UNIT STANDARD MAKE UP OF AOLSA OFFERING 2008 SHORT TERM INSURANCE

Transcription

1 UNIT STANDARD MAKE UP OF AOLSA OFFERING 2008 SHORT TERM INSURANCE CoP Basics of Short Term (30 credits - 26 core and 4 level 4) Analyse new developments reported in the media that could impact on Short Term insurance -10@ Demonstrate knowledge and application of ethical conduct in a business Environment - 4@ Apply the skills of customer care in a specific work environment - 4@ Demonstrate knowledge and insight of FAIS -2@ Apply the regulations for disclosure that are required as part of the financial sales process - 2@ Demonstrate knowledge and understanding of issues of compliance or nonactivity that could result in civil or criminal liability in terms of business law - 2@ Apply the law of contract to insurance - 3@ Demonstrate knowledge of insurable risk - 3@4 ICiBS Practice of Short Term (30 credits - 10 level 3 and 15 core and 5 level 4) Use an electronic system as a tool in a financial services context -2@ Describe the standard insurance cover in terms of SASRIA - 4@ Apply technical knowledge and understanding of the cover provided under a Short Term multi-peril insurance policy Manage risk in own work environment - 2@ Apply knowledge and insight into the Short Term Insurance Act and the accompanying regulations - 3@ Manage own work performance in relation to an organisation s performance management system - 2@ Describe how to manage workplace relationships - 2@ Indicate how different needs lead to the development of different financial services products - 4@ Demonstrate knowledge and understanding of personal motor insurance - 4@ Apply knowledge and understanding of personal accident insurance - 2@4 Business Calculations (16 fundamental level 4) 7468 Use mathematics to investigate and monitor the financial aspects of personal, business, national and international issues - 6@ Apply knowledge of statistics and probability to critically interrogate and effectively communicate findings on life related problems - 6@ Represent analyse and calculate shape and motion in 2- and 3- dimensianal space in different contexts - 4@4

2 Business Communications (20 fundamental level 4) 8974 Engage in sustained oral communication and evaluate spoken texts Read, analyse and respond to a variety of texts Write for a wide range of contexts Use language and communication in occupational learning programmes - Financial Literacy (12 fundamental level 4) Interpret basic financial statements - 4@ Investigate ways of managing financial risk in own lives Describe and apply the basic principles of personal income tax - 3@4 Rest of Qualification (Short Term) Since the fundamentals have already been covered, the only outstanding requirement is the additional electives and the second language course (which will be provided by AOLSA as it has no specific insurance focus). (Application of) Personal Lines Short Term (30 level 4) Underwrite a standard risk in Short Term personal insurance - 6@ Explain personal all risks insurance - 2@ Demonstrate knowledge of insurance of houseowner s insurance - 3@ Apply knowledge of household insurance - 4@ Demonstrate knowledge and understanding of the insurance of pleasure craft - 3@ Apply knowledge of personal liability insurance - 3@ Demonstrate knowledge and understanding of the sales process in Short Term insurance - 3@ Explore strategies to retain or expand existing business in the insurance/ investment industry - 3@ Demonstrate skills and techniques required to build a relationship with a client in a financial services environment - 3@4 OR (Application of) Commercial Short Term (30 level 4) Apply technical knowledge and understanding of business motor insurance Apply technical knowledge of short term insurance to the All Risks section of a commercial policy - 2@ Apply technical knowledge and understanding of business insurance - 10@ Apply knowledge of business interruption - 3@ Apply knowledge and insight into the statutory cover afforded under the COID Act - 3@ Explain the scope of COIDA - 2@ Apply knowledge of public liability insurance - 3@ Demonstrate knowledge and understanding of the scope of travel insurance in South Africa - 2@4

3 OR Application of Short Term Claims and Underwriting (26 level 4 and level 3) Apply knowledge of Short Term Insurance to reinsurance Process a short term insurance claim - 3@ Demonstrate knowledge and skill in order to assess a non-motor claim - 3@ Underwrite a standard risk in short term commercial insurance - 10@ Apply basic technical knowledge of a vehicle to authorise a light motor vehicle claim - 3@ Demonstrate knowledge and application of the VAT Act as it applies to insurance - 2@ Apply knowledge of basic accounting principles to financial services - 4@3 CoP LONG TERM INSURANCE Basics of Long Term (33 credits - 15 core and 8 level 4 and 10 level 3) Describe life insurance - 3@ Indicate the scope of life insurance in South Africa - 4@ Apply the law of contract to insurance - 2@ Demonstrate knowledge of insurable risk - 2@ Demonstrate knowledge and application of ethical conduct in a business environment - 4@ Describe the control of fraud in Long term insurance - 3@ Demonstrate knowledge and insight of the FAIS Act - 2@ Explain the FIC Act and the implications for the industry - 3@ Apply the skills of customer care in a specific work environment - 4@ Investigate the need to provide financially for own retirement - 3@ Explain basic investment principles - 3@4 ICiBS Practice of Long Term (33 credits - 25 core and 4 level 4 and 2 core and 2 level 3) Analyse new developments reported in the media that could impact on Long term insurance - 10@ Analyse the different products available in the Long term insurance industry and the benefits of each Describe group insured benefits - 2@ Describe disability insurance solutions in the context of financial Planning - 4@ Describe dread disease products and their place in wealth management -2@ Describe healthcare cover in South Africa - 2@ Demonstrate knowledge and insight into the Income Tax Act and the accompanying regulations as amended as it applies to insurance and investment products - 2@ Explain and apply the basic principles of the Estate Duty Act - 2@ Describe issues of compliance or non-activity that could result in civil or criminal liability in terms of business law - 2@ Describe funeral insurance - 2@3

4 Business Calculations (16 fundamental level 4) 7468 Use mathematics to investigate and monitor the financial aspects of personal, business, national and international issues - 6@ Apply knowledge of statistics and probability to critically interrogate and effectively communicate findings on life related problems - 6@ Represent analyse and calculate shape and motion in 2- and 3- dimensianal space in different contexts - 4@4 Business Communications (20 fundamental level 4) 8974 Engage in sustained oral communication and evaluate spoken texts Read, analyse and respond to a variety of texts Write for a wide range of contexts Use language and communication in occupational learning programmes - Financial Literacy (12 fundamental level 4) Interpret basic financial statements - 4@ Investigate ways of managing financial risk in own lives Describe and apply the basic principles of personal income tax - 3@4 Rest of Qualification (Long Term) Since the fundamentals have already been covered, the only outstanding requirement is the additional electives and the second language course (which will be provided by AOLSA as it has no specific insurance focus). (Application of) Individual Life (10 elective level 4 and level 3) Apply knowledge and insight into aspects of the Long Term Insurance Act - 2@ Investigate the range of options available for wealth management Explain the role of actuaries, underwriters, claims assessors and reinsurers in Long term insurance - 3@ Administer a Long-term insurance claim - 2@3 OR (Application of) Retirement Funds (11 elective level 4 and level 3) Demonstrate knowledge and understanding of the role, functions and duties of trustees of retirement funds - 4@ Analyse different group retirement products - 2@ Explain the legislation relating to marriage, divorce and maintenance as it applies to retirement benefits - 2@ Investigate possible funding options for investors exiting a group retirement fund - 2@ Analyse the Pension Funds Act as it applies to the administration of retirement funds - 3@ Describe the main aspects of pre- and post-retirement planning - 2@4

5 Number Unit Standard Title Credits Level Analyse the Pension Funds Act as it applies to the administration of retirement funds Demonstrate knowledge and insight into the Income Tax Act (58 of 1962 and the accompanying regulations) as amended as it applies to insurance and investment products Explain the legislation relating to marriage, divorce and maintenance as it applies to retirement benefits Describe group insured benefits Analyse different group retirement products Analyse the role of group retirement benefits in the insurance industry Explain basic economics Explain basic investment principles Investigate possible funding options for investors exiting a group retirement fund Describe the main aspects of pre and post retirement planning Demonstrate knowledge and application of ethical conduct in a business environment Explain fiduciary responsibilities and the associated risks TOTAL CREDITS 28 level 4)

6 LB CoP Certificate Unit Standards Long Term Basic (Category B) Programme (30 credits - 15 core, 5 fundamental and 10 level 4) Apply the law of contract to insurance - 2@ Demonstrate knowledge of insurable risk - 2@ Demonstrate knowledge and application of ethical conduct in a business environment - 4@ Describe the control of fraud in Long term insurance - 3@ Demonstrate knowledge and insight of the FAIS Act - 2@ Explain the FIC Act and the implications for the industry - 3@ Apply the skills of customer care in a specific work environment - 4@ Explain basic investment principles - 3@ Apply the regulations for disclosure that are required as part of the financial sales process - 2@ Investigate ways of managing financial risk in own lives -