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

Understand the nature of the insurance market in South Africa 
SAQA US ID UNIT STANDARD TITLE
8076  Understand the nature of the insurance market in South Africa 
ORIGINATOR
SGB Financial Services 
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 2  NQF Level 02  5 
REGISTRATION STATUS REGISTRATION START DATE REGISTRATION END DATE SAQA DECISION NUMBER
Passed the End Date -
Status was "Reregistered" 		 2003-12-03  2004-08-11  SAQA 1351/03 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2005-08-11   2008-08-11  

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 is replaced by: 
US ID Unit Standard Title Pre-2009 NQF Level NQF Level Credits Replacement Status
114953  Investigate the nature of the financial services market in South Africa  Level 2  NQF Level 02  5   

PURPOSE OF THE UNIT STANDARD 
This unit standard provides a broad introduction to the financial services industry and the insurance sector. It is the starting point for a learner in insurance. The focus is knowledge, skills, values and attitudes in relation to the learner`s own context and experience of the world of work.

The qualifying learner is capable of:
  • Understanding the basic concept of the insurance market.
  • Gathering and interpreting information relating to the kind of insurance most valued by different sectors of the market. 
    		•

    LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
    There is open access to this unit standard. Learners should either
  • Hold a GETC or equivalent qualification. Or
  • Be competent in communication and mathematical literacy NQF level 1. 
    		•

    UNIT STANDARD RANGE 
    The typical scope of a survey includes

    1. The concept of sampling at a basic level of understanding.

    2. Basic demographic information

    3. Questions relating to
  • Whether the respondent would/not buy insurance and why.
  • What insurance if any they would be interested in obtaining and why. 
    		•

    UNIT STANDARD OUTCOME HEADER 
    Know and understand the concept of a market as app 

    Specific Outcomes and Assessment Criteria: 

    SPECIFIC OUTCOME 1 
    Know and understand the concept of a market as applied to the insurance sector 
    OUTCOME NOTES 
    1.1 Short term and long term insurance and healthcare benefits administration markets are compared and the principles of trade that define markets are identified at a basic level of understanding.

    1.2 Insurance is identified as a service within the context of financial services.

    1.3 The market for insurance products is identified within a familiar context. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    Know and understand the concept of a market as applied to the insurance sector 
    ASSESSMENT CRITERION NOTES 
    1.1 Short term and long term insurance and healthcare benefits administration markets are compared and the principles of trade that define markets are identified at a basic level of understanding.

    1.2 Insurance is identified as a service within the context of financial services.

    1.3 The market for insurance products is identified within a familiar context. 

    SPECIFIC OUTCOME 2 
    Identify potential clients in the insurance market 
    OUTCOME NOTES 
    2.1 Basic needs common to all people are identified and ranked in order of importance.

    2.2 The needs of people are compared for different groups.

    2.3 The possibility for insurance for all people is discussed and attitudes, values and other factors are identified that could prevent people from buying insurance.

    2.4 Environmental, family and health factors are identified that may motivate people to purchase insurance.

    2.5 The relative importance of insurance is discussed in relation to different communities. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    Identify potential clients in the insurance market. 
    ASSESSMENT CRITERION NOTES 
    2.1 Basic needs common to all people are identified and ranked in order of importance.

    2.2 The needs of people are compared for different groups.

    2.3 The possibility for insurance for all people is discussed and attitudes, values and other factors are identified that could prevent people from buying insurance.

    2.4 Environmental, family and health factors are identified that may motivate people to purchase insurance.

    2.5 The relative importance of insurance is discussed in relation to different communities. 

    SPECIFIC OUTCOME 3 
    Survey opinions on the need for insurance in own community 
    OUTCOME NOTES 
    3.1 A sample is selected of about 10 people from the learner's community.

    3.2 A questionnaire is compiled to find out why people would or would not insure against a particular risk.

    3.3 The people in the sample are interviewed using the prepared questionnaire.

    3.4 The information obtained is presented in a bar graph and the chance is estimated of an insurance salesman being successful in that community.

    3.5 Reasons are listed for the attitudes towards insurance expressed by the people in the sample. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    Survey opinions on the need for insurance in own community 
    ASSESSMENT CRITERION NOTES 
    3.1 A sample is selected of about 10 people from the learner's community.

    3.2 A questionnaire is compiled to find out why people would or would not insure against a particular risk.

    3.3 The people in the sample are interviewed using the prepared questionnaire.

    3.4 The information obtained is presented in a bar graph and the chance is estimated of an insurance salesman being successful in that community.

    3.5 Reasons are listed for the attitudes towards insurance expressed by the people in the sample. 

    SPECIFIC OUTCOME 4 
    Use statistical information to determine the type of urance most valued by different commun 
    OUTCOME NOTES 
    4.1 Basic statistical information represented in bar graphs, line graphs, pie charts and tables is interpreted.

    4.3 The type of insurance most valued by different communities is identified from the statistics.

    4.1 The data is interpreted at a basic level of understanding and possible reasons are suggested for trends indicated in the data.

    4.2 Implications of the trends for different sectors of the insurance industry are suggested at a basic level of understanding. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    Use statistical information to determine the type of insurance most valued by different communities 
    ASSESSMENT CRITERION NOTES 
    4.1 Basic statistical information represented in bar graphs, line graphs, pie charts and tables is interpreted.

    4.3 The type of insurance most valued by different communities is identified from the statistics.

    4.1 The data is interpreted at a basic level of understanding and possible reasons are suggested for trends indicated in the data.

    4.2 Implications of the trends for different sectors of the insurance industry are suggested at a basic level of understanding. 

    SPECIFIC OUTCOME 5 
    Outline the products and benefits of the various products marketed by a selected organisation. 
    OUTCOME NOTES 
    5.1 The main products offered by a selected insurance company are named within a limited range.

    5.2 The purpose and main benefits of each of the main products are outlined at a basic level of understanding.

    5.3 At least two other products are named in the same sub-sector of the Insurance Industry 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    Outline the products and benefits of the various products marketed by a selected organisation. 
    ASSESSMENT CRITERION NOTES 
    5.1 The main products offered by a selected insurance company are named within a limited range.

    5.2 The purpose and main benefits of each of the main products are outlined at a basic level of understanding.

    5.3 At least two other products are named in the same sub-sector of the Insurance Industry 


    UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS 
    This Unit Standard will be internally assessed by the provider and moderated by a moderator registered by INSQA or a relevant accredited ETQA. The mechanisms and requirements for moderation are contained in the document obtainable from INSQA,
    INSQA framework for assessment and moderation 

    UNIT STANDARD ESSENTIAL EMBEDDED KNOWLEDGE 
    Learners can name classes of products from Endowment, Retirement Annuity, Life Policy, Medical Cover, Funeral, and Short Term Risk and multi-class type policies as marketed by the insurance industry. Including:
  • Fire
  • Motor
  • Liability
  • Crime Classes
  • Personal Accident 
    		•

    UNIT STANDARD DEVELOPMENTAL OUTCOME 
    CRITICAL CROSS FIELD and DEVELOPMENTAL OUTCOMES:

    This unit standard supports in particular, the following critical cross field outcomes at unit standard level:

    Learners are able to communicate effectively and responsibly when presenting the results of a survey of insurance needs and opinions in a selected community.

    Learners are able to collect, organise and evaluate statistical information accumulated during a survey of the type(s) of insurance most valued by different communities and present their findings, and reflect on different learning strategies.

    Learners are able to work effectively with members of a community while conducting a survey.

    Learners are sensitive to the cultural and social differences in the community in which they conduct the survey 


    UNIT STANDARD NOTES 
    This unit standard has been replaced by 114953, which is "Investigate the nature of the financial services market in South Africa", 5 credits, NQF Level 2, as from 11 August 2004. 

    QUALIFICATIONS UTILISING THIS UNIT STANDARD: 
      ID QUALIFICATION TITLE PRE-2009 NQF LEVEL NQF LEVEL STATUS END DATE PRIMARY OR DELEGATED QA FUNCTIONARY
    Core  14657   National Certificate: Insurance Administration  Level 2  NQF Level 02  Passed the End Date -
    Status was "Registered"     		 2004-04-18  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.