DFP Module 4 Workplace Simulation Submission Instructions and Assessment Activities

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.
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.
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,

DFP Module 4 Workplace Simulation 1505
Units: FNSASICX503, FNSASICZ503, FNSASICM503, FNSFPL504
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.
Skill based questions:
Where you are asked to write as though you are speaking to a client, your answers must
show your ability to:
 understand your client’s concerns/perspective/views
 show empathy
 display a professional response
 explain ideas clearly and simply so your client can understand the issues

DFP Module 4 Workplace Simulation 1505
Units: FNSASICX503, FNSASICZ503, FNSASICM503, FNSFPL504
Good luck
Finally, good luck with your learning and assessments and remember your trainers are here
to assist you 
Assessment Activity 1
Researching & Analysing Insurance Products – part A
Activity instructions to candidates
 This is an open book assessment activity.
 You are required to read this assessment and answer all 4 questions that follow.
 Please type your answers in the spaces provided.
 Please ensure you have read “Important assessment information” at the front of this assessment
 Estimated time for completion of this assessment activity: 2 hours