Course Title: Provide advice in Life Insurance

Part B: Course Detail

Teaching Period: Term1 2015

Course Code: BAFI5199C

Course Title: Provide advice in Life Insurance

School: 650T Vocational Business Education

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

John Calabro

john.calabro@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

 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:

1. Establish relationship with client and identify client’s objectives, needs and financial situation
 

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:

2. Analyse client's objectives, needs, financial situation and risk profile to develop appropriate strategies and solutions

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:

3. Present appropriate strategies and solutions to client and negotiate a financial 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

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

Element:

5. Provide ongoing service where requested by client

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


Learning Outcomes



 


Details of Learning Activities

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

The self-paced activities through various technology platforms and include your contribution to wikis and discussion threads, reflective journals, quizzes and interactive sessions.

The collaborative classroom based activities will include group discussion, group problem solving activities, opportunities to practice skills in a s simulated work environment

We expect you ro participate and contribute in all scheduled learning activities.


 


Teaching Schedule

Induction Session


Prior to training commencement a program level induction session will be conducted that comprises the following:
• Program overview and requirements
• MyRMIT/Blackboard
• Overview of assessment requirements
• Pre-training Review including: Recognition of Prior Learning and Credit Transfers and Assessment of current skills and knowledge
• Competency/grading criteria
• Plagiarism
• Appeals
• Extentions
• Feedback
• Privacy
• Submission Requirements
• Resubmission policy
• Where to get support
• Student responsibilities
 

Week

                           

Date                            Topic                                             Assessment      
 1 9 Feb 2015

Introduction to the Course including:
• Course requirements
• Course support documents Course Blackboard access
• Accuracy of enrolment
• Assessment requirements/cover sheets including RPF & credit
transfers
• Reminder re PLagiarism
• Reminder re Appeals
• Extensions and Resubmissions
• Feedback in the course
• Reminder re re submission requirements
• Getting help

 

Introduction to risk and insurance

 Workbook - Module 1 - Section on risk
2

16 Feb 2015

 

Types of Risk

 
323 Feb 2015 Risk strategies and personal insurance
 
4  2 March 2015 Australian Insurance Market/Law of insurance 

Task 2 - Case Study Handout distributed

 
5 10 March 2015

 

 Life/TPD

 

 
6  16 March 2015 Trauma/Income protectionTask 1 - In Class Assessment - Due
7  23 March 2015

 

 Underwriting

 
830 March 2015 Underwriting 
   Mid semester  2 – 8 April 
9 13 April 2015Tax and Insurance
 
 
10  20 April 2015

Tax and Insurance
 

 
11  27 April 2015
 FOFA and Risk
 
12 4 May 2015
  FOFA and Risk


 
1311 May 2015
  FOFA and Risk
 Task 2 - Case Study Due
1418 May 2015
  Task 3
 
1525 May 2015 Revision 
 16 1 Jun 2015 Student Feedback

 Task 3 - In Class Assessment -Due

 17 8 JuneRe-submissions if required and feedback of Assessments 


Learning Resources

Prescribed Texts

Students have access to RMIT’s Financial Planning Course Notes that will be utilised throughout the semester for class work and self study purposes. These can be downloaded from Blackboard.


References


Other Resources

Students have access to Blackboard which includes:

1- Online activities

2- Self-paced learning

3- Readings

4- Course material and external resources to access


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

Co-delivered Courses:

This course is codelivered with the following courses:

BAFI5192C Implement financial plan

BAFI5188C Review financial plans and provide ongoing service

ACCT5332C Analyse clients on financial risk

Critical aspects of assessment:

Evidence of the following is essential:

  • interpret and comply with industry regulations and codes of practice
  • analyse client’s needs and advise them ethically and accurately on Life Insurance products and services
  • assess the impacts of taxation on client’s financial requirements for specific products offered.

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


Task 1 - In Class Assessment (Due Date Week 6)


For this Assessment Task you are required to demonstrate your knowledge by completing an open book in class assessment comprised of a series of theoretical and practical questions including a mini case study. This assessment will take place during your normal scheduled class time.


Task 2 – Case Study (Due Date Week 13)


For this assessment task you are required to work in groups of two to three students. You will work together on a case study that addresses a number of areas of financial services. You will undertake research and develop strategies based on a case study covering topics covered in from week 1 to week 9.
 

This assessment is divided into two parts:


Part A


Your task is to take the role of a financial adviser and provide a client(s) with a report that addresses a number of items relevant to this course including the features of insurance policies, level of cover, insurance needs, types of premiums cover and funding insurance premiums.
 

Part B


Once you have completed the written assessment you will be required to demonstrate your adviser communication skills and present your recommendations, responses and research to a client in a role play.
You will be expected to clearly identify the part(s) of this assessment that you contributed.
 

TASK 3 - In Class Assessment (Due Date Week 16)


For this assessment task you need to undertake an open book in class assessment based on all material covered in this course (Weeks 1 -15).


Assessment Matrix

Other Information

Submission Requirements

You should:
• Ensure that you submit assessments on or before the due date.
• Always retain a copy of your assessment tasks. (hard copy and soft copy)
• When you submit work for assessment at RMIT University you need to use a cover sheet that includes a declaration and statement of authorship. You must complete, sign and submit a cover sheet with all work you submit for assessment, whether individual or group work. On the cover sheet you declare that the work you are presenting for assessment is your own work. An assignment cover sheet for submission of each assessment task is available on blackboard.
• Each page of your assessment should include footer with your name, student number, the title of the assessment, unit code and title and page numbers. For example, Julie Macpherson, 324567, Task 2, OHS2345C Ensure safe workplace, Page 1 of 10.

Late Submission Procedures

You are required to submit assessment items and/or ensure performance based assessment is completed by the due dates.

If you are prevented from submitting an assessment item on time, by circumstances outside your control, you may apply in advance to your teacher for an extension to the due date of up to seven calendar days.

More Information: http://www.rmit.edu.au/students/assessment/extension
Form to use: http://mams.rmit.edu.au/seca86tti4g4z.pdf

Where an extension of greater than seven days is needed, you must apply for special consideration. Applications for special consideration must be submitted no later than two working days after the assessment task deadline or scheduled examination.

More Information: http://www.rmit.edu.au/browse;ID=g43abm17hc9w
Form to use: http://mams.rmit.edu.au/8a5dgcaqvaes1.pdf

Resubmissions (VET Programs):

If you are found to be unsuccessful in a Course Assessment Task you will be allowed one resubmission only. Your teacher will provide feedback regarding what you need to do to improve and will set a new deadline for the resubmission. The highest grade you will receive if your resubmission is successful is “CAG”.

If you are still not meeting the assessment requirements you must apply to your Program Manager in writing outlining the steps you will take to demonstrate competence in your course. Your submission will be considered by the Program Team and you will be advised of the outcome as soon as possible.
Adjustments to Assessment

In certain circumstances students may be eligible for an assessment adjustment. For more information about the circumstances under which the assessment arrangements might be granted please access the following website:

More Information: http://rmit.edu.au/browse;ID=7usdbki1fjf31

Marking Guide (Competency):


You must demonstrate that you have all the required skills/knowledge/elements in the unit of competency you are studying.
You will receive feedback on each assessment task that will inform you about your progress and how well you are performing.
Marking Guide (Grading)
After achieving competency we then grade your performance in the unit and you will achieve one of the following grades:

Final Grades table:


CHD - Competent with High Distinction
CDI - Competent with Distinction
CC - Competent with Credit
CAG - Competency Achieved – Graded
NYC - Not Yet Competent
DNS - Did Not Submit for assessment

Further information regarding the application of the grading criteria will be provided by your teacher.

Course Overview: Access Course Overview