Course Title: Provide advice in Life Insurance

Part B: Course Detail

Teaching Period: Term1 2013

Course Code: BAFI5199C

Course Title: Provide advice in Life Insurance

School: 650T TAFE Business

Campus: City Campus

Program: C5317 - Diploma of Financial Planning

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

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

 Pre-requisites to this course:

FNSINC501A - Conduct product research to support recommendations

FNSIAD501A  - Provide appropriate services, advice and products to clients
 

FNSCUS505A - Determine client requirements and expectations
 

FNSCUS506A  - Record and implement client instructions

There are no co-requisites to this course.

Course Description

This unit describes the performance outcomes, skills and knowledge required to satisfy the training requirements of current Australian Securities and Investments Commission (ASIC) Australian Financial Services (AFS) licensing at Tier 1 level in the Life Insurance specialist area.
 


National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

FNSASICX503A Provide advice in Life Insurance

Element:

2. Analyse client's objectives, needs, financial situation and risk profile to develop appropriate strategies and solutions
2.1. An assessment of client needs is undertaken, utilising all information gathered and taking into account client's product expectations and specific needs
2.2. Client is consulted throughout the analysis for further clarification where necessary
2.3. The need for specialist advice is analysed and the client is referred to appropriate adviser for higher level or specialist advice if required
2.4. Product risk profile of the client is assessed and agreed demonstrating understanding of the ASIC identified generic and specialist knowledge relevant to the products being offered
2.5. An appropriate strategy to provide for identified needs and outcomes is determined from analysis of products, client risk profile and assessment of their needs
2.6.Relevant research, analysis and product modelling is conducted and an appropriate solution, plan, policy or transaction drafted for presentation to the client
 

Performance Criteria:

2.1. An assessment of client needs is undertaken, utilising all information gathered and taking into account client's product expectations and specific needs
2.2. Client is consulted throughout the analysis for further clarification where necessary
2.3. The need for specialist advice is analysed and the client is referred to appropriate adviser for higher level or specialist advice if required
2.4. Product risk profile of the client is assessed and agreed demonstrating understanding of the ASIC identified generic and specialist knowledge relevant to the products being offered
2.5. An appropriate strategy to provide for identified needs and outcomes is determined from analysis of products, client risk profile and assessment of their needs
2.6.Relevant research, analysis and product modelling is conducted and an appropriate solution, plan, policy or transaction drafted for presentation to the client
 

Element:

5. Provide ongoing service where requested by client
5.1. Type and form of ongoing service including reporting on performance and review of plan, policy or transaction is agreed with the client
5.2. Fees and costs for ongoing and specifically defined service are clearly explained and confirmation of understanding gained from the client
5.3.Ongoing service is provided as required
 

Performance Criteria:

5.1. Type and form of ongoing service including reporting on performance and review of plan, policy or transaction is agreed with the client
5.2. Fees and costs for ongoing and specifically defined service are clearly explained and confirmation of understanding gained from the client
5.3.Ongoing service is provided as required
 

Element:

1. Establish relationship with client and identify client's objectives, needs and financial situation
1.1. The financial products and services knowledge level of the client is established
1.2. Enquiries in relation to Life Insurance products and services are responded to by explaining the range of products and services available and their relevant fee and charging methodology
1.3. Client is informed of the role of the adviser and the licensee or principal responsible for the adviser's conduct including procedures for complaints handling and the circumstances in which they should be engaged
1.4. The client's personal, financial and business details are obtained and their needs identified by encouraging expression of their objectives and goals
1.5.Product risk profile of the client and their expectations of cash flow and relevant taxation obligations are established
 

Performance Criteria:

1.1. The financial products and services knowledge level of the client is established
1.2. Enquiries in relation to Life Insurance products and services are responded to by explaining the range of products and services available and their relevant fee and charging methodology
1.3. Client is informed of the role of the adviser and the licensee or principal responsible for the adviser's conduct including procedures for complaints handling and the circumstances in which they should be engaged
1.4. The client's personal, financial and business details are obtained and their needs identified by encouraging expression of their objectives and goals
1.5.Product risk profile of the client and their expectations of cash flow and relevant taxation obligations are established

 

Element:

3. Present appropriate strategies and solutions to client and negotiate a financial plan, policy or transaction
3.1. Product knowledge appropriate for the service or product offered is demonstrated when presenting the product
3.2. The proposed transaction is explained and discussed with the client in a clear and unambiguous way
3.3. Relevant details, terms and conditions of product/service are reinforced to client
3.4. Impacts and possible risks of the solution are disclosed in a clear and concise manner to the client
3.5. Client is provided with written supporting documentation and guided through the key aspects of the documentation
3.6. Concerns or issues the client has regarding the proposed plan, policy or transaction are discussed and clarified
3.7.Confirmation is sought from client that they understand the proposed plan, policy or transaction
 

Performance Criteria:

3.1. Product knowledge appropriate for the service or product offered is demonstrated when presenting the product
3.2. The proposed transaction is explained and discussed with the client in a clear and unambiguous way
3.3. Relevant details, terms and conditions of product/service are reinforced to client
3.4. Impacts and possible risks of the solution are disclosed in a clear and concise manner to the client
3.5. Client is provided with written supporting documentation and guided through the key aspects of the documentation
3.6. Concerns or issues the client has regarding the proposed plan, policy or transaction are discussed and clarified
3.7.Confirmation is sought from client that they understand the proposed plan, policy or transaction
 

Element:

4. Agree the plan, policy or transaction and complete documentation
4.1. The client's formal agreement to the proposed plan, policy or transaction is gained
4.2. Associated fee and cost structures and timeframes for execution and processing are clearly explained and confirmation of understanding gained from the client
4.3. Proposal and all other statutory and transactional documents are completed and signed off by the client
4.4.Copies of appropriate documentation and the signed agreement are exchanged
 

Performance Criteria:

4.1. The client's formal agreement to the proposed plan, policy or transaction is gained
4.2. Associated fee and cost structures and timeframes for execution and processing are clearly explained and confirmation of understanding gained from the client
4.3. Proposal and all other statutory and transactional documents are completed and signed off by the client
4.4.Copies of appropriate documentation and the signed agreement are exchanged

 


Learning Outcomes



 


Details of Learning Activities

This unit is delivered using a blend of classroom based and self -paced learning activities.


Teaching Schedule

Week                                                                       Week Comm                                                                                                Topics                                                                                                                                                          Assessment
1 Pre-training review:
• RPL /LLN
Familiarisation with:
• Program
• Services/facilities
• Other students
• Teacher(s)
• Where to get support
• Student responsibilities
• Course requirements
• Course support documents
• Pre-reading
• Blackboard
• Overview of assessment requirements
• Grading
• Plagiarism
• Appeals
• Extensions
• Feedback
• Privacy
• Submission requirements
• Resubmission policy
Financial Services Industry – Module 1- Chapter 1
Spreadsheet exercises
 
 
2 Chapter 1
Diploma of Financial Planning
Insurance Planning Module
 
Assessment on Topics from weeks 1 and 2
3 Chapter 1
Diploma of Financial Planning
Insurance Planning Module
 
 
4 Finalise Chapter 1
Diploma of Financial Planning
Insurance Planning Module
Assessment 1 feedback
 
 
5 Chapter 2
Diploma of Financial Planning
Insurance Planning Module
 
 
6 Chapter 2 (continued)
Diploma of Financial Planning
Insurance Planning Module
 
 
7 Chapter 2 (continued)
Diploma of Financial Planning
Insurance Planning Module
 
27th (Wednesday)last day of teaching before Easter break. Classes resume Thursday 4th of April
                                                                                                         Mid semester break (28th March to 3rd April)
8 Finalise Chapter 2
Diploma of Financial Planning
Insurance Planning Module
 
Assignment Handed out including discussion on assessment requirements.
9 Chapter 3
Diploma of Financial Planning
Insurance Planning Module
 
 
10 Chapter 3
Diploma of Financial Planning
Insurance Planning Module
 
 
11 Chapter 3
Diploma of Financial Planning
Insurance Planning Module
 
Electronic Draft of assignment to be submitted to teacher in class.
12 Chapter 4
Diploma of Financial Planning
Insurance Planning Module
 
Final Assignment discussion
With teacher
 
13 Chapter 4
Diploma of Financial Planning
Insurance Planning Module
 
Final Assignment discussion
With teacher
 
14 Finalise Chapter 4
Diploma of Financial Planning
Insurance Planning Module
 
Continued as per above
Assignment due (CA/NYC)
 
15 Assessment 3 – (CA/NYC)
(From Topics covered in Weeks 3 to Weeks 14)
 
 
16 Re-submissions if required 
17 Feedback 


Learning Resources

Prescribed Texts


References


Other Resources


Overview of Assessment

Assessment may incorporate a variety of methods including technical requirements documentation, homework, assignments, group and/or individual projects, in class exercises, written and practical tests, problem solving exercises, presentations, direct observation of actual and simulated work practice, presentation of a portfolio of evidence which may comprise documents, and/or photographs and/or video and audio files, review of products produced through work-based or course activities.

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


Assessment Tasks

You are required to complete 3 tasks. You must successfully complete all 3 tasks to be deemed competent in this unit.

TASK 1 ( Week 3)
This will consist of a multiple choice question and short answer assessment. CA/NYC

TASK 2 (Week 13) CA/NYC
An individual assignment requiring students to conduct research into risk management.
The above task will be presented in report format (approx. 300- 500 words per recommendation).

TASK 3 (Week 15) CA/NYC
A two hour open book assessment covering Topics covered in Weeks 3 to Weeks 14


Assessment Matrix

Course Overview: Access Course Overview