Course Title: Risk, Insurance and Social Security

Part A: Course Overview

Course Title: Risk, Insurance and Social Security

Credit Points: 12.00


Course Code

Campus

Career

School

Learning Mode

Teaching Period(s)

ACCT2287

City Campus

Undergraduate

615H Accounting

Face-to-Face

Sem 1 2017

Course Coordinator: Associate Professor Abdullahi Ahmed

Course Coordinator Phone: +61 3 9925 1542

Course Coordinator Email: Abdullahi.ahmed@rmit.edu.au

Course Coordinator Location: Melbourne City Campus


Pre-requisite Courses and Assumed Knowledge and Capabilities

 

Before enrolling in this course it is required that you complete the course BAFI 2040Personal Wealth Management or ACCT1018 Financial Planning.

 


Course Description

 

The course aims to develop an understanding of concepts, principles and applications of insurance as related to financial planning.

The course will explore fundamental concepts of insurance, risk management, legal principles, classes of insurance, insurance planning, business insurance, and the regulatory environment and distribution of insurance products.

The role of Centrelink and the various social insurance programs, benefits and allowances available will also be covered in relation to the impact of financial products on social security benefits.

The course fulfils the competency guidelines set by the Australian Securities and Investments Commission (ASIC) for the training of authorised representatives in generic and specialist knowledge in core, life and general insurance.

 


Objectives/Learning Outcomes/Capability Development

 

On successful completion of this course you will be able to:

 

  1. Analyse the costs and benefits of insurance to individuals and society.
  2. Evaluate the relevance of the risk management process, the selection of appropriate techniques in treating loss exposures and the basic legal principles governing insurance contracts.
  3. Compare the types of general insurance products in personal risk insurance and life insurance and critically assess the need for insurance in personal financial planning.
  4. Analyse the distinct characteristics governing insurance contracts to assess underwriting goals and objectives in pricing of insurance products.
  5. Apply insurance planning concepts to determine insurance needs in personal financial planning and to calculate tax estimates of insurance products.
  6. Refer to relevant insurance legislation to determine the rights and liabilities of parties to insurance contracts.


 

 

On successful completion of this course you will be able to:

 

  1. Analyse the costs and benefits of insurance to individuals and society.
  2. Evaluate the relevance of the risk management process, the selection of appropriate techniques in treating loss exposures and the basic legal principles governing insurance contracts.
  3. Compare the types of general insurance products in personal risk insurance and life insurance and critically assess the need for insurance in personal financial planning.
  4. Analyse the distinct characteristics governing insurance contracts to assess underwriting goals and objectives in pricing of insurance products.
  5. Apply insurance planning concepts to determine insurance needs in personal financial planning and to calculate tax estimates of insurance products.
  6. Refer to relevant insurance legislation to determine the rights and liabilities of parties to insurance contracts.



 

CLO1

CLO2

CLO3

CLO4

CLO5

CLO6

CLO7

CLO8

PLO1

ü   

ü   

ü   

ü   

ü   

ü   

 

 

PLO2

ü   

ü   

ü   

ü   

 

 

 

 

PLO3

 

 

 

ü   

ü   

ü   

 

 

PLO4

ü   

 

ü   

 

ü   

ü   

 

 

PLO5

 

 

 

ü   

ü   

ü   

 

 

PLO6

 

 

 

 

ü   

ü   

 

 

PLO7

 

 

 

 

 

 

 

 

PLO8

 

 

 

 

 

 

 

 

Please note: Undergraduate Collective PLOs  in the table below.  Not all PLOs are achieved in a single course.

PLO1

Apply a broad theoretical and technical knowledge of business practice in diverse contexts.

PLO2

Apply theoretical and technical knowledge to provide in-depth specialist and professional advice related to one or more disciplines...*

PLO3

Critically analyse and synthesise information to formulate effective business decisions.

PLO4

Apply reasoned judgements to solve problems in a variety of business contexts with reference to ethical, regulatory and global perspectives.

PLO5

Reflect on performance feedback to identify and action strategies for improvement.

PLO6

Communicate business data and concepts to professionals and non-professionals in diverse contexts.

PLO7

Apply an adaptive and collaborative approach to working with others in a variety of business and professional contexts

PLO8.1

Apply, and integrate professional theory with practice in authentic Work Integrated Learning (WIL) contexts. **

PLO8.2

Apply and integrate professional theory with practice in authentic Work Integrated Learning (WIL) contexts, professional contexts and industry settings.***



 

 


Overview of Learning Activities

 

Your learning will be supported through various activities which may include quizzes; assignments; prescribed readings; sourcing, researching and analysing specific information; solving problems; debating selected topics on discussion forums and producing written work.

 


Overview of Learning Resources

 

Various learning resources are available online through MyRMIT Studies\Blackboard. These may include topic notes and slides, study schedule, assessment details, links to relevant internet information, readings, and communication tools.

 

Resources are also available online through RMIT Library databases and other facilities. If you require assistance with the RMIT library facilities contact the Business Liaison Librarian for your school. Contact details for Business Liaison Librarians are located online on the RMIT library website.

 

Additional resources to assist your learning will be made available to you as required during the teaching period.

 


Overview of Assessment

 

 

Assessment Tasks

 

Assessment Task 1: Online Quiz                                         10 per cent

 

 

Assessment Task 2: Assignment                                         40 per cent

 

 

Assessment Task 3: Final Exam                                          50 per cent

 

 

The assessment alignment table below shows the assessment tasks against the learning outcomes they develop.

 

Assessment

 

Course Learning Outcomes

CLO1

CLO2

CLO3

CLO4

CLO5

CL06

CLO7

CLO8

Task 1

X

X

X

X

 

 

 

 

Task 2

X

X

X

X

X

 

 

 

Task 3

X

X

X

 

X

X