FPC004 Insurance Advice | Kaplan Professional Education

 

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Assessment Details:

  • Referencing Styles: Harvard
  • Words: 3750
  • Course Code: FPC004
  • Course Title: Insurance Advice
  • University: Kaplan Professional Education
  • Country: AU

 

FPC004 Insurance Advice Assessment Task:

 

Learning outcomes (LO) mapping

 

  1. Critically analyse personal and small business risks.
  2. Describe and distinguish the features of the various types of personal and business insurance products, including related policy documentation and taxation issues.
  3. Develop and implement personal and small business risk management strategies using a range of general and life insurance policies.
  4. Apply financial planning practice while giving consideration to ethics and the legal and regulatory responsibilities owed by the adviser and the adviser’s organisation to the adviser’s clients and other stakeholders.
  5. Evaluate contemporary issues in insurance advice.

 

Criteria-Based Marking Guide

 

Criteria-Based Marking Guide

 

FPC004 Insurance Advice Assessment Questions

 

Question 1

 

  1. Critically analyse personal and small business risks.

 

Consider the following pieces of information:

 

  • There were around 25.5 million active life insurance policies in Australia in 2018, according to APRA.

 

    • There were approximately 12.5 million working-aged Australians (aged 15–64) in 2018, according to the Australian Institute of Health and Welfare.
    • Rice Warner’s Underinsurance in Australia 2017 report estimated that 94% of working Australians had some level of life cover, with an average of approximately $143,500 (twice the median household income).
    • Rice Warner’s Underinsurance in Australia 2017 report concluded that the amount required for a family to be adequately covered by life insurance is around eight times the family income.

 

Question 2

 

  1. Apply financial planning practice while giving consideration to ethics and the legal and regulatory responsibilities owed by the adviser and the adviser’s organisation to the adviser’s clients and other stakeholders.
  2. Compare how the application of the Competition and Consumer Act 2010 (Cth) and the Corporations Act 2001 (Cth) apply in the context of providing consumer protection to someone who receives financial advice about selecting and implementing life insurance in Australia. Illustrate your answer with examples of situations in which these laws may be called upon by clients.

 

Question 3

 

Evaluate contemporary issues in insurance advice.

 

Consider a recent natural disaster and evaluate the implications for policy retention when an insurer is experiencing underwriting losses.

 

 

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