FINC20028 - Risk Management and Insurance

General Information

Unit Synopsis

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

Level Postgraduate
Unit Level 8
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 - 2020

Term 1 - 2020 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 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.

Assessment Tasks

Assessment Task Weighting
1. Report 30%
2. Practical Assessment 30%
3. Examination 40%

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

No previous feedback available

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: Evaluation
Feedback
Learning Materials
Recommendation
Review materials and consider adding more advanced content and more case study applications.
Action Taken
The unit materials were updated to be at a more advanced level. Thus, by adding more case studies relevant to risk management and insurance more depth was added to the content.
Source: Moodle Q&A Forum
Feedback
There was a question on the Moodle Q&A Forum asking whether the recent version (4th edition 2019) of the prescribed textbook was preferred?
Recommendation
The unit coordinator's response was that she was unaware of the new update. The topic of Insurance has not changed radically. Consequently, if the students managed to locate a secondhand copy of the earlier version/s they will not be disadvantaged. Any additional notes from the latest edition of the prescribed textbook, which the old version does not cover she will make available on the Moodle site during the term. In the future, the unit coordinator will ensure she contacts the publisher to make sure there are no updated editions to the prescribed textbook.
Action Taken
Nil.
Source: Sessional lecturer
Feedback
While XPlan was demonstrated, the students had a choice of using XPlan.
Recommendation
Instead of a choice, have all students use XPlan to do the assignment including the insurance needs analysis, choosing products, and doing quotes. This would be useful for the students in understanding how to use Financial Planning Software and would also prepare them for the Capstone course when they have to prepare a full SoA and choose products.
Action Taken
Nil.
Unit learning Outcomes

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

  1. Critically evaluate the risk and benefits of a range of personal insurance policies and risk management products
  2. Mitigate personal risk in a financial plan through the judicious use of insurance and risk management products
  3. Compare insurance, risk management and gearing products using of financial planning software and online resources
  4. 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
2 - Practical Assessment
3 - Examination
Alignment of Graduate Attributes to Learning Outcomes
Advanced Level
Professional Level
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
Alignment of Assessment Tasks to Graduate Attributes
Advanced Level
Professional Level
Assessment Tasks Graduate Attributes
1 2 3 4 5 6 7
1 - Report
2 - Practical Assessment
3 - Examination