Course Title: Determine risk rating for investment and insurance products
Part B: Course Detail
Teaching Period: Term1 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 Goutzioulis
Tel: 61 3 9925 5464
Email: steve.goutzioulis@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 – 9 Feb | 1. The life insurance industry | The life insurance industry |
Week 2 – 16 Feb | 2. The role of the life insurance adviser, life company, life broker | The role of the life insurance adviser, life company, life broker |
Week 3 – 23 Feb | 3. Impact actors on the on the client’s insurance and financial needs. | The general impact of relevant economic, taxation and social security policy |
Week 4 – 2 Mar | 3. Impact actors on the on the client’s insurance and financial needs. | |
Week 5 – 9 Mar | 3. Impact actors on the on the client’s insurance and financial needs. | |
Week 6 – 16 Mar | 4. Investment and savings vehicles | Investment financial markets, asset classes and investment characteristics |
Week 7 – 23 Mar | 4. Investment and savings vehicles | |
Week 8 – 30 Marl | 5. Life insurance products | Generic products available in the Life Insurance Industry |
Week 9 – 6 April | 5. Life insurance products | |
Easter Break (9th to 15th April inclusive) | ||
Week 9 - 13 April | 5. Life insurance products | |
Week 10 – 20 April | 6. Investment risk factors and relationship to return expectations | Investment risk factors |
Week 11 – 27 April | 6. Investment risk factors and relationship to return expectations | |
Week 12 – 4 May | 7. Insurance and investment/savings options | Investment strategies and solutions suitable for typical customers situations/profiles |
Week 13 – 11 May | 7. Insurance and investment/savings options | |
Week 14 – 18 May | Presentations | |
Week 15 – 25 May | Revision | |
Week 16 – 1 June | Final Test | |
Week 17 – 8 June | Feedback on assignment & assessment |
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. |
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. Group Assignment & Presentation
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 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 & group presentation 40% of assessment
- Final Test 60% of assessment
Students are assessed against all the performance elements of the course and must demonstrate an understanding of all elements to be deemed competent. To receive a pass for this course a student must also achieve 50% overall.
Assessment Matrix
Group assignment | Group presentation | Closed book test | |
Monitor and collect information on risk factors | Y | Y | Y |
Analyse data collected | Y | Y | Y |
Determine risk rating for product | Y | Y | Y |
Communicate results to appropriate personnel | Y | Y | Y |
Course Overview: Access Course Overview