Graduate Attributes
1 2 3 4 5 6 7 8 9
1 - Practical Assessment
2 - Take Home Exam