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

Demonstrate knowledge and understanding of warranty as a class of insurance 
SAQA US ID UNIT STANDARD TITLE
120014  Demonstrate knowledge and understanding of warranty as a class of 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  3 
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
2026-06-30   2029-06-30  

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 intended for learners who work as Finance and Insurance Business Managers in the motor retail industry at dealership level, in Telesales and other retail financing operations. It will also be useful for learners in banks, financial service providers and micro lenders.

The qualifying learner is capable of:
  • Describing warranty as a class of insurance.
  • Analysing a warranty policy wording.
  • Explaining liability under warranty.
  • Proposing a financial solution. 
    		•

    LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
    Learners should be competent in Communication and Mathematical Literacy at Level 3. 

    UNIT STANDARD RANGE 
    The typical scope of this Unit Standard is:
  • Different terminology used to describe warranty could include, but is not limited to, generic warranty, extended factory warranty, mechanical breakdown, vehicle warranty, electrical and warranty.
  • Parties to a contract include the insured, intermediary, administrator, underwriter and reinsurer. 
    		•

    Specific Outcomes and Assessment Criteria: 

    SPECIFIC OUTCOME 1 
    Describe warranty as a class of insurance. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    The concept of warranty is explained with examples. 

    ASSESSMENT CRITERION 2 
    Terminology used to describe warranty is identified for two different financial service providers. 

    ASSESSMENT CRITERION 3 
    The relationship between warranty and insurance is explained with reference to underwriting criteria. 

    SPECIFIC OUTCOME 2 
    Analyse a warranty policy wording. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    A policy wording is analysed to determine terms and conditions. 

    ASSESSMENT CRITERION 2 
    A policy wording and policy schedule are analysed to determine cover. 

    ASSESSMENT CRITERION 3 
    Exclusions in a policy are identified and an indication is given of why certain aspects are excluded under a specific policy. 

    ASSESSMENT CRITERION 4 
    The process to be followed in the event of a claim is explained with reference to a specific product and financial service provider. 

    SPECIFIC OUTCOME 3 
    Explain liability under warranty. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    The concept of liability is explained with examples. 

    ASSESSMENT CRITERION 2 
    The parties to a warranty contract are identified and an indication is given of the relationship between the different parties. 

    SPECIFIC OUTCOME 4 
    Proposed a financial solution. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    The needs of a specific client are analysed in relation to the asset and the requirements of FAIS. 

    ASSESSMENT CRITERION 2 
    Knowledge of a selected financial service provider's products is applied to propose a financial solution. 

    ASSESSMENT CRITERION 3 
    The proposal is presented to the client. 

    ASSESSMENT CRITERION 4 
    Documentation required under FAIS is completed for the specific transaction. 


    UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS 
    This Unit Standard will be internally assessed by the provider and moderated by a moderator registered by a relevant accredited ETQA or an ETQA that has a Memorandum of Understanding with the relevant accredited ETQA. 

    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 
    The learner is able to make a responsible decision in proposing a financial solution. 

    UNIT STANDARD CCFO COLLECTING 
    The learner is able to collect, organise and critically evaluate information in analysing the needs of a client in relation to an asset in order to propose a financial solution. 

    UNIT STANDARD CCFO COMMUNICATING 
    The learner is able to communicate effectively in analysing a policy wording and in presenting a proposal to a client. 

    UNIT STANDARD CCFO DEMONSTRATING 
    The learner is able to see the world as a set of related systems in explaining the relationship between the parties to a warranty contract. 

    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
    Elective  64289   Further Education and Training Certificate: Automotive Sales and Support Services  Level 4  NQF Level 04  Passed the End Date -
    Status was "Reregistered"     		 2023-06-30  MERSETA 
    Elective  66609   Further Education and Training Certificate: Retail Insurance  Level 4  NQF Level 04  Passed the End Date -
    Status was "Reregistered"     		 2023-06-30  As per Learning Programmes recorded against this Qual 
    Elective  66610   Further Education and Training Certificate: Short Term Insurance  Level 4  NQF Level 04  Passed the End Date -
    Status was "Reregistered"     		 2023-07-30  As per Learning Programmes recorded against this Qual 
    Elective  57613   Further Education and Training Certificate: Short-Term Risk Management  Level 4  NQF Level 04  Passed the End Date -
    Status was "Reregistered"     		 2012-06-30  INSETA 


    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.
     
    NONE 


    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.