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 SCA Band 4
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 1 - 2022

Term 2 - 2022 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 - 2021 : The overall satisfaction for students in the last offering of this course was 4.2 (on a 5 point Likert scale), based on a 43.75% 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: Email from a previous student who is working full time for a financial planning practice
Feedback
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.
Recommendation
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.
Action Taken
Continue to make the use of XPlan for student assessment completion optional as it is clear more and more students are deciding to opt into using the software for their assessments.
Source: Student evaluations
Feedback
Time-poor and auditory learning students were positive about the podcast recordings of prescribed readings
Recommendation
The unit coordinator will continue providing podcast recordings of the prescribed readings.
Action Taken
Audio reading recordings continue to be provided for students.
Source: Student evaluations
Feedback
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.
Recommendation
The unit coordinator will review the learning material to ensure that it can be covered in the required hours per week.
Action Taken
Unit content will be reviewed again to further streamline it and reduce the amount of resources available to the students.
Source: Student evaluations
Feedback
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.
Recommendation
The unit coordinator will review assessments to ensure that they can be successfully completed within the required volume of learning for this unit.
Action Taken
Assessment reviews will continue to occur on an ongoing basis based on student evaluation feedback.
Source: Unit coordinator's self-reflection
Feedback
Working with Sessional staff who are qualified practicing advisers enhanced the unit content, assessment and engagement with the private sector for all the students based on student comments like: 1) "Best aspects were having a practicing financial planner as the lecturer" and, 2) "Lots of additional content to aid in extra learning, having two experts in their fields that willingly gave advice"
Recommendation
Encourage management of CQU to continue consider suitable qualified practicing financial advisers to support the unit coordinator in delivering CQUniversity financial planning units
Action Taken
Nil.
Source: Student evaluation
Feedback
A student commented that the limited SOA is a fantastic way to learn in both this and investment subjects. However, they felt given the amount of work involved it should be given a higher percentage of the total grade then it has.
Recommendation
Review the assessment items grade weightings depending on the accreditation requirements under the new disciplinary body given that the Financial Adviser Standards and Ethics Authority has been disbanded effective 31 December 2021.
Action Taken
Nil.
Source: Student evaluation
Feedback
Some students felt there was too much information within the assessment tab for the SOA assignment. They suggested to only put relevant information to help with the specific assessment
Recommendation
Review the assessment resources and declutter the Moodle Assessment tile
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 10
1 - Practical Assessment
2 - Take Home Exam