Course Title: Determine risk rating for investment and insurance products
Part B: Course Detail
Teaching Period: Term2 2009
Course Code: BAFI5143C
Course Title: Determine risk rating for investment and insurance products
School: 650T TAFE Business
Campus: City Campus
Program: C5205 - Diploma of Financial Services
Course Contact : Michael Elliot
Course Contact Phone: 61 3 9925 5519
Course Contact Email:michael.elliot@rmit.edu.au
Name and Contact Details of All Other Relevant Staff
Steve Goutzoulis
Tel: 61 3 9925 5464
Email: steve.goutzoulis@rmit.edu.au
Nominal Hours: 50
Regardless of the mode of delivery, represent a guide to the relative teaching time and student effort required to successfully achieve a particular competency/module. This may include not only scheduled classes or workplace visits but also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities.
Pre-requisites and Co-requisites
NONE
Course Description
This unit covers the functions involved in monitoring and analysing risks and determining the risk rating associated with an existing or new investment or insurance product.
It covers in-depth knowledge of the Life Insurance industry, including industry regulations and codes of practice, insurance and other financial products, financial markets and investment characteristics.
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title: |
FNSINSV505B Determine risk rating for investment and insurance products |
Element: |
FNSINSV505B/01 Monitor and collect information on risk factors |
Performance Criteria: |
· Product type is identified so that the nature of the risk can be identified and handled accordingly |
Element: |
FNSINSV505B/02 Analyse data collected |
Performance Criteria: |
· The reliability and validity of the data is established |
Element: |
FNSINSV505B/03 Determine risk rating for product |
Performance Criteria: |
· Acceptability of risk is determined using all available information in accordance with company policy and procedures and underwriting guidelines |
Element: |
FNSINSV505B/04 Communicate results to appropriate personnel |
Performance Criteria: |
· Results of research and analysis are presented to appropriate personnel in a clear, concise format |
Learning Outcomes
Details of Learning Activities
In this course students will undertake a range of learning activities, which will include:
An initial introduction to topics and techniques via teacher directed learning, tutorial-based discussion groups, role-plays to explore individual reactions to particular situations, a group project (case-study, tutorial exercises in order to develop competency including underpinning skills and knowledge.
Teaching Schedule
This program is intended as a guide only. It is subject to variation. Any changes will be communicated to students.
Weekly Schedule | ||
Week beginning | Topics | Tutorial/class work |
Week 1 | The Nature of Risk and its Management. | |
Week 2 | Introduction to Risk Management. | Tutorial 1 |
Week 3 | Insurance and Risk. | Tutorial 2 |
Week 4 | Regulation and Compliance. | Tutorial 3 |
Week 5 | Policy, law and Documentation. | Tutorial 4 |
Week 6 | Introduction to Life Insurance | Tutorial 5 |
Week 7 | Introduction to General Insurance | Tutorial 6 |
Week 8 | Taxation and Insurance | Tutorial 7 |
Week 9 | Class Test | |
Week 10 | Personal Risk Management | Tutorial 8 |
Week 11 | Life Insurance Products | Tutorial 9 |
Week 12 | General Insurance Products | Tutorial 10 |
Week 13 | General Insurance Products | Tutorial 11 |
Week 14 | Mandated Insurance and Health Insurance | Tutorial 12 |
Week 15 | Revision | |
Week 16 | Final Test | |
Week 17 | Feedback on assignment & assessment |
Learning Resources
Prescribed Texts
Teal, J, Insurance and Risk Management, John Wiley and Sons Australia Ltd |
References
Beal D and McKeown W, Personal Finance, John Wiley and Sons Australia Ltd, 3rd Edition |
|
Gitman LJ, Morrison DS and Joehnk MD, Personal Financial Planning – an Australian Perspective, Thomson, 1st Edition. |
Other Resources
• Print based resources
Extensive course notes and materials in addition to lecture overheads and tutorial questions will be available of the learning hub online@rmiit.edu.au from the commencement of the course. Also included are short answer questions and problem sets, self-directed exercises, some solutions and core notes for each topic.
Overview of Assessment
Assessment will incorporate a variety of methods including a collaborative research projects, presentations, closed book tests and/or examination.
Tests will comprise multiple-choice, case studies and short answer questions. It will assess underpinning knowledge and skills and the performance criteria of the unit.
Students are advised that they are likely to be asked to personally demonstrate their assessment work to their teacher to ensure that the relevant competency standards are being met. Students will be provided with feedback throughout the course to check their progress.
Assessment Tasks
The assessment will consist of:
1. Assignment
Collaborative research projects where you will work together with other students to research an insurance product and relate the benefits of insurance to clients’ needs. It will also involve a group presentation communicating the group’s work to the class.
2. Closed Book Test
Comprising multiple-choice, case studies and short answer questions. It will assess underpinning knowledge and skills, covered in the course, and the performance criteria of the unit.
3. Closed Book Examination
Comprising multiple-choice, case studies and short answer questions. It will assess underpinning knowledge and skills, covered in the course, and the performance criteria of the unit.
The assessment weighting for this course takes the following form:
Assignment 40% of assessment
Test 20% of assessment
Final examination 40% of assessment
To be deemed competent in this course, students must pass all performance elements. Additionally, students will be graded in this course. The grade will be determined on the overall mark attained and will be based on the grade criteria listed below.
Graded results will apply the following
Grade HD Mark > = 80 Description High Distinction
Grade DI Mark 70 - 79 Description Distinction
Grade CR Mark 60 - 69 Description Credit
Grade PA Mark 50 - 59 Description Pass
Grade NN Mark 0 - 49 Description Fail
Grade NYC Mark Not Applicable Description Not Yet Competent
Grade DNS Mark Not Applicable Description Did Not Submit
Assessment Matrix
Group assignment | Closed book test | Closed book examination | |
Monitor and collect information on risk factors | Y | ||
Analyse data collected | Y | Y | Y |
Determine risk rating for product | Y | Y | Y |
Communicate results to appropriate personnel | Y |
Course Overview: Access Course Overview