Course outline Code: FIN221 Title: Insurance and Risk Management Faculty of Arts, Business and Law School of Business Teaching Session: Semester 2 Year: 2017 Course Coordinator: Dr Gabrielle Parle Email: Gparle@usc.edu.au Consultation Times: As advised on Blackboard 1. What is this course about? 1.1 Course description This course focuses on risk management and the use of general insurance and life risk products to protect individuals and the owners of small business from the financial effects caused by the destruction of property, loss of life or income. The study of risk management gives advisers the tools to identify those risks, quantify them, implement strategies for their reduction and arrange for their transfer to an insurance company. This course also examines the structure of the insurance industry, its regulation, insurance law plus life and general insurance policies. 1.2 Course content the nature of risk management introduction to risk management regulation & compliance introduction to General insurance general insurance products introduction to life insurance policy law & documentation (Part 1) policy law & documentation (Part 2) personal risk management life insurance products mandated and health insurance taxation 2. Unit value 12 units
Page 2 3. How does this course contribute to my learning? Specific Learning Outcomes Assessment Tasks Graduate Qualities On successful completion of this course you should be able to: You will be assessed on the learning outcome in task/s: Completing these tasks successfully will contribute to you becoming: Use analytical thinking to identify, evaluate and solve problems in areas of financial planning. Exhibit initiative and apply innovation and strategic thinking to make decisions in a professional context. Work effectively with teams from diverse backgrounds, display effective leadership behaviours and effectively communicate to a range of stakeholders. Comprehend and interpret financial planning information and apply professional knowledge and information to solve financial planning issues. 1 and 2 Creative and critical thinkers. Empowered. 1 and 2 Empowered 2 Empowered 3 Knowledgeable. 4. Am I eligible to enrol in this course? Refer to the Coursework Programs and Awards - Academic Policy for definitions of pre-requisites, corequisites and anti-requisites 4.1 Enrolment restrictions Nil 4.2 Pre-requisites FIN210 4.3 Co-requisites Nil 4.4 Anti-requisites N/A 4.5 Specific assumed prior knowledge and skills N/A 5. How am I going to be assessed? 5.1 Grading scale Standard High Distinction (HD), Distinction (DN), Credit (CR), Pass (PS), Fail (FL)
Page 3 5.2 Assessment tasks Task Assessment No. Tasks 1 Client advice: Risk management 2 Client advice: Life scenario 3 Final examination Individual or Group Weighting % What is the duration / length? When should I submit? Where should I submit it? Individual 25% 2,500 words Friday, Week 5 SafeAssign Group 35% N/A Friday, Week 12 SafeAssign Individual 40% 2 hours Central examination period 100% In exam venue Assessment Task 1: Client advice: Risk management Goal: To demonstrate your ability to apply the risk management process to a real life scenario and record your advice in a report to your clients. Product: Client advice: Risk management Format: Individual written client advice in the first person Criteria use of analytical thinking to identify, evaluate and solve a risk management issue clarity of communication use of technical language use of research to support findings Generic skill assessed Skill assessment level Problem solving Communication Assessment Task 2: Client advice: Life scenario Goal: Product: Format: To demonstrate your ability to apply the personal risk management process to a typical life scenario and to develop your collaboration skills. Client advice: Life scenario Written: group statement of advice in the first person using the template on Blackboard Criteria exhibit initiative and apply innovation and strategic thinking to make decisions in a professional context use of analytical thinking to identify, evaluate and solve a risk management issue clarity of communication use of technical language use of research to support findings collaboration - leadership Generic skill assessed Communication Problem solving Applying technologies Collaboration Skill assessment level
Assessment Task 3: Final examination Page 4 Goal: To demonstrate your knowledge and the application of that knowledge Product: Final examination Format: Individual Criteria Correctly answering the examination multiple choice and short answer questions Generic skill assessed Skill assessment level Communication Problem solving 5.3 Additional assessment requirements Plagiarism In order to minimise incidents of plagiarism and collusion, this course may require that some of its assessment tasks, when submitted to Blackboard, are electronically checked through SafeAssign. This software allows for text comparisons to be made between your submitted assessment item and all other work that SafeAssign has access to. Eligibility for Supplementary Assessment Your eligibility for supplementary assessment in a course is dependent of the following conditions applying: a) The final mark is in the percentage range 47% to 49.4% b) The course is graded using the Standard Grading scale c) You have not failed an assessment task in the course due to academic misconduct Penalties You must NOT use planning software, such as the X-plan SOA template, to prepare your SOA, as it must be developed from first principles and must be all your own work. The use of planning software in this way will result in a fail grade. You are able to use X-plan software to source life insurance products and premiums for assignment 2. All workings must be shown in a spread sheet attached to the end of your SOA (you cannot send appendices through SafeAssign as separate attachments) 5.4 Submission penalties Late submission of assessment tasks will be penalised at the following maximum rate: 5% (of the assessment task s identified value) per day for the first two days from the date identified as the due date for the assessment task. 10% (of the assessment task s identified value) for the third day 20% (of the assessment task s identified value) for the fourth day and subsequent days up to and including seven days from the date identified as the due date for the assessment task. A result of zero is awarded for an assessment task submitted after seven days from the date identified as the due date for the assessment task. Weekdays and weekends are included in the calculation of days late. To request an extension you must contact your course coordinator to negotiate an outcome. 6. How is the course offered? 6.1 Directed study hours On campus Lecture: 2 hours per week On campus Tutorial: 1 hour per week
Page 5 6.2 Teaching semester/session(s) offered Semester 2 6.3 Course activities Teaching Week / What key concepts/content will I learn? What activities will I engage in to learn the concepts/content? Module Directed Study Independent Study Activities Activities 1 The nature of risk management Introduction to risk management Lecture Chapter 1 of the text by Chapter 2 of the text by Chapter 1 of Scriven 2 Insurance and risk Lecture and tutorial Chapter 3 of the text by Chapter 7 of Scriven 3 Regulation and Compliance Lecture and tutorial Chapter 4 of the text by Chapters 10 & 11 of Scriven 4 Introduction to general insurance Lecture and tutorial Chapter 10 of the text by 5 General insurance products Lecture and tutorial Chapter 14 of the text by 6 Policy law and documentation (Part 1) 7 Policy law and documentation (Part 2) Lecture and tutorial Lecture and tutorial Chapters 6 & 7 of the text by Chapters 14 of Scriven Chapter 8 of the text by Chapter 14 of Scriven 8 Personal risk management Lecture and tutorial Chapter 12 of the text by Chapter 2 of Scriven 9 Introduction to life insurance Lecture and tutorial Chapter 9 of the text by Chapter 10 of Scriven Mid Semester Break 10 Monday, 2 nd October Queen's Birthday Public Holiday Life insurance products Lecture and tutorial Chapter 13 of the text by Chapters 3 to 8 of Scriven to be used as a reference 11 Mandated and health insurance Lecture and tutorial Chapter 15 of the text by 12 Taxation Lecture and tutorial Chapter 11 of the text by Chapter 12 of Scriven 13 Final workshop and revision Revision Study Period Central Examination Period End of Semester Break Please note that the course activities may be subject to variation. 7. What resources do I need to undertake this course?
Page 6 7.1 Prescribed text(s) Please note that you need to have regular access to the resource(s) listed below: Author Year Title Publisher, J 2013 Insurance and Risk Management CCH Australia Limited, Sydney Scriven, D 2013, 3rd edn Guide to Life Risk and Planning CCH Australia Limited, Sydney Summers, J & Smith, B 2010, 3rd edn Communication Skills Handbook John Wiley & Sons, Brisbane. Bear in mind that the coursework is not a substitute for reading the relevant sections of other textbooks. You should also read the major national newspapers to keep abreast of current issues relating to this topic 7.2 Required and recommended readings Lists of required and recommended readings may be found for this course on its Blackboard site. These materials/readings will assist you in preparing for tutorials and assignments, and will provide further information regarding particular aspects of your course. 7.3 Specific requirements Financial calculator, ability to access XPlan software 7.4 Risk management Health and safety risks have been assessed as low. It is your responsibility to research and understand risks of specific courses and to review the USC s health and safety principles by viewing the online induction training for students. 8. How can I obtain help with my studies? In the first instance you should contact your tutor, then the Course Coordinator. Additional assistance is provided to all students through Peer Advisors and Academic Skills Advisors. You can drop in or book an appointment. To book: Tel: +61 7 5430 2890 or Email: studentcentral@usc.edu.au 9. Links to relevant University policies and procedures For more information on Academic Learning & Teaching categories including: Assessment: Courses and Coursework Programs Review of Assessment and Final Grades Supplementary Assessment Administration of Central Examinations Deferred Examinations Student Academic Misconduct Students with a Disability http://www.usc.edu.au/university/governance-and-executive/policies-and-procedures#academic-learningand-teaching 10. General enquiries In person: Sippy Downs - Student Central, Ground Floor, Building C USC SouthBank - Student Central, Building B, Ground floor (level 1) USC Gympie - Student Central, 71 Cartwright Road, Gympie USC Fraser Coast - Student Central, Building A Tel: +61 7 5430 2890 Email: studentcentral@usc.edu.au