Diploma of Financial Planning Module 4 Workplace Simulation Submission Instructions

DFP Module 4 Workplace Simulation
1505
Diploma of Financial Planning
Module 4 Workplace
Simulation
Submission Instructions:
Key steps that must be followed:
 Please complete the Declaration of Authenticity at the
bottom of this page.
 Once you have completed all parts of the assessment and
saved it (eg. to your desktop computer), login to the Monarch
Learning Management System (LMS) to submit your
assessment.
 In the LMS, click on the file ”Submit DFP Module 4 workplace
simulation” in the Module 4 section of your course and upload
your assessment file/s by following the prompts.
 Please be sure to click “Continue” after clicking
“submit”. This ensures your assessor receives notification –
very important!
Declaration of Understanding and Authenticity *
I have read and understood the assessment instructions provided to me in the Learning
Management System.
I certify that the attached material is my original work. No other person’s work hasbeen
used without due acknowledgement. I understandthat the work submitted may be
reproduced and/or communicated for the purposeof detecting plagiarism.

DFP Module 4 Workplace Simulation
1505
Student Name*: Date:
* I understand that by typing my name or inserting a digital signature into this box that I
agree and am bound by the above student declaration.

DFP Module 4 Workplace Simulation
1505
Units: FNSASICX503, FNSASICZ503, FNSASICM503, FNSFPL504
Important assessment information
Aims of this assessment
This simulated workplace assessment activity is conducted to the standard
expected in the workplace in order to demonstrate consistent performance
of typical activities experienced in the financial services industry.
This assessment covers the fundamentals of insurance. The focus of this
assessment is to analyse a Product Disclosure Statement (PDS) from an
insurance provider – Comminsure owned by Commonwealth Bank. The
different policy ownership options are explored, as are the options around
holding insurance cover inside versus outside of superannuation (including
within an SMSF). Important insurance features such as guaranteed
renewability, guaranteed insurability and guaranteed agreed value are
explored in the context of the Comminsure policy. Income protection is
covered with a focus on options regarding waiting periods and benefit
periods. Occupation classes and how they impact underwriting and
premium are addressed. The Partial disability benefit within an income
protection policy is explored. The important rights and responsibility of
both consumer and insurance is covered in the context of “Non-
disclosure”. The Comminsure policy is researched to understand the legal
implications of “knowing” non-disclosure versus “unknowing” non-
disclosure. Critical Illness (trauma) policy features are explored in the
Comminsure policy. Aspects such as qualifying periods for certain
conditions and specific definitions for cancer are addressed with a spotlight
placed on skin cancer in terms of meeting definition requirements to
receive a critical illness payout.
Marking and feedback
This assignment contains 3 assessment activities each containing specific
instructions.
This particular assessment forms part of your overall assessment for the
following units of competency:
 FNSASICX503
 FNSASICZ503
 FNSASICM503
 FNSFPL504
Grading for this assessment will be deemed “competent” or “not-yet-
competent” in line with specified educational standards under the
Australian Qualifications Framework.

DFP Module 4 Workplace Simulation
1505
Units: FNSASICX503, FNSASICZ503, FNSASICM503, FNSFPL504
What does “competent” mean?
These answers contain relevant and accurate information in response to
the question/s with limited serious errors in fact or application. If incorrect
information is contained in an answer, it must be fundamentally
outweighed by the accurate information provided. This will be assessed
against a marking guide provided to assessors for their determination.
What does “not-yet-competent” mean?
This occurs when an assessment does not meet the marking guide
standards provided to assessors. These answers either do not address the
question specifically, or are wrong from a legislative perspective, or are
incorrectly applied. Answers that omit to provide a response to any
significant issue (where multiple issues must be addressed in a question)
may also be deemed not-yet-competent. Answers that have faulty
reasoning, a poor standard of expression or include plagiarism may also be
deemed not-yet-competent. Please note, additional information regarding
Monarch’s plagiarism policy is contained in the Student Information Guide
which can be found here: http://www.monarch.edu.au/student-info/
What happens if you are deemed not-yet-competent?
In the event you do not achieve competency by your assessor on this
assessment, you will be given one more opportunity to re-submit the
assessment after consultation with your Trainer/ Assessor. You will know
your assessment is deemed ‘not-yet-competent’ if your grade book in the
Monarch LMS says “NYC” after you have received an email from your
assessor advising your assessment has been graded.
Important: It is your responsibility to ensure your assessment resubmission
addresses all areas deemed unsatisfactory by your assessor. Please note, if
you are still unsuccessful in meeting competency after resubmitting your
assessment, you will be required to repeat those units.
In the event that you have concerns about the assessment decision then
you can refer to our Complaints & Appeals process also contained within
the Student Information Guide.
Expectations from your assessor when answering different types
of assessment questions
Knowledge based questions:
A knowledge based question requires you to clearly identify and cover the
key subject matter areas raised in the question in full as part of the
response.