Unit Outline

Risk management is a complex, progressive and demanding industry based on the protection of individuals, businesses and governments against risk and financial catastrophe. Insurance is the foundation of our lives and the social and economic fabric of our society. This unit will assist you to develop a clear appreciation of the Life Insurance sector of the financial services industry. Life insurance is the cornerstone of most financial plans and one of the most important areas in personal financial management. The financial adviser must be aware of the need for and appropriate amount of life insurance and to match up the most suitable policy to meet the need within the client’s affordability. Although there are a wide variety of different life insurance products to cater for different needs in the market today, the basic types of products have not changed significantly. It is important that the financial adviser understands these fundamentals and be able to recommend the appropriate products that will meet the client’s situation and needs.

Intended Learning Outcomes

As per the Assessment and Results Policy 1.3, your results will reflect your achievement against specified learning outcomes.

On completion of this unit, you will be able to:

1.	Recommend appropriate personal risk insurance services, advice and products to clients.
2.	Evaluate the application of insurance law, risk management applications and policy contracts.
3.	Evaluate personal risk, estate planning and sustainable practice strategies in financial planning scenarios.
4.	Describe the estate planning and administration process and analyse and evaluate the process of drawing up of wills, the testamentary trust framework, powers of attorney, and pre-nuptial agreements within this.
5.	Evaluate the importance of trusts, asset protection, types of powers of attorney and binding health directives and describe the legal frameworks around these concepts.

Alterations as a result of student feedback

To Be Determined

Teaching arrangements

ATTENDANCE MODE	TEACHING TYPE	LEARNING ACTIVITY	CONTACT HOURS	FREQUENCY
On Campus	Workshop	Introductory 1-hr workshop, Week 1	1	Once only
	Lecture (On Campus)	Pre-recorded 1-hr lecture, once a week	1	Weekly
	Workshop	2-hr workshop, fortnightly, commencing in Week 2	2	1 time per fortnight
	Other	5-hrs independent learning	5	Weekly
Online	Online Class	Introductory 1-hr workshop, Week 1	1	Once only
	Independent Learning	Pre-recorded 1-hr lecture, once a week	1	Weekly
	Online Class	1-hr workshop, weekly, commencing in Week 2	1	Weekly
	Independent Learning	5-hrs independent learning	5	Weekly

Attendance / engagement expectations

If your unit is offered On campus, it is expected that you will attend all on-campus and onsite learning activities. This is to support your own learning and the development of a learning community within the unit. If you are unable to attend regularly, please discuss the situation with your course coordinator and/or our UConnect support team.

If your unit is offered Online, it is expected you will engage in all those activities as indicated in the Unit Outline, including any self-directed learning.

If you miss a learning activity for a legitimate reason (e.g., illness, carer responsibilities) teaching staff will attempt to provide alternative activities (e.g., make up readings) where it is possible.

The Tasmanian School of Business and Economics regularly hosts Masterclasses and Industry Engagement and Employability Events, which students are encouraged to attend. Registration and details will be available via the College of Business and Economics channel on the Uni App and/or via your Unit Coordinator

How will I be Assessed?

For more detailed assessment information please see MyLO.

Assessment schedule

ASSESSMENT TASK #	ASSESSMENT TASK NAME	DATE DUE	WEIGHT	LINKS TO INTENDED LEARNING OUTCOMES
Assessment Task 1:	Capstone assessment	See the MyLO site for the due date	40 %	LO1, LO2, LO4, LO5
Assessment Task 2:	Assignment	Week 8	25 %	LO1, LO2, LO3, LO4
Assessment Task 3:	Application questions and an estate planning case study	Refer to Assessment Description	35 %	LO2, LO3, LO5

Assessment details

Assessment Task 1: Capstone assessment

Task Description:

A capstone project where students will be provided with a client scenario is to be completed during the exam period over a 24-hour period. Timetable for specific date and time will be advised closer to the examination period.

Task Length:

Word count 2000 words

Due Date:

See the MyLO site for the due date

Weight:

40 %

CRITERION #

CRITERION

MEASURES INTENDED

LEARNING OUTCOME(S)

1	Construct appropriate personal risk and products advice to a client scenario.	LO2
2	Construct appropriate estate planning and associated advice to a client scenario	LO4
3	Prepare a scoped financial plan for an interactive personal risk client advice scenario.	LO1
4	Prepare a scoped financial plan for an interactive estate planning client advice scenario.	LO5

Assessment Task 2: Assignment

Task Description:

Your assignment will involve a case study which is to be completed individually. As an associate financial adviser,you will be required to analyse personal and financial information collected from clients with regard to personal risk protection, then develop and recommend appropriate strategies. A written report supporting your analysis and recommending a course of action to the senior Financial Planner will be required.

Task Length:

Word count of 1500.

Due Date:

Week 8

Weight:

25 %

CRITERION #

CRITERION

MEASURES INTENDED

LEARNING OUTCOME(S)

1	Apply critical personal risk elements in the construction of an insurance contract	LO1
2	Explain insurance (personal risk management) and products to clients	LO2
3	Demonstrate an understanding of the estate planning and sustainable practice within the process.	LO3
4	Evaluate the importance of trusts, asset protection, types of powers of attorney and binding health directives	LO4

Assessment Task 3: Application questions and an estate planning case study

Task Description:

During the semester, we will formally assess your individual responses submitted to MyLO for a minimum of two sets of application questions each consisting of 3 activities (i.e., your responses to the questions from two different weeks) and one estate planning related case study. Assessment weeks will be 3, 6, and 11.

Task Length:

2x 600 words per activity + 900 words case study.

Due Date:

Refer to Assessment Description

Weight:

35 %

CRITERION #

CRITERION

MEASURES INTENDED

LEARNING OUTCOME(S)

1	Construct appropriate insurance services, advice and products to clients	LO2
2	Identify key insurance (risk management), sustainable practices and products related to client advice.	LO3
3	Evaluate the estate planning process and associated structures for client advice.	LO5

How your final result is determined

To pass this unit, you need to demonstrate your attainment of each of the Intended Learning Outcomes, achieve a final unit grade of 50% or greater, and pass any hurdle tasks.

Submission of assignments

Where practicable, assignments should be submitted to an assignment submission folder in MYLO. You must submit assignments by the due date or receive a penalty (unless an extension of time has been approved by the Unit Coordinator). Students submitting any assignment in hard copy, or because of a practicum finalisation, must attach a student cover sheet and signed declaration for the submission to be accepted for marking.

Requests for extensions

If you are unable to submit an assessment task by the due date, you should apply for an extension.

A request for an extension should first be discussed with your Unit Coordinator or teaching support team where possible. A request for an extension must be submitted by the assessment due date, except where you can provide evidence it was not possible to do so. Typically, an application for an extension will be supported by documentary evidence: however, where it is not possible for you to provide evidence please contact your Unit Coordinator.

The Unit Coordinator must notify you of the outcome of an extension request within 3 working days of receiving the request.

Late penalties

Assignments submitted after the deadline will receive a late penalty of 5% of the original available mark for each calendar day (or part day) that the assignment is late. Late submissions will not be accepted more than 10 calendar days after the due date, or after assignments have been returned to other students on a scheduled date, whichever occurs first. Further information on Late Penalties can be found on the Assessments and Results Procedure.

Review of results and appeals

You are entitled to ask for a review of the marking and grading of your assessment task if there is an irregularity in the marking standards or an error in the process for determining the outcome of an assessment. Details on how to request a review of a mark for an assignment are outlined in the Review and Appeal of Academic Decisions Procedure.

Required Resources

Required reading materials

You will need the following texts:

Teale, J, S 2023, Insurance and Risk Management 5th edition, Wiley Finance, Australia.

McKeown, Kerry, Olynyk 2021, Financial Planning essentials, Wiley (E Text version available)

Recommended reading materials

Taylor,S; Juchau,R 2019, Financial Planning in Australia 2019 essentials edition, LexisNexis Butterworths, Sydney

Simpson, A 2019, The Australian Guide to Wills and Estate Planning [electronic resource]: How to Plan, Protect and Distribute Your Estate, John Wiley & Sons

Perkins, MJ 2020, Estate planning : a practical guide for estate and financial service professionals / Michael Perkins, Robert Monahan, LexisNexis Butterworths,

https://faaa.au/

In addition to the texts (or software) recommended above, students are also expected to be familiar with the key academic journals in the discipline from which useful insights may be derived. In particular, students are encouraged to review regularly the relevant papers that are published in:

Financial planning is a dynamic area. Students are therefore urged to follow current events and developments in finance in the press.

Other required resources