Course overview
The aim of this course is to develop an understanding of the roles of insurance in the financial planning process, and risk management in reducing the financial impact resulting from the occurrence of catastrophic events. Risk management in the financial planning process; the nature of risk and its management; insurance and risk. The Australian regulatory environment and compliance. Insurance policies I and II: insurance law concepts; the insurance contract; claims. Personal risk management: forms of personal risk; personal risk management products. Life insurance: products, planning and recommendation; insurance under superannuation; taxation. General insurance: introduction; risk assessment; products, planning and recommendation.
Course learning outcomes
- Summarise the regulatory environment surrounding insurance in Australia, and assess its implications for the provision of risk management advice as part of the financial planning process
- Compare and contrast the features of major life and general insurance products, and explain differences between alternative insurance products to clients
- Critically evaluate the role of risk assessment and use of insurance as components of the financial planning process, including the taxation implications of alternative products and strategies
- Identify and evaluate client-specific risks and provide a critical assessment of the risk management and insurance implications for these clients
- Develop risk management strategies appropriate to client risk profiles, including recommendations for life and general insurance products
- Demonstrate Business Enterprise Skills in the context of the Financial Planning discipline: i) Problem Solving (advanced level); and ii) Oral Communication (advanced level).
Degree list
The following degrees include this course