FPL202 Insurance and Risk Management

Updated: 26 August 2019
Credit Points 6
Offering
Location Teaching Period Mode of Study
Armidale Trimester 1 Online
Armidale Trimester 2 Online
Intensive School(s) None
Supervised Exam There is no supervised examination.
Pre-requisites FPL100 and 24cp
Co-requisites None
Restrictions AFM466 or AFM566 or FIN201 or FIN304
Notes None
Combined Units None
Coordinator(s) Cynthia Shannon (cshanno5@une.edu.au)
Unit Description

This unit provides students with an analysis of the principles of insurance and the types of insurance products available, as well as a comprehensive discussion on risk management. When discussing the potential for the 'occurrence of loss' in an insurance context, significant skill is needed to professionally deal with both the emotional and financial issues. The determination of how much insurance is required is addressed as are the options available from insurance providers. This unit identifies and explains the connecting issues in relation to insurance from a knowledge and skill perspective, and equips you with the tools to understand personal insurance advice.

This unit includes topics that address the classifications of risk; basic characteristics of insurance; the role of underwriters; the underwriting process; co-insurance; subrogation; general insurance; term insurance; trauma insurance; total and permanent disability insurance; income protection insurance; the claims process; taxation implications; impact of holding insurance inside superannuation and the regulations and legislation as it applies to insurance.

Prescribed Material
Mandatory

Text(s):

Note: Students are expected to purchase prescribed material. Please note that textbook requirements may vary from one teaching period to the next.

Insurance and Risk Management

ISBN: 9780646954479
Teale, J., Lightning Source Australia Pty Ltd 3rd ed. 2016

Text refers to: Trimester 1 and 2, Online

Disclaimer Unit information may be subject to change prior to commencement of the teaching period.
Assessment
Must
Complete
Title Exam Length Weight Mode No. Words
Compulsory Client Simulation 30% 2000
Assessment Notes

Simulated client interview

Relates to Learning Outcomes (LO)

LO: 2-5

Compulsory Online Assessment 30% 1500
Assessment Notes

Online test comprising multiple choice and short answer questions.

Relates to Learning Outcomes (LO)

LO: 1-4

Compulsory Strategy Advice 40% 2500
Assessment Notes

Financial planning case study.

Relates to Learning Outcomes (LO)

LO: 2-5


Learning Outcomes (LO) Upon completion of this unit, students will be able to:
  1. describe the concepts that underpin risk and its measurement;
  2. demonstrate an understanding of the regulation and legislation as it applies to insurance for a variety of client circumstances;
  3. critically assess the different types of general and personal insurance and the applicability to various client scenarios;
  4. calculate and justify how much insurance is required under various client scenarios; and
  5. critically assess the implications of different insurance strategies including taxation implications as part of a comprehensive advice document.