Course Title: Identify and advise on significant risk changes to broking client insurances

Part B: Course Detail

Teaching Period: Offsh3 12

Course Code: BAFI5147C

Course Title: Identify and advise on significant risk changes to broking client insurances

School: 650T TAFE Business

Campus: Singapore Inst of Management

Program: C5205 - Diploma of Financial Services

Course Contact : Sam Tabit

Course Contact Phone: +61 3 9925 1466

Course Contact

Name and Contact Details of All Other Relevant Staff

Course Coordinator: Sam Tabit
Phone: 9925 5464
Fax: 9925 1526

Nominal Hours: 60

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

This unit is co-delivered with BAFI5146C Implement changes to broking client’s insurance programme which describes the functions involved in implementing changes to a client’s insurance program. This unit requires the application of risk assessment and analysis skills and product knowledge. It may be applied following a prior review of the client’s business needs.

Course Description

This unit describes the functions involved in identifying additional exposures and advising broking clients on required changes to their insurance and implementing their instructions.

National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

FNSINBK504B Identify and advise on significant risk changes to broking client insurances


FNSINBK504B/01 Identify significant risk changes to insurance program

Performance Criteria:

1.1Significant risk changes are identified against existing level of client exposure
1.2Objective risk assessment is undertaken
1.3Existing business is reviewed in line with significant risk changes


FNSINBK504B/02 Prepare advice to client

Performance Criteria:

2.1Advice is provided that is based on objective assessment of situation


FNSINBK504B/03 Negotiate with insurers on behalf of client

Performance Criteria:

3.1Suitable markets for client requirements are identified
3.2Terms and conditions are negotiated with insurer to protect client's business


FNSINBK504B/04 Communicate options to client and obtain client instructions

Performance Criteria:

4.1Alternative risk management strategies are presented to provide client with viable options
4.2Cost-benefit analysis of options is undertaken where appropriate
4.3Client is provided with the opportunity to discuss and question alternatives
4.4Clear and concise formal instructions are obtained
4.5Client instructions are documented and confirmed to protect interests of client and broker

Learning Outcomes

Refer to Part B - Course Guide for the Performance criteria for this unit.

Details of Learning Activities

A range of learning activities are planned for this course including self-paced and collaborative classroom based activities.

The self-paced activities will be delivered via Blackboard
and access to and use of the internet to collect, analyse and use information on a range of financial products and financial organizations.
The collaborative classroom based activities will include group discussion, group problem solving activities and opportunities to practice your skills in a simulated/real workplace environment.
You are expected to participate and contribute in all scheduled learning activities including completion of tutorial exercises consisting of practical problems, short answer questions, multiple choice, case studies and extension exercises.

Teaching Schedule

Learning Activities
ClassTopicElements/knowledge requirements
Week 1.Topic 1 - Risk concepts and insuranceRequired knowledge
Week 2. Topic 2 - Nature of risk and insurance Required knowledge, Element 2
Week 3. Topic 3 - Introduction to risk managementRequired knowledge, Element 1
Week 4. Topic 4 - Australian Insurance market regulationsRequired knowledge, Elements 2, 3
Week 5. Topic 5 - Business insuranceRequired knowledge, Element 1
Week 6. Class TestRequired knowledge, Elements 1, 2, 3
Week 7. Topic 6 - Life InsuranceRequired knowledge, Elements 1, 2, 3
Week 8. Topic 7 - Insurance riders & social insurance.Required knowledge, Elements 1, 3
Week 9. Topic 8 - Role of life insurance in financial planningRequired knowledge, Elements 1, 2, 3, 4
Week 10. Topic 9 - Role of general insurance in personal risk managementRequired knowledge, Elements 2, 3, 4
Week 11. Topic 10 - Insurance operations & Singapore insurance industry developments. Group assignment dueRequired knowledge, Elements 2, 3, 4.
Group assignment: Required knowledge, Elements 1, 2, 3, 4
Week 12. 12Revision
Scheduled exam period: Final Exam on the course during examination period.

Learning Resources

Prescribed Texts

There is no prescribed text for this course. Students will be provided with a copy of “Selected Notes in Risk Management and Insurance” prepared by RMIT.


Principles of Risk Management & Insurance by Redja, George E.

Other Resources

Learning support materials are made available on the Online Learning Hub
Students will be provided with Lecture overheads, Tutorial discussion questions, short answer questions and problem sets, self-directed exercises, some solutions and core notes for each topic.

Overview of Assessment

Assessment may incorporate a variety of methods including written tests, a group assignment and final assessment.

Tests are closed book and consist of multiple choice, practical exercises and short answer questions.

The group assignment requires students to research the role and function of a financial institution or a major contemporary issue relating to the financial system and of concern to consumers.

The final assessment may be included in the group assessment or in some cases may be an individual assignment.

Students are advised that they are likely to be asked to personally demonstrate their assessment work to their teacher to ensure the relevant competency standards are being met. Students will be provided with feedback throughout the course to check their progress.

Assessment Tasks

1. Closed book test of 1 hour duration assessing applications of first 6 topics

2. Group Assignment: students working in groups to assess recent changes in Singaporean insurance and legislative industry.

3. A closed book exam of 2 hour duration covering all topics.

Assessment Matrix

Assessment No and Week NoAssessment DescriptionMaximum grade allocation and CA / NYC
Class Test in week 6
Closed book test of 1 hour duration assessing applications of first 6 topicsCA/NYC
Group Assignment due in week 10Students in groups to assessing recent changes in Singaporean insurance and legislative industryCA/NYC
Final Examination during examination periodA closed book exam of 2 hour duration covering all topics.60%

Other Information

Competency and grading requirements:
To be deemed competent students must demonstrate an understanding of all elements of a competency. Assessment methods have been designed to measure achievement of each competency in a flexible manner over multiple tasks. 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.

All competency based assessments for this course must be completed to achieve CA. Each assessment task will also carry a numerical weighting to be used for grading purposes. The grade applied to this weighting will only be awarded if a CA has been achieved in all compulsory assessment tasks.

If a student has been marked NYC (Not Yet Competent) in any of the assessment tasks, the weighting will carry no value until the student has obtained CA. If a CA is achieved on re-assessment then a maximum mark of 50% of the original weighting will be granted for that assessment.

A final examination offered to students who have achieved CA. The final examination is for grading purposes only and is intended for students requiring a grade for articulation into higher education programs.

Assignment Submission Procedure
All assignments must be submitted online through the course Blackboard.  Further details will be provided in the assignment.

They must be accompanied by an assignment cover sheet and submitted though Tunitin, a plagiarism checking tool. For information on Turnitin see;

Student FAQ,
Student procedures and account setup (pdf),

Turnitin student information page,
Turnitin will assess your work in approximately one minute, and return a colour coded response for the originality of the text.

Penalties for late submission
All assignments will be marked as if submitted on time then the mark awarded will be reduced by 10% for each day (or part of a day) it is late
Assignments that are late by 7 days or more will not be marked and will be assessed as Not Yet Competent and awarded zero marks.

Final Grades table:

HDCompetent with High Distinction
DICompetent with Distinction
CRCompetent with Credit
PACompetency Achieved – Graded
NNNot Yet Competent
DNSDid Not Submit for assessment

Competency / Grading Criteria
In addition to the above statement on competency and grading, grades for this course will be awarded on the following basis:

Not Yet Competent / Fail (NN):
The submitted/presented work does not meet the criteria set for the assessment tasks; and the elements and crtieria of the unit / course.

Competent / Pass (PA) 50-59%:
The submitted/presented work meets the criteria for the set assessment tasks. Assessments have met the requirement for competence / pass against the elements and criteria for the unit / course. This includes clear evidence of understanding of the required knowledge and skills of the unit and the application of this knowledge and skills.

Competent with Credit / (CR) 60-69%:
In addition to satisfying the conditions for competency, the submitted/presented work shows evidence that exceed the required standards / criteria for competence. This includes the ability to apply the knowledge and skills of the of the unit / course with more relevant detail and accuracy. Calculations and reports are completed with few errors and examples are provided to illustrate greater understanding of the issues / problems in questions and case studies.

Competent with Distinction / (DI) 70-79%:
In addition to satisfying the conditions for a credit, the submitted/presented work shows analysis of relevant material beyond that covered in the class, the ability to engage in more detailed qualitative research, and applies relevant professional and theoretical reading.. This will include the ability to apply the knowledge and skills of the of the unit / course with relevant detail and accuracy. Calculations and reports are completed with minor error and examples are provided to illustrate greater understanding of the complexity of issues / problems in questions and case studies.

Competent with High Distinction / (HD) 80%:
In addition to satisfying the conditions for a distinction, the submitted/ presented work shows evidence of high order critical analysis and insightful use of wide and relevant theoretical reading as well as thorough attention to preparation, and presentation. The submitted/presented work demonstrates the capacity to understand and apply the required knowledge and skills to complex problems. Calculations and reports are accurate and examples are provided that illustrate excellent understanding of the complexity of issues / problems in questions and case studies.

Changes to assessment scheme
Changes to the method of assessment described above may be made with the documented consent of 70% of students enrolled in the course. Students will receive written notification of any such changes.

Borderline policy
All borderline fail assignments and examination papers will be marked by a second examiner. Assessment within 5% of the pass mark is considered to be borderline for this purpose. Students who are dissatisfied with their assessment outcomes have the right to clarification from the School of how their assessment was determined
Feedback will be provided throughout the semester in class and/or online via Blackboard. Individual and group feedback on specified learning activities as required. You are encouraged to ask and answer questions during the lecture and tutorials so that you can obtain feedback on your understanding of the concepts and issues being discussed.

You should take note of all feedback received and use this information to improve your learning outcomes and final performance in the course.

Written Reports and Essays:
Students should consult the Guidelines for Referencing and Presentation in RMIT Business. This
document is the standard RMIT Business reference for Higher Education and TAFE students.

In addition to these resources, RMIT provides academic skills support and resources through the Study and Learning Centre ( and the library (

Plagiarism: the practice of claiming, or implying, original authorship or incorporating material from someone else’s written or creative work, in whole or in part, into ones own without adequate acknowledgement. Plagiarised material can be drawn from, and presented in, written, graphic and visual form, including electronic data, and oral presentations. Plagiarism occurs when the origin of the material used is not appropriately cited.
Examples of plagiarism include:
•Copying sentences or paragraphs word-for-word from one or more sources, whether published or unpublished, which could include but is not limited to books, journals, reports, theses, websites, conference papers, course notes, etc. without proper citation;
•Closely paraphrasing sentences, paragraphs, ideas or themes without proper citation;
•Piecing together text from one or more sources and adding only linking sentences;
•Copying or submitting whole or parts of computer files without acknowledging their source;
•Copying designs or works of art and submitting them as your original work;
•Copying a whole or any part of another student’s work;
•Submitting work as your own that someone else has done for you; and
•Enabling plagiarism: the act of assisting or allowing another person to plagiarise or to copy your own work.
Advice and activities are available to help you cite and quote your sources correctly, and avoid plagiarism, see for example
Further information on academic integrity:

Special consideration in assessment
Special consideration is a process that takes account of unexpected or extenuating circumstances such as serious illness, serious injury or bereavement of a close family member that severely affects a student’s performance in assessment.
The RMIT University policy on special consideration in assessment can be viewed on the RMIT University website at .

How to apply for special consideration:
You must apply for special consideration no later than two working days after the relevant examination or assessment deadline. For available lodgement methods and the current version of the application form see the special consideration website at

Your application must be supported by a medical impact statement completed by an independent qualified practitioner and/or relevant independent substantiating documentation. A medical certificate alone is not sufficient. If you do not have the impact assessment statement completed or you do not have your supporting documentation ready when you lodge your application, you should lodge an incomplete application and provide the additional documents within five working days.

All communication about your application will be through your RMIT student email account. It is your responsibility to check your RMIT student email account regularly, promptly respond or action any requests for information and ensure your account can receive incoming emails.
RMIT will advise you of the outcome via your RMIT student email account.

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