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SOUTH AFRICAN QUALIFICATIONS AUTHORITY 
REGISTERED UNIT STANDARD THAT HAS PASSED THE END DATE: 

Demonstrate knowledge and application of the relationship between Life Style Measurement (LSM) and Long-term insurance 
SAQA US ID UNIT STANDARD TITLE
119262  Demonstrate knowledge and application of the relationship between Life Style Measurement (LSM) and Long-term insurance 
ORIGINATOR
SGB Insurance and Investment 
PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY
-  
FIELD SUBFIELD
Field 03 - Business, Commerce and Management Studies Finance, Economics and Accounting 
ABET BAND UNIT STANDARD TYPE PRE-2009 NQF LEVEL NQF LEVEL CREDITS
Undefined  Regular  Level 4  NQF Level 04 
REGISTRATION STATUS REGISTRATION START DATE REGISTRATION END DATE SAQA DECISION NUMBER
Passed the End Date -
Status was "Reregistered" 
2018-07-01  2023-06-30  SAQA 06120/18 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2024-06-30   2027-06-30  

In all of the tables in this document, both the pre-2009 NQF Level and the NQF Level is shown. In the text (purpose statements, qualification rules, etc), any references to NQF Levels are to the pre-2009 levels unless specifically stated otherwise.  

This unit standard does not replace any other unit standard and is not replaced by any other unit standard. 

PURPOSE OF THE UNIT STANDARD 
This Unit Standard is useful for underwriters, claims assessors, administrators, intermediaries, learners in call centres and marketing and learners who communicate with customers or who give financial advice. It is intended for learners who are established in a career path in Long-term insurance and who are required to adjust applications of common solutions and to motivate the change.

The qualifying learner is capable of:
  • Analysing Life Style Measurements (LSM) relevant to the Long-term market.
  • Explaining economic cycles and the effect on the Long-term market.
  • Investigating the relationship between needs, priorities and affordability.
  • Applying knowledge of socio-economic conditions to Long-term insurance. 

  • LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
  • Communication at NQF Level 3.
  • Mathematical Literacy at NQF Level 3.
  • Computer Literacy at NQF Level 3. 

  • UNIT STANDARD RANGE 
  • Aspects of the socio-economic environment include, but are not limited to: Employment; unemployment; formal or informal sector; occupation grading; geographic location; availability of services and utilities and the availability of medical care and technology.
  • The legislative and regulatory environment includes, but is not limited to legislation such as: The Long-term Insurance Act; The Pension Funds Act; FAIS; FICA; Income Tax Act; the provision of social security; HIV codes of conduct; the South African Constitution and the Financial Charter.
  • The elements that impact on economic cycle include, but are not limited to: Inflation; volatile market changes; GDP; Government Monetary Policy; economic depression; recession; cycles that include boom, stagnant and regressive periods.
  • The key pillars of Long-term insurance are: Dying too soon, living too long and disability or impairment.
  • Scenarios include, but are not limited to, individual, group and different socio-economic circumstances.
  • Responses to questions from a customer may be verbal or written. 

  • Specific Outcomes and Assessment Criteria: 

    SPECIFIC OUTCOME 1 
    Analyse Life Style Measurements relevant to the Long-term market. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    Different aspects used in Life Style Measurement are explained with examples. 

    ASSESSMENT CRITERION 2 
    The relationship of the legislative and regulatory environment and the socio economic environment to Long-term insurance is explained with examples. 

    ASSESSMENT CRITERION 3 
    The impact of longevity and health status on Long-term insurance is explained for the South African situation. 

    ASSESSMENT CRITERION 4 
    The impact of political stability and socio-economic conditions in other countries is explained with reference to the continuity and logistics of South African Long-term insurance cover. 

    SPECIFIC OUTCOME 2 
    Explain economic cycles and the affect on the Long-term market. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The concept of an economic cycle is explained with examples. 

    ASSESSMENT CRITERION 2 
    The elements that impact on economic cycles are analysed and an indication is given of how each element affects the supply of and demand for Long-term insurance. 

    SPECIFIC OUTCOME 3 
    Investigate the relationship between needs, priorities and affordability. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The needs of an individual are identified to determine the need for Long-term insurance cover. 

    ASSESSMENT CRITERION 2 
    The impact of socio-economic conditions on an individual's Long-term insurance priorities is explained with reference to affordability. 

    ASSESSMENT CRITERION 3 
    The needs of a group are identified to determine the type of cover required and an indication is given of the impact of the nature of the group on availability and affordability of cover. 

    SPECIFIC OUTCOME 4 
    Apply knowledge of socio-economic conditions to Long-term insurance. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The key pillars of Long-term insurance are identified in relation to the needs of an individual and a group. 

    ASSESSMENT CRITERION 2 
    The impact of socio-economic conditions on the suitability in terms of availability and affordability of Long-term insurance products is explained with examples. 

    ASSESSMENT CRITERION 3 
    The socio economic elements in a selected product are analysed to determine suitability for three different scenarios. 

    ASSESSMENT CRITERION 4 
    Knowledge of socio-economic conditions and Long-term insurance is applied to respond to questions from a customer. 


    UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS 
  • An individual wishing to be assessed (including through RPL) against this unit standard may apply to an assessment agency, assessor or provider institution accredited by the relevant ETQA or an ETQA that has a Memorandum of Understanding with the relevant ETQA.
  • Anyone assessing a learner against this unit standard must be registered as an assessor with the relevant ETQA or with an ETQA that has a Memorandum of Understanding with the relevant ETQA.
  • Any institution offering learning that will enable achievement of this unit standard or assessing this unit standard must be accredited as a provider with the relevant ETQA, or with an ETQA that has a Memorandum of Understanding with the relevant ETQA.
  • Moderation of assessment will be conducted by the relevant ETQA according to the policies and guidelines for assessment and moderation of that ETQA, at its discretion, in terms of agreements reached about assessment and moderation between various ETQAs (including professional bodies). 

  • UNIT STANDARD ESSENTIAL EMBEDDED KNOWLEDGE 
    N/A 

    UNIT STANDARD DEVELOPMENTAL OUTCOME 
    N/A 

    UNIT STANDARD LINKAGES 
    N/A 


    Critical Cross-field Outcomes (CCFO): 

    UNIT STANDARD CCFO IDENTIFYING 
    Learners are able to identify and solve problems in which responses show that responsible decisions using critical thinking have been made in determining the suitability of a product for three different scenarios. 

    UNIT STANDARD CCFO COLLECTING 
    Learners are able to collect, organise and critically evaluate information in researching the socio-economic conditions relevant to the Long-term insurance market and analysing the elements of an economic cycle. 

    UNIT STANDARD CCFO COMMUNICATING 
    Learners are able to communicate effectively in answering questions posed by a customer. 

    UNIT STANDARD CCFO DEMONSTRATING 
    Learners are able to demonstrate an understanding of the world as a set of related systems by recognising that problem-solving contexts do not exist in isolation in investigating the relationship between socio-economic conditions and Long-term insurance. 

    UNIT STANDARD ASSESSOR CRITERIA 
    N/A 

    REREGISTRATION HISTORY 
    As per the SAQA Board decision/s at that time, this unit standard was Reregistered in 2012; 2015. 

    UNIT STANDARD NOTES 
    N/A 

    QUALIFICATIONS UTILISING THIS UNIT STANDARD: 
      ID QUALIFICATION TITLE PRE-2009 NQF LEVEL NQF LEVEL STATUS END DATE PRIMARY OR DELEGATED QA FUNCTIONARY
    Core  49529   Further Education and Training Certificate: Long-Term Risk Assessment  Level 4  NQF Level 04  Passed the End Date -
    Status was "Reregistered" 
    2023-06-30  INSETA 
    Elective  49649   Further Education and Training Certificate: Long-term Insurance  Level 4  NQF Level 04  Passed the End Date -
    Status was "Reregistered" 
    2023-06-30  INSETA 
    Elective  66613   Further Education and Training Certificate: Wealth Management  Level 4  NQF Level 04  Passed the End Date -
    Status was "Reregistered" 
    2023-06-30  As per Learning Programmes recorded against this Qual 


    PROVIDERS CURRENTLY ACCREDITED TO OFFER THIS UNIT STANDARD: 
    This information shows the current accreditations (i.e. those not past their accreditation end dates), and is the most complete record available to SAQA as of today. Some Primary or Delegated Quality Assurance Functionaries have a lag in their recording systems for provider accreditation, in turn leading to a lag in notifying SAQA of all the providers that they have accredited to offer qualifications and unit standards, as well as any extensions to accreditation end dates. The relevant Primary or Delegated Quality Assurance Functionary should be notified if a record appears to be missing from here.
     
    1. African Resources & Financial Training (Pty) Ltd 
    2. CKP Development Agency (Pty) Ltd 
    3. De Vries Management & Training Services cc 
    4. Faisit (Pty) Ltd 
    5. Ray Strodl Consulting (Pty) Ltd 
    6. The Graduate Institute of Financial Sciences (Pty) Ltd 
    7. The Institute of Health Risk Managers (Pty) Ltd 



    All qualifications and part qualifications registered on the National Qualifications Framework are public property. Thus the only payment that can be made for them is for service and reproduction. It is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source.