SAQA

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SOUTH AFRICAN QUALIFICATIONS AUTHORITY

REGISTERED UNIT STANDARD THAT HAS PASSED THE END DATE:

Indicate the sub-sectors of the Financial Services industry and the role of Insurance in the industry

SAQA US ID	UNIT STANDARD TITLE
8105	Indicate the sub-sectors of the Financial Services industry and the role of Insurance in the industry
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	9
REGISTRATION STATUS		REGISTRATION START DATE	REGISTRATION END DATE	SAQA DECISION NUMBER
Passed the End Date - Status was "Registered"		2002-02-13	2004-08-11	SAQA 0540/02
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
114955	Indicate the sub-sectors of the Financial Services industry and the role of insurance and investment in the industry	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:

Identifying the various sectors of financial services and organisations that operate in the industry.

Explaining the role of insurance in the financial services sector.

Explaining a contract of insurance.

Applying his/her knowledge to select an insurance product that meets his/her current needs.

Understanding the context and role of the insurance sector in the financial services industry as a preparation for related and subsequent learning.

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 this unit standard requires learners to name large, medium and small banks, the central bank, micro-financiers, long and short term insurance, intermediary insurance, asset management, trust management, unit trust management and South African Revenue Services as the categories of financial service.

UNIT STANDARD OUTCOME HEADER

Name and describe the different services that are

Specific Outcomes and Assessment Criteria:

SPECIFIC OUTCOME 1

Name and describe the different services that are classified as financial

OUTCOME NOTES

1.1 The various categories of financial service are named and explained using the terminology accepted within the financial services industry.

1.2 Business activities common to all financial service providers are identified and listed from readily available information.

1.3 Examples of companies in the financial services sector are identified from advertisements in the media.

1.4 Four of the main players in the field are identified and the kind of financial services offered by each are listed and categorised according to purpose.

ASSESSMENT CRITERIA

ASSESSMENT CRITERION 1

Name and describe the different services that are classified as financial.

ASSESSMENT CRITERION NOTES

SPECIFIC OUTCOME 2

Know and understand the concept of insurance and the role of insurance in financial planning.

OUTCOME NOTES

The concepts of insurance and pooling of risk are explained in relation to personal risk management.

2.2 The role of insurance is described in relation to personal financial planning.

2.3 Terminology used in the insurance industry such as offer, acceptance and subject matter is explained and used in the context of one of the insurance sectors.

2.4 The concept of insurable interest is explained with examples from one insurance sector.

2.5 Five events and risks that can be insured are identified and the advantages of insurance are explained in relation to the individual client.

2.6 Two events and risks that cannot be insured are identified and reasons are given why some risks are uninsurable.

ASSESSMENT CRITERIA

ASSESSMENT CRITERION 1

Know and understand the concept of insurance and the role of insurance in financial planning.

ASSESSMENT CRITERION NOTES

SPECIFIC OUTCOME 3

Explain a contract of insurance.

OUTCOME NOTES

3.1 The purpose of a policy contract is explained with reference to an actual policy.

3.2 The purpose of the policy schedule is explained and the characteristics of a policy schedule are indicated on an authentic schedule.

3.3 The term policy endorsement is explained and examples of endorsements are identified in a policy contract.

3.4 The main rights and responsibilities of the insured are understood and explained in terms of a simple insurance contract.

ASSESSMENT CRITERIA

ASSESSMENT CRITERION 1

Explain a contract of insurance

ASSESSMENT CRITERION NOTES

SPECIFIC OUTCOME 4

Select an insurance product to meet personal needs.

OUTCOME NOTES

4.1 The need for insurance is identified in own financial planning.

4.2 A selection of similar insurance products is analysed with a view to meeting the identified need.

4.3 An insurance product is selected to meet the identified need and reasons are given for the particular choice.

4.4 Information about the benefits covered by the selected product are processed at a basic level of understanding.

4.5 Exclusions in the contract are identified for the selected product.

4.6 The terms of the contract are explained for the selected product.

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

ASSESSMENT CRITERIA

ASSESSMENT CRITERION 1

Select an insurance product to meet personal needs

ASSESSMENT CRITERION NOTES

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 NOTES

This unit standard has been replaced by unit standard 114955, which is "Indicate the sub-sectors of the Financial Services industry and the role of insurance and investment in the industry", Level 2, Credits 5, as soon as 114955 is registered.

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

1. The learner is able to identify and solve problems and make a decision about the choice of an insurance product by understanding the consequences of insuring risk and the selection of a product to meet a specific need.

2. The learner is able to collect, organise and critically evaluate information by analysing an insurance product to ensure it meets his/her own specific needs.

3. The learner is able to communicate effectively using visual, mathematics and language skills in the modes of oral and written presentations when explaining the terms of the contract of a selected insurance product and the rights and responsibilities of the insured.

4. The learner is able to organise and manage him/herself by undertaking personal financial planning.

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.

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