FNS50615 - Diploma of Financial Planning | Assignment
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Monarch University
Diploma of Financial Planning (FNS50615)
Added on 2020-03-01
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FNS50615 - Diploma of Financial Planning Assignment, This assessment covers the fundamentals of insurance. General insurance concepts are addressed, including the role of actuaries and underwriters. Personal insurance contracts are explored including Term Life policies, Total and Permanent Disablement TPD policies, Critical Illness (Trauma) policies, and Income Protection insurance policies. The requirements for insurance to be offered via a Product Disclosure Statement PDS are covered with specific emphasis on researching specific definitions that dictate what is included, and what is not included within a standard contract. Insurance “buy-back” features within Term Life and trauma insurance policies are a focus.
FNS50615 - Diploma of Financial Planning | Assignment
Monarch University
Diploma of Financial Planning (FNS50615)
Added on 2020-03-01
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DFP Module 4 Assignment 1505Diploma of Financial Planning Module 4 AssignmentSubmission Instructions:Key steps that must be followed:1.Please complete the Declaration of Authenticity at the bottom of this page.2.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. 3.In the LMS, click on the file ”Submit DFP Module 4 Assignment” in the Module 4 section of your course and upload your assessment file/s by following the prompts.4.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 Assignment 1601Units: FNSASICX503, FNSASICZ503, FNSASICM503, FNSFPL504Important assessment information Aims of this assessmentThis assessment covers the fundamentals of insurance. General insurance concepts are addressed, including the role of actuaries and underwriters. Personal insurance contracts are explored including Term Life policies, Total and Permanent Disablement (TPD) policies, Critical Illness (Trauma) policies and Income Protection insurance policies. The requirements for insurance to be offered via a Product Disclosure Statement (PDS) is covered with specific emphasis on researching specific definitions that dictate what is included, and what is not included within a standard contract. Insurance “buy-back” features within Term Life and Trauma insurance policies are a focus. The tax benefits and implications associated with income protection policy premiums and benefits are also addressed. Statement of Advice (SOA) documents focussing on insurance advice are critiqued, with a focus on determining whether a reasonable basis for advice has been met. Lump sum calculation for Term Life and TPD insurance needs are calculated using the ‘Income Capitalisation’, ‘Age-to-retirement’, and ‘goals’ approaches. Risk and best practice involving replacing insurance policies is explored, as is the formal insurance review process. Marking and feedbackThis assignment contains 7 assessment activities each containing specific instructions. This particular assessment forms part of your overall assessment for the following units of competency:FNSASICX503FNSASICZ503FNSASICM503FNSFPL504Grading for this assessment will be deemed “competent” or “not-yet-competent” in line withspecified 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,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
DFP Module 4 Assignment 1601Units: FNSASICX503, FNSASICZ503, FNSASICM503, FNSFPL504legislative 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 allareas 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 questionsKnowledge based questions:A knowledge based question requires you to clearly identify and cover the key subject matterareas 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/viewsshow empathydisplay a professional responseexplain ideas clearly and simply so your client can understand the issuesGood luckFinally, good luck with your learning and assessments and remember your trainers are here to assist you
DFP Module 4 Assignment 1601Units: FNSASICX503, FNSASICZ503, FNSASICM503, FNSFPL504Assessment Activity 1Short AnswerGeneral Insurance & Personal InsuranceActivity instructions to candidatesThis is an open book assessment activity. You are required to read this assessment and answer all 8 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: 1 hour
DFP Module 4 Assignment 1601Units: FNSASICX503, FNSASICZ503, FNSASICM503, FNSFPL504RequiredFor each of the following situations, describe the insurance policy(s) you believe would entitle a claim tobe made. In doing so, please explain why you think a claim could be made.a)Nina runs a coffee shop and slips on a step at home one day and suffers a back injury. As a resultshe is unable to work for 3 months and incurs significant medical costs.In this scenario, Nina is eligible for certain insurances as she is a working lady and therefore theinsurance policies that are suitable for the lady are Private Health Insurance, Income ProtectionInsurance and Trauma Insurance. Claim would be made as Nina incurs a significant amount ofmedical cost. b)Steven, an employee, suffers from stress and is required to rest at home for 2 weeks.In this scenario, Steve may not require any insurance policies as the person can rely on sick leave and leave of absence. c)Alfred is knocked down by a fork lift at work and is hospitalised for 3 weeks.With respect to Alfred, he may not require any insurance policies as he may make use of his sick leaves and the leave of absences and he would be even covered up by the worker’s compensation insurance. The availability of this insurance permits him not to take any further insurance policies. d)Linda, an employee is diagnosed with cancer incurs a significant amount of medical costs. With respect to Linda, she can apply for certain insurance policies like the trauma insurance, life insurance and income protection insurance. Claims can be made by Linda as she is suffering from cancer and has a significant amount of medical costs that she has to bear. e)She dies within 6 months of the diagnoses.As she dies within the six months of the diagnosis, her family would receive the compensation amount from the life insurance policy and would receive a large amount as her income protection policy.
DFP Module 4 Assignment 1601Units: FNSASICX503, FNSASICZ503, FNSASICM503, FNSFPL504f)Peter was a self-employed plumber. Due to an accident at a construction site one day, he suffers an accident and is unable to work again as a plumber or tradesperson generally.In this case study as Peter will not be able to work again as a plumber and even as a tradesperson, theinsurance policies that he requires are the income protection insurance and the total and permanent disability insurance. He can make claims from these policies as his permanent income has ceased due to the accident and will not be able to work anymore. This suggests that there has to be a total and permanent disability and so can claim for the same as well. g)A restaurant that is shut down for 6 months because of a cyclone.In this case study as the restaurant is shut down for six months for a cyclone the owner maypurchase insurance policies like the income protection insurance and Business InterruptionInsurance. The restaurant would get claims from the Business Interruption Insurance as it is seenthat the cyclone has not been named by the national bodies. h)A tenant whose flat burns down.In case of a tenant whose flat has been burnt down, the tenant can purchase a life insurance policy and a general insurance because with the help of the general insurance, the tenant can financially compensate with the household items that has been lost.
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