Insurance and Risk Protection (DFP2_AS_v4) Written Assignment

This document is the written assignment for Insurance and Risk Protection (DFP2_AS_v4) which includes a case study about a young married couple with one child who seek insurance advice. The document provides instructions for completing and submitting the assignment, a fact finder and risk profile template, case study questions, cash flow, and assumptions. The document also includes information about the grading process, resubmissions, and the unit of competency.

Written Assignment
Insurance and Risk Protection (DFP2_AS_v4)
Student identification (student to complete)
Please complete the fields shaded grey.
Student number
Written assignment result (assessor to complete)
Result — first submission (details for each activity are shown in the table below)
Parts that must be resubmitted:
Result — resubmission (if applicable)
Result summary (assessor to complete)
First submission Resubmission (if required)
Fact finder Section 2 Not yet demonstrated Not yet demonstrated
Case study
assignment
questions
Section 3 Not yet demonstrated Not yet demonstrated
Section 4 Not yet demonstrated Not yet demonstrated
Section 5 Not yet demonstrated Not yet demonstrated
Feedback (assessor to complete)
[insert assessor feedback]
DFP2_AS_v4

Before you begin
Read everything in this document before you start your written assignment for Insurance and Risk
Protection (DFP2_AS_v4).
About this document
This document is the written assignment — half of the overall Written and Oral Assignment.
This document includes the following parts:
• Instructions for completing and submitting this assignment
• Case study
• Insurance and Risk Protection assessment:
– Fact finder and risk profile template
– Case study questions
– Cash flow
– Assumptions.
How to use the study plan
We recommend that you use the study plan for this subject to help you manage your time to complete
the assignment within your enrolment period. Your study plan is in the KapLearn Insurance and Risk
Protection (DFP2_AS_v4) subject room.
Instructions for completing and submitting this written
assignment
Completing the written assignment
You are required to complete the following tasks in this assignment document:
• complete the fact finder template for your clients (the risk profile template is included in this document
for you to view, but you are not required to complete the risk profile template for this assignment)
• answer the assignment questions as they relate to sections 3, 4 and 5 of the case study.
The information and data you need to do this work is presented as a case study. Some data will have to be
externally sourced; the templates clearly indicate where this will be necessary.
Word count
The word count shown with each question is indicative only. You will not be penalised for exceeding the
suggested word count. Please do not include additional information which is outside the scope of the
question.
Page 2 of 38

Additional research
You will be required to source additional information from other organisations in the financial services
industry to find the right product/s to meet the Smyths’ requirements, and to calculate your service fees.
Saving your work
Download this document to your desktop, type your answers in the spaces provided and save your work
regularly.
• Use the template provided, as other formats will not be accepted for these assignments.
• Name your file as follows: Studentnumber_SubjectCode_Assignment_versionnumber_Submissionnumber
(e.g. 12345678_DFP2_AS_v4_Submission1).
• Include your student ID on the first page of the assignment.
Before you submit your work, please do a spell check and proofread your work to ensure that everything is
clear and unambiguous.
Submitting the written assignment
Only Microsoft Office compatible written assignments submitted in the template file will be accepted for
marking by Kaplan Professional Education. You need to save and submit this entire document.
Do not remove any sections of the document.
Do not save your completed assignment as a PDF.
The written assignment must be completed before submitting it to Kaplan Professional Education.
Incomplete written assignments will be returned to you unmarked.
The maximum file size is 20MB. Once you submit your written assignment for marking, you will be unable
to make any further changes to it.
You are able to submit your written assignment earlier than the deadline if you are confident you have
completed all parts and have prepared a quality submission.
Please refer to the Assignment submission/resubmission instructions in the Assessment section of
KapLearn for details on how to submit your written and Oral assignment.
Your Written Assignment and Oral Assignment must be submitted together, including; Written
assignment template (Word doc), Oral assignment template (Word doc) and Oral assignment audio
recording (M4A/MP3 file), on or before your due date. Please check KapLearn for the due date.
The written assignment marking process
You have 12 weeks from the date of your enrolment in this subject to submit your completed assignment.
Should your assignment be deemed ‘not yet competent’ you will be give an additional four (4) weeks to
resubmit your assignment.
Your assessor will mark your written and oral assignment and return it to you in the Insurance and Risk
Protection (DFP2_AS_v4) subject room in KapLearn under the ‘Assessment’ tab.
Page 3 of 38

Make a reasonable attempt
You must demonstrate that you have made a reasonable attempt to answer all of the questions in
your written assignment. Failure to do so will mean that your assignment will not be accepted for marking;
therefore, you will not receive the benefit of feedback on your submission.
If you do not meet these requirements, you will be notified. You will then have until your submission
deadline to submit your completed written and oral assignment.
How your written assignment is graded
Assignment tasks are used to determine your ‘competence’ in demonstrating the required knowledge
and/or skills for each subject. As a result, you will be graded as either competent or not yet competent.
Your assessor will follow the following process when marking your written assignment:
• Assess your responses to each question, and sub-parts if applicable, and then determine whether you
have demonstrated competence in each question.
• Determine if, on a holistic basis, your responses to the questions have demonstrated overall
competence.
You must be deemed competent in all assessment items in order to be awarded your qualification,
including demonstrating competency in:
• all of the exam questions
• the written and oral assignment.
‘Not yet competent’ and resubmissions
Should sections of your assignment be marked as ‘not yet competent’ you will be given an additional
opportunity to amend your responses so that you can demonstrate your competency to the required level.
You must address the assessor’s feedback in your amended responses. You only need to amend those
sections where the assessor has determined you are ‘not yet competent’.
Make changes to, but do not delete any part of your original submission. Use a different text colour for
your resubmission. Your assessor will be in a better position to gauge the quality and nature of your
changes. Ensure you leave your first assessor’s comments in your assignment, so your second assessor can
see the instructions that were originally provided for you. Do not change any comments made by a
Kaplan assessor.
Units of competency
This written assignment is your opportunity to demonstrate your competency against this unit:
FNSASICX503 Provide advice in life insurance
Note that the Written and Oral Assignment is one of two assessments required to meet the requirements
of the units of competency.
Page 4 of 38

We are here to help
If you have any questions about this written assignment, you can post them at the ‘Ask your Tutor’ forum in
your subject room. You can expect an answer within 24 hours of your posting from one of our technical
advisers or student support staff.
Page 5 of 38

The case study
Section 1 — Meeting your client
The first phone call
John and Elsbeth Smyth are a young married couple with one child. Recently Chris, a business associate
of Elsbeth, who also has a young family, was seriously injured in a vehicle accident that has resulted in
uncertainty about his ability to return to work. John and Elsbeth have also learned that, due to inadequate
insurance cover, the family of the injured work colleague is now under financial stress. They do have some
insurance cover themselves, but are now unsure if it is adequate or suitable for their needs. Recalling a
positive experience, she had with you a few years ago on another financial matter, John and Elsbeth call to
see if you if you can help them with their insurance needs.
Over the phone you explain to John and Elsbeth the financial planning process and why you will need to ask
the couple for certain types of financial information. You stress that any information they give you will be
treated confidentially and will only be used to help you recommend an appropriate course of action that
the Smyths should consider to ultimately meet their needs. You give them information concerning privacy,
and you and your firm’s capability, and mention that other disclosure issues are in the firm’s financial
services guide (FSG) that you will send to them.
You go on to explain that part of the information gathering will include the need to complete a financial
profile. This means that they will need to tell you what they own, what they owe, what they earn and their
living expenses. All this information will be recorded in a fact finder form which you will compile.
You arrange a date and time for them to come to your office. You ask them to bring along as much financial
information as they can to the meeting, including income details, expenses, insurance details,
superannuation and investments. You also ask them to think about what specific financial goals they want
to achieve and any issues they wish to discuss at the meeting.
When you have concluded the call, you make a file note about the conversation including the date,
the potential clients’ names, and any other items that were discussed. This is the start of your paper trail.
You also complete some of the initial details in the data collection form as shown in Table 1.
Finally, you write to Elsbeth and John, as promised during your initial conversation, and include the FSG and
a checklist of the information they need to bring to the meeting.
Page 6 of 38

Table 1 Personal details
Client Client 2
Title Mrs Mr
Surname Smyth (née Smeg) Smyth
Given and preferred names Elsbeth John
Home address 30 Crune St
Caringbah NSW 2229
30 Crune St
Caringbah NSW 2229
Business address n.a. n.a.
Contact phone [phone] (02) 9544 7766
Age 32 36
Sex Male  Female  Male Female
Smoker Yes  No  Yes No
Expected retirement age Probably around the same time as
John retires
Probably around age 65
The first meeting
John and Elsbeth arrive at your office for the meeting as arranged. After making them comfortable,
you go through the key elements of your FSG and explain your role and capacity to assist them with their
insurance needs.
Collecting the data
You gather the following information about John and Elsbeth through a process of thorough and polite
questioning. From time to time, one or the other provides you with a relevant document to confirm their
financial situation. You confirm the details in the fact finder as you proceed.
John and Elsbeth’s current situation
John, age 36, is married to Elsbeth, who is 32. Elsbeth follows netball and is a keen weekend player in a
local competition. Elsbeth and John have one child, a boy named Harry, who was born 12 months ago.
John and Elsbeth purchased their home about three years ago which is now worth around $975,000.
They have a mortgage of $540,000. The mortgage is a variable interest loan with an interest rate of 4.5%
p.a., which is linked to a bank offset account. (Note: An offset account is one that allows the credit balance
of the offset account to offset the interest owing on an outstanding loan or mortgage, reducing the interest
payable.) The mortgage has 22 years remaining and their minimum mortgage repayment is $2,700 per
month. Any excess income they have is paid into the offset account. The current amount available in their
offset account is $32,000.
John works full-time as a chemical engineer for an agricultural supplies company that sells agricultural
chemicals, seed and fertilisers and takes regular interstate business trips to rural and regional Australia.
He has worked full-time for his employer for 10 years and earns $165,000 p.a. with additional
superannuation guarantee (SG) contributions from his employer paid into the employer’s default fund.
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Elsbeth has recently returned to work on a part-time basis (3 days a week) following maternity leave.
She is a marketing manager for a local engineering company and has also been with the same firm for
10 years. She earns $63,000 p.a. with additional SG contributions from her employer paid into the
employer’s default fund. Elsbeth advises during the meeting that she feels she would like to change her
current employment, and is considering starting up her own consulting business from home. This would
enable her to spend more time with their son.
They currently use a child care centre, as well as Elsbeth’s mother, to look after Harry when Elsbeth is at
work. The child care fees are $88 per day (not including the Child Care Rebate), which Elsbeth utilises
two days per week for 48 weeks per year. These expenses are not included in their day-to-day living
expenses. Elsbeth’s mother minds Harry for one day a week at no cost. Once Harry starts school,
Elsbeth and John hope to send him to the local independent school at a total cost of $65,000 for his whole
school life.
Other than their cash in the bank, superannuation holdings and house contents, the only other assets
they have are their motor vehicles. Elsbeth drives a recent model Ford Focus, currently valued at $11,000,
and John drives a late model Holden HSV performance vehicle, currently valued at $33,000. Both cars are
fully paid off and are comprehensively insured. All motor vehicle expenses (except insurance) are included
in the clients’ living expenses.
Superannuation
John has $260,000 in his employer’s default superannuation fund, the ASSF Super Fund, and is invested in a
balanced portfolio. He joined the fund on 1 February 2004.
Elsbeth has $114,000 in her employer’s default superannuation fund, the CISF Super Fund and is invested in
a balanced portfolio. Elsbeth joined the fund on 19 January 2004.
Neither Elsbeth nor John makes any additional contributions to their superannuation funds.
Insurance
John’s default superannuation fund provides a death and total and permanent disability (TPD) benefit
which is currently equal to his annual income (excluding SG contributions). The premium for this cover is
$1.25 p.a. for each $1,000 of cover or part thereof, and is deducted from his superannuation contributions.
The ASSF Super Fund will allow a member to increase their benefit to twice the member’s annual salary at
this premium rate. The fund will allow a further increase in cover to a maximum of $750,000. However,
the premium will increase to $1.50 per $1,000 for any amount of cover that is over twice the member’s
annual salary. John’s superannuation fund can provide income protection cover with a 30 to 90-day waiting
period, and a two-year to age 65 benefit period. He has not taken out this cover.
Elsbeth’s default superannuation fund also provides a death and TPD benefit and she currently has cover of
$126,000 for each of life and TPD. The premium for this level of cover is $143 p.a. deducted from her
superannuation contributions. The CISF Super Fund allows for members to further increase their cover to a
maximum of $2 million and on the following premium scale:
• ≤$500,000 — $1.19 p.a. per $1,000 of cover
• $500,001 to $1 million — $1.45 p.a. per $1,000 of cover
• $1 million to $2 million — $1.65 p.a. per $1,000 of cover.
Elsbeth and John have no other personal insurance cover (except health insurance as per below).
They have full comprehensive insurance on their vehicles with a total annual premium of $2,800 p.a.
Page 8 of 38

Elsbeth and John also have combined home building and contents insurance cover of:
• $100,000 home contents
• $750,000 home building.
Their home was built under an earlier version of the local building code. Additionally, the home was
purchased in a much lower market than the current one and is estimated to cost much more than
the $675,000 purchase price to replace. The policy has a contents excess of $500 and a building excess
of $1,100. The policy also includes legal liability cover of up to $20 million. Elsbeth and John pay
$145 per month for this insurance.
The Smyths have adequate private health insurance cover; this is the family cover option and includes
hospital cover with a $500 excess. They pay a premium of $270 per month for this cover. This premium
includes the private health insurance rebate. The above vehicle, home and contents and health insurance
payments are not included in their general living expenses.
Other information
John and Elsbeth have a credit card with a limit of $15,000 that they use for all their general expenses and
entertainment. However, they never spend up to their limit and always repay within the interest-free
period. They estimate their average monthly living expenses are $6,900 per month.
John and Elsbeth used to go on regular annual holidays and spent over $10,000 per trip. However, since the
start of their mortgage and the birth of Harry they now plan to take a holiday every two years spending
about $5,000, in addition to their general living expenses.
John advises he is quite healthy and has accumulated 78 days sick leave. However, he advises that he was
diagnosed with asthma symptoms in the past for which he was prescribed medication. He has not
experienced a return of these symptoms during the past couple of years. Elsbeth took all her accumulated
annual and long service leave as part of her maternity leave.
Other expenses include a donation by Elsbeth to the National Breast Cancer Foundation of $50 per month
and John makes a tax-deductible donation to Plan B of $50 per month. They each make tax-deductible
‘bucket’ donations of $50 p.a. to disaster relief funds, and accountants’ expenses come to $150 p.a. each.
These expenses are also in addition to their general living expenses.
Needs and objectives
During your conversation with John and Elsbeth, it becomes apparent that their main objective is to protect
their home and to provide for their son Harry.
Elsbeth commented that she is very concerned that they may not be able to maintain their lifestyle if either
of them died or suffered a prolonged illness. She would like to make sure that if anything were to happen
to them, Harry would be well taken care of.
At this time, they are not yet concerned with superannuation and retirement planning, believing that it is
still a long way off and that they will have time to address this part of their financial plan in the future.
Elsbeth and John have a full and comprehensive estate plan that John insisted on when they were married,
and which was updated when they purchased their house and on the birth of Harry. Also, Elsbeth’s mother
has agreed to increase her care of Harry to three days per week if anything were to happen to
Elsbeth (i.e. death or total and permanent disablement).
Page 9 of 38

Closing the interview
Prior to closing the interview, you review the information provided by Elsbeth and John to check whether it
is complete. You answer some additional questions they have about what happens next and what your
likely costs will be, and explain that with their agreement you will now prepare a written financial plan,
called a statement of advice (SOA), based on the information collected and their stated objectives.
The SOA will describe possible risk management strategies and insurances they should consider, and the
reasons behind your recommendations.
John and Elsbeth agree to proceed to the next stage of the financial planning process, and you make an
appointment to present the SOA in a fortnight.
Note: You are not required to complete a full and comprehensive SOA in this assignment.
Section 2 — The fact finder
The first step is to complete the fact finder for John and Elsbeth. Refer to section 2 of your Insurance and
Risk assignment.
Note to completing the fact finder: As this is a ‘risk’ assignment, you must complete the ‘Risk needs’ section.
However, where information has not been provided in the case study background, you may leave these
sections blank.
Page 10 of 38

Section 3 — Analysing the data
The next step in the financial planning process is to analyse the collected data. You do this so that you
can fully understand your clients’ needs and therefore design a financial plan that addresses their goals
and objectives.
By analysing the data provided under the following headings, you can start preparing a financial planning
strategy that will meet your clients’ needs:
• Review the fact-finding stage
• Current position
• Debt management
• Risk/protection
• Savings
• Present and future taxation issues.
Note: There are a series of questions relating to section 3 in the assignment that you must answer.
Use your answers for section 3 to help you decide on your recommendations for John and Elsbeth.
Your answers to these questions are your opportunity to demonstrate your ability to analyse the clients’
needs in preparation for developing a strategy that aligns with their requirements.
Section 4 — The strategy
Now that you have analysed the data, you are in a position to think about appropriate strategy options and
start drafting appropriate strategies for them. This should include levels of cover and researching possible
products that can support the implementation of those strategies. You will use all of this information in
your SOA for the couple.
Note: There are a series of questions relating to section 4 in the assignment that you must answer.
You will use your answers for section 4 to help you decide on your recommendations for John and Elsbeth.
Your answers to these questions are your opportunity to demonstrate your ability to analyse your clients’
needs and develop a strategy that aligns with their requirements.
Section 5 — Presenting the SOA
You meet with John and Elsbeth as arranged to present the SOA. You take the time to reiterate their
financial situation and stated objectives and to explain the proposed strategies and recommendations,
confirming regularly that both John and Elsbeth understand each component of the plan and how it meets
their needs.
Even though satisfied with your explanation of the SOA and responses to each of their questions,
they have a key concern about one of the products you have selected with regards to the cost of premiums.
Before they agree to your recommendations you have to negotiate this part of the plan with your clients.
Note: There is a series of questions relating to section 5 in the assignment that you must answer.
Your answers to these questions are your opportunity to demonstrate your ability to continue to engage
your clients.
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Assignment
Fact finder — John and Elsbeth Smyth
Use the data collected in the interviews to complete the fact finder template on the following pages.
Note: As investment strategies are not required for this assignment, it is not necessary to complete the risk
profile section of the fact finder.
Important notice to clients
Your adviser must have reasonable grounds for making investment or insurance recommendations.
Before making a recommendation, the adviser must ask you about your investment objectives,
financial situation and your particular needs.
The information requested in this form will be used strictly for that purpose.
Warning
The adviser could make inappropriate recommendations or give inappropriate advice if you fail to fully and
accurately complete this form.
Page 12 of 38

Section 2 — The fact finder
Personal and employment details
Personal details
Elspeth Smyth John Smyth
Title Mrs Mr
Surname Smyth Smyth
Given & preferred names Elsbeth John
Home address 30 Crune St Carinbagh NSW2229 30 Crune St Carinbagh NSW2229
Business address N.A N.A
Contact phone [phone] 7766
Date of birth NA NA
Sex Male x Female x Male Female
Smoker Yes x No X Yes No
Expected retirement age Same time as John 65 years
Dependants (children or other)
Name Date of birth Sex School Occupation
Harry NA Male NA NA
Employment details
Elsbeth Smyth John Smyth
Occupation
Employment status x Self-employed Employee Self-employed x Employee
Not employed Pensioner Not employed Pensioner
Full-time x Part-time x Full-time Part-time
Casual Contractor Casual Contractor
Other Government Other Government
Business status Sole proprietor Partnership Sole proprietor Partnership
Private company Trust Private company Trust
Notes
Any other person to be contacted e.g. accountant, banker, solicitor, etc.?
Page 13 of 38

Assessor feedback: Resubmission required?
No
Page 14 of 38

Income, tax and cash flow
Tax calculation Elsbeth John Combined Comments
Income from employment
Salary
$60,000 $145,000 $205,000
Elsbeth acts as a part time employee
with a salary of $60,000 p.a.
John is a chemical engineer who
earns a salary of $145,000 p.a
Salary sacrifice
Salary after salary sacrifice $60,000 $145,000 $205,000
Rental income
Unfranked dividends
Franked dividends
Franking (imputation) credits
Interest
Other income (e.g. taxable benefits,
trust income, investment income)
Capital gains <1 yr
Capital gains >1 yr
Tax-free component of capital gains
Assessable income $60,000 $145,000 $205,000
Deductible expenses
Donations
$650 $650 $1300
Elsbeth provides a donation of $50
each month to the National Cancer
Foundation and John has a donation
that is tax deductible of $50 every
month.
Moreover, the couple have an extra
donation of $50 every year to the
disaster relief fund.
Other The expenses that are associated to
work are deductions that are
permissible for the purpose of cost.
The accounting expenses are work
associated costs and hence is not a
significant cost for earning salary
and hence is not taken as a
deduction.
Taxable income $59,350 $144,350 $203,700
Tax on taxable income
$10,835.75 $43,631.50 $54,467.25
For Elsbeth, the income which is
taxable comes within the range of
$370001 to $8000000. Thus, the tax
payable is as follows:
$3572+(59350-37000)*32.5%
=$10835.75
For John, the taxable income comes
under the bracket of $800001 to
$180000. Therefore the taxable
income is:
$19822+($144350-$80000)*37%
=$43,631.50
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Non-refundable tax offsets
(e.g. LITO/SAPTO)
Medicare levy
$1,187 $2,887 $4,074
The Medicare levy is computed at
2% rate on the taxable income.
Medicare levy surcharge
Franking rebate
Refundable rebates and offsets $2401.35 $2401.35 $4802.75
Total tax $9,621.40 $44,117.15 $53,738.55
Cash flow
Elsbeth John Combined Comment
Salary less any salary sacrificed
amount $60,000 $145,000 $205,000
Non-taxable income
Rental income
Unfranked dividends received
Franked dividends received
Interest
Other income (e.g. taxable benefits,
trust income, investment income)
Total income received before tax $60,000 $145,000 $205,000
Investment expenses
Mortgage
$35,040 $35,040
Nothing has been mentioned in gthe
case and hence it is predicted that
the mortgage expenses is made by
John.
The mortgage payment is $2920
each month and is seen to be the
same for the next 22 years.
It is even assumed that the
mortgage is shared in an equally and
the cash flow created by Elsbeth
would be negative the value which is
$12680.40. As the cash flow will not
be negative, hence it is done in
accordance that mortgage cost is
incurred by John.
School fees
Utilities
Personal insurance
$143 $261 $404
Elsbeth has an insurance premium
of $143 for the TDP insurance
benefits and death benefits.
The calculation of the insurance
premium is
($145000/1000*0.90)
= $130.50.
This is in case of every insurance
coverage and hence the overall
amount is $261
Page 16 of 38

Car insurance
$1400 $1400 $2800
The premium for the insurance is
shared by both of them. They have
insurance on their cars with a
premium amount of $2800 p.a.
Home building/Contents insurance
$870 $870 $1740
The premium is shared equally and
hence both pay $145 every month.
Health insurance $1620 $1620 $3240
Living expenses
$33,120 $49,680 $82,800
The couple share the costs as 40%
for Elsbeth and 60% for John.
Holidays $1250 $1250 $2500
House maintenance $0
Motor vehicle $0
Motor vehicle $0
Other $0
Child care
$4224 $4224 $8448
The client make use of the child care
service currently. The child care fees
has been $88 every day and Elsbeth
makes use of two days every week
with a total of 48 weeks each year.
Donations
$650 $650 $1300
Elsbeth has given a donation of $50
per month to the National Cancer
Foundation and John has a tax
deductible donation of $50 every
month.
In addition, he couple have an
additional donation of $50 every
year to the disaster relief fund.
Accountant’s fees $150 $150 $300
Total expenses $43,427 $95,145 $138,572
Total income received before tax
less total expenses $16,573 $49,855 $66,428
Total tax payable from tax
table above $9,621.40 $44,117.15 $53,738.55
Total net cash flow $6951.60 $5,737.85 $12,689.45
Page 17 of 38

Needs and objectives
Details Comments
The primary goal has been to safeguard their house. The
protection of their house can be started with the payment of
mortgage.
Protecting their house is essential as the house provides them
with shelter.
The next objective has been to take care of their child and
providing him with education.
This can be done by maintaining sufficient money
Maintaining their current lifestyle. As there are chances of unprecedented events
Estate planning
Do you have a will?  Yes No
When was it last updated?
Do you have powers of attorney? Yes  No
Current superannuation, rollovers, insurances and investments
Superannuation
Member Elsbeth John
Fund name ASSF Fund CISF Super Fund
Date of joining fund 01 February 2004 19 January 2004
Type of fund  Accumu
lation
Defined benefit  Accumu
lation
Defined benefit
Pension Pensioner Pension Pensioner
Contributions
SG By self By self
Current value of your
superannuation fund
$260000 $114000
Amount of death and
disability cover
$145000 $240000
Is there provision for you to
top up or salary sacrifice?  No  No
Superannuation taxation details
Current value $260,000 $114000
Tax-free component NA NA
Taxable component:
Taxed element NA NA
Untaxed element NA NA
Preservation:
Page 18 of 38

Preserved $260000.00 $114000.00
Unrestricted non-preserved N/A N/A
Restricted non-preserved N/A N/A
Contributions:
Non-concessional contributions:
Year 1 N/A N/A
Year 2 N/A N/A
Year 3 N/A N/A
Year 4 N/A N/A
Concessional contributions:
Year 1 N/A N/A
Year 2 N/A N/A
Year 3 N/A N/A
Year 4 N/A N/A
Life insurance details
Life insured Owner Policy type Company Policy
number
Death
benefit
Comments Annual premium
John John Death ASSF Fund Yes.
The benefit
is $145000
which is
equal to the
annual
income.
$0.90 every 1000
John John Total
permanent
disability
benefits
ASSF Funds Yes
The benefit
is $145,000
which is
equal to the
yearly salary.
$0.90
Elsbeth Elsbeth Death
benefits
CISF super The benefit
of death is
covered in
the
insurance
and the
amount is
$120,000
$143
Elsbeth Elsbeth Total
permanent
disability
benefit
CISF super
fund
The benefit
of total
permanent
disability is
$143
Page 19 of 38

available in
the
insurance
and the
cover
amount is
$120,000
Trauma insurance details
Life insured Owner Policy type Company Policy
number
Death
benefit
Comments Annual premium
John and
Elsbeth
John and
Elsbeth
Health
Insurance
Coverage
inclusive of
excess of
$500
Private The
insurance is
taken for the
insurance
coverage of
the couple
$3240
Income protection insurance details
Life insured Owner Policy type Company Policy
number
Death
benefit
Comments Annual premium
NA NA NA NA NA NA NA NA
NA NA NA NA NA NA NA NA
General insurance details
Item covered Owner Policy type Company Combined
policy
number
Cover amount Other
benefit
Total annual
premium
Ford Focus Elsbeth Comprehensiv
e motor vehicle
insurance
Private NA $11000 $2800
HSV
Performance
Vehicle
John Comprehensiv
e insurance
policy
Private NA $33000
Home
Building
Couple Home building/
contents
insurance
Private NA $850000
(100000+750000)
$1740
Page 20 of 38

Investment details
Investment type Company Purchase date Units
held/fixed
rate
Current value Owner
Balanced Portfolio ASSF Fund 01 February
2004
$260000.00 John
Balanced Portfolio CISF Fund 19 January
2004
$114000.00 Elsbeth
Page 21 of 38

Risk needs
Insurance needs — Life and TPD
Elsbeth ($) John ($)
C Clean-up fund Settle all outstanding accounts, including credit cards, bills and funeral costs
Estimated funeral/medical costs 43120 59680
Total 43120 59680
I Income fund The lump sum required to produce a level of regular income that maintains the family’s living
standard for a defined period
Estimated unpaid spousal duties $5000 $5000
General living costs excluding child care and
mortgage payments
$10000
Remaining spouse’s net income $10000
Income shortfall if other spouse died 109276
Annual income shortfall until Harry leaves university
Total $134,276 $5000
M Mortgage fund The amount necessary to discharge any existing mortgages
Home loan $2220000 $220000
Total $2220000 $2220000
E Education fund Lump sum determined by calculating each child’s education costs and multiplying by the number of
years of school and/or university remaining
Child care costs for Harry until school age (four years)
Total
Education costs for Harry $32500 $32500
Total
Total $32500 $32500
R Retirement fund The lump sum necessary to provide adequate funding for retirement
9.50% employer SG contributions $188100 $399475
Savings forgone $229402.74 $166397.60
Total $417502.74 $565872.60
Less value of realisable assets
Superannuation $114000 $260000
Offset account $32000 $32000
Less existing life/TPD insurance cover $240000 $145000
Recommended sum insured $419898.70 $479502
Recommended sum insured (rounded to the nearest $10,000) $4200000 $480,000
* This amount includes the Child Care Rebate.
Page 22 of 38

Risk needs
Insurance needs — Trauma
Elsbeth ($) John ($)
Pay out personal debt (credit card) 15000 15000
Pay mortgage for 12 months $17520 $17520
Estimated medical and rehabilitation costs
(including cover out-of-pocket health costs)
Estimated modifications to home and vehicle $375000 $375000
Other debts
Other expenses
Less existing realisable assets
Recommended sum insured $407520 $407520
Recommended sum insured (rounded to the nearest
$10,000)
$410000 $410000
Page 23 of 38

Insurance needs — Income protection
Income protection Elsbeth ($) John ($)
Gross annual income $60000 $145000
Superannuation guarantee N/A N/A
Total insurable income $60000 $145000
Monthly income (i.e. total insurable income/12) $5000 $12083.33
Recommended monthly benefit (i.e. 75% of total monthly
insurable amount)
$3750 $9062.5
Benefit payment period 33 30
Waiting period to be served 33 30
Acknowledgment
The information provided in this financial fact finder is complete and accurate to the best of my knowledge.
I understand that a policy purchased without the completion of a fact finder, or following a partial or inaccurate completion,
may not be appropriate to my needs. I also understand that a policy purchased that differs from that recommended by the
adviser may not be appropriate to my needs. I acknowledge that the adviser as provided me with the completed financial fact
finder, signed by me.
Customer(s) signature(s)
Adviser’s name
Adviser’s signature
Date
Note: An investment needs analysis is not required for this assignment. These tables of investment attitude details have been
included to provide a realistic example of the fact finder process.
Investment attitude details
Please answer the following questions regarding your attitude to financial issues.
Are you concerned about the amount of tax that you are paying? Yes/No
Why? I think that I should be able to structure things better to pay less tax like other
people seem to do.
How important is liquidity (i.e. funds available) to you? Very/Moderately/Not
Why? I would like the money available so I can buy a property in the future.
If you had funds available for investing, how would you choose to invest them? Why?
Page 24 of 38
NOT REQUIRED FOR
THIS ASSIGNMENT

Term deposits, but I don’t know what else is available or how it works.
Are there certain sorts of investment that you wish to avoid? Yes/No
Which ones? I don’t really know.
Risk profile
Determining your investor risk profile Points
This investor risk profile questionnaire has been designed to help you understand the type of investor you are, so that with the
help of your planner, you can choose the investments that best match your financial objectives.
Which of the following best describes your current stage of life?
Single with few financial commitments: You are keen to accumulate wealth for the future. Some funds
must be kept available for enjoyment such as cars, clothes, travel and entertainment.
50
A couple without children: You may be preparing for the future by establishing and furnishing a home.
There are a lot of things you need to buy. You are probably better off financially now than you may be in
the future.
40
Young family: This is the peak home purchasing stage. You have a mortgage and a very small amount of
savings. Probably dissatisfied with your financial position and the amount of money saved.
35
Mature family: You are in your peak earning years and have got the mortgage under control.
Many partners also work and any children are growing up and have either left home or require less
supervision. You are starting to think about retirement, although it may be many years away.
30
Preparing for retirement: You probably own your own home and have few financial commitments;
however, you want to ensure that you can afford a comfortable retirement. Interested in travel,
recreation and self-education.
20
Retired: No longer working, you must rely on existing funds and investments to maintain your lifestyle.
You may be receiving the pension and are keen to enjoy life and maintain your health.
10
What return do you reasonably expect to achieve from your investments?
A return without losing any capital 10
3–7% p.a. 20
8–12% p.a. 30
13–15% p.a. 40
Over 15% p.a. 50
Page 25 of 38
NOT REQUIRED FOR
THIS ASSIGNMENT

If you did not need your capital for more than 10 years, for how long would you be prepared to see your investment performing
below your expectations before you cashed it in?
You would cash it in if there were any loss in value 10
Less than 1 year 20
Up to 3 years 30
Up to 5 years 40
Up to 7 years 45
Up to 10 years 50
How familiar are you with investment markets?
Very little understanding or interest 10
Not very familiar
Would like to know more.
20
Have had enough experience to understand the importance of diversification 30
Understand that markets may fluctuate and that different market sectors offer different income, growth
and taxation characteristics
40
Experienced with all investment sectors and understand the various factors that may
influence performance
50
If you can only get greater tax efficiency from more volatile investments, which balance would you be most comfortable with?
Preferably guaranteed returns, before tax savings 10
Stable, reliable returns, minimal tax savings 20
Some variability in returns, some tax savings 30
Moderate variability in returns, reasonable tax savings 40
Unstable, but potentially higher returns, maximising tax savings 50
Six months after placing your investment, you discover that your portfolio has decreased in value by 20%. What would be
your reaction?
Horror. Security of capital is critical and you did not intend to take risks 10
Page 26 of 38
NOT REQUIRED FOR
THIS ASSIGNMENT

You would cut your losses and transfer your money into more secure investment sectors 20
You would be concerned, but would wait to see if the investments improve 30
This was a calculated risk and you would leave the investments in place, expecting performance to
improve
40
You would invest more funds to lower your average investment price, expecting future growth 50
Page 27 of 38

Which of the following best describes your purpose for investing?
You want to invest for longer than five years, probably to the age of 55–60. You are mainly investing for
growth to accumulate long-term wealth
50
You are not nearing retirement, have surplus funds to invest and you are aiming to accumulate long-term
wealth from a balanced fund
40
You have a lump sum (e.g. an inheritance or an eligible termination payment from your employer) and you
are uncertain about what secure investment alternatives are available
30
You are nearing retirement and you are investing to ensure that you have sufficient funds available to
enjoy retirement
20
You have some specific objectives within the next five years for which you want to save enough money 20
You want a regular income and/or totally protect the value of your savings 10
Investor profile total points
Investor risk profile summary
0–70 Conservative — 70% Defensive and 30% Growth
You are a conservative investor. Risk must be very low and you are prepared to accept lower returns to protect capital.
The negative effects of tax and inflation will not concern you, provided that your initial investment is protected.
71–130 Moderately Conservative — 55% Defensive and 56% Growth
You are a cautious investor seeking better than basic returns, but risk must be low. Typically an older investor seeking to protect the
wealth that you have accumulated, you may be prepared to consider less aggressive growth investments.
131–210 Balanced — 40% Defensive and 60% Growth
You are a prudent investor who wants a balanced portfolio to work towards medium to long-term financial goals. You require an
investment strategy that will cope with the effects of tax and inflation. Calculated risks will be acceptable to you to achieve good
returns.
211–300 Growth — 30% Defensive and 70% Growth
You are an assertive investor, probably earning sufficient income to invest most funds for capital growth. Prepared to accept higher
volatility and moderate risks, your main concern is to accumulate assets over the medium to long term. You require a balanced
portfolio, but more aggressive investment strategies may be included.
301–350 High growth — 10% Defensive and 90% Growth
You are an aggressive investor prepared to compromise portfolio balance to pursue potentially greater long-term returns.
Your investment choices are diverse, but carry with them a higher level of risk. Security of capital is secondary to the potential for
wealth accumulation.
Page 28 of 38
NOT REQUIRED FOR
THIS ASSIGNMENT
NOT REQUIRED FOR
THIS ASSIGNMENT

Assessor feedback:
[insert feedback]
Date assessed: Click here to enter a date
Does the student need to resubmit? No
Questions that need to be resubmitted
First submission Not yet demonstrated
Resubmission Not applicable
To pass this subject, you will need to be assessed as DEMONSTRATED for either your first submission or
your resubmission.
Page 29 of 38

Section 3 — Analysing the data
Case study questions
Answer the following questions in the spaces provided. The questions are your opportunity to
demonstrate your ability to analyse a client’s needs in preparation for developing a strategy that
aligns with their requirements.
Section 3 Part A
List what you understand to be the couple’s goals, needs and objectives. Categorise them into short,
medium and long-term timeframes. They should be specific, measurable and have a nominated dollar value
where possible. (250 words)
Goals/need/objectives Timeframe Dollar value
The main aim of the couple is to buy a life
insurance product which would compensate
in case of any accidents in the future.
Short term $163276
Gaining jobs that are high salaried so that
financial problems can be mitigated for the
future.
Short Term $205000.00
Ensuring that future of their child is secured
and therefore arrange money with the help of
which they can educate him and establish him
with the help of which their expectations from
their child can be fulfilled.
Long Term $65000
Arranging money in order to pay for the
mortgage that they have taken in order to buy
the house.
Long Term $440000
Looking forward to increase their net worth
with the help of which the loan repayment
process can be eased.
Long Term $374000
Reducing the cost of living with the help of
which they can pay for the future products.
Short Term $90000.00
Assessor feedback: Resubmission required?
No
Page 30 of 38

Section 3 Part B
Analyse the data provided by the couple by answering the following questions. Think carefully about your
responses and do not assume that you are in a position to provide answers to everything.
You may not have enough information; it may be outside of your licensee’s designated authority for this
case study (i.e. the matter needs to be referred to a specialist adviser) or it is not a goal or objective of your
clients. Where this might be the case, make sure you make a comment to that effect where relevant.
Make sure you constantly refer to the data you have on John and Elsbeth so your responses accurately
reflect the information provided to you.
The questions Your response Assessor feedback
a. Do Elsbeth and John need a debt
management solution?
No Assessor feedback
If ‘yes’, why?
If ‘no’, why not?
No scope for debt management
b. Do Elsbeth and John currently have
adequate life and TPD cover?
No
If ‘yes’, why/how?
If ‘no’, how much should they have,
and why that much?
The client do not have their own insurances as
their superannuation provides the same in case
of any kind of death and temporary or
permanent disability. With time, the monetary
value falls and therefore the current amount
may not be adequate to handle the financial
needs for the future. For sickness, they have a
health insurance and the current value may not
be adequate as they are in need of $10 million
approximately.
c. Is their current life and TPD cover
provided through superannuation the
best option?
No
If ‘yes’, why?
If ‘no’, why? What could be an
alternative?
The super fund of John provides a coverage of
$750K and this amount is not sufficient to take
care of the costs and lifestyle in the future.
d. Do Elsbeth and John require any
other insurance cover?
Yes
If ‘yes’, what type of cover? How
much do they need? How should it be
provided?
If ‘no’, why?
An assessment has been made that the client do
not have their own personal insurance and they
have health insurance that is available within
superannuation.
e. Is there anything that could impact on
John’s and Elsbeth’s ability to obtain
insurance cover?
No
If ‘yes’, which cover(s)/why?
If ‘no’, why not?
There are limitations that can have an effect on
the couple purchasing the insurances as they are
young and do not have any sickness. Asthma was
existent for John but he does not have the same
now. They have adequate financial scenario.
f. If Elsbeth leaves her employer and
commences her own business and
decides to initially work from home,
will this have any impact on her
current or recommended insurance
cover(s)?
No
Page 31 of 38

The questions Your response Assessor feedback
If ‘yes’, which cover(s)/why?
If ‘no’, why?
Elsbeth working from home would have an
effect on her insurance and this would be
existent till the time she is able to pay for the
premium.
g. If Elsbeth commences her own
business, would she require any
further insurance cover?
Yes
If ‘yes’, why and what would she
require?
If ‘no’, why not?
She needs to have an insurance when she would
be working from home.
h. Are there any present and/or
anticipated future issues associated
with your recommendations?
No
If ‘yes’, why and what are they?
If ‘no’, why not?
The suggestions are inclusive of the problems
that may arise in future which have been
planned so that a better future can be
ascertained.
i. Are there any present and/or
anticipated future cash flow
implications associated with your
recommendations?
Yes
If ‘yes’, why and what are they?
If ‘no’, why not?
As the income protection and trauma insurance
has been bought over the superannuation, which
may have an impact on the cash flow of the
customers in the coming time period.
j. Are there any taxation considerations
with the recommendations?
There are possibilities of tax considerations of
the couple if the buy an insurance protection
product which will be tax deductible.
Assessor feedback: Resubmission required?
No
Assessor feedback:
[insert feedback]
Date assessed: Click here to enter a date
Does the student need to resubmit? No
Questions that need to be resubmitted
First submission Not yet demonstrated
Resubmission Not applicable
To pass this subject, you will need to be assessed as DEMONSTRATED for either your first submission or
your resubmission.
Page 32 of 38

Section 4 — The strategy
Case study questions
Answer the following questions in the spaces provided. The questions are your opportunity to demonstrate
your ability to analyse a client’s needs and develop a strategy that aligns with their requirements.
Section 4 Part A
Based on your analysis of the data, describe in general terms the strategy you think will best meet Elsbeth
and John’s needs, and why. Include what other specialist advice they will need to source so they can have
access to a comprehensive financial plan (up to 500 words).
Note: Students who need assistance determining the approximate premium costs of particular
recommendations should use the internet to research and use the calculations as a guide when answering
assignment questions.
The assessment of the situation that has been provided by the couple, is that they are in need of insurance
products that would safeguard them from any future risks and issues. They are scared of any financial
issues, which may take place due to any mishaps and accidents as encountered by John’s colleague. The
client has a health insurance and does not wish to buy any insurance as they are in the mind that their
superannuation will be able to cover the same. They are therefore in need of various insurances and
therefore are looking forward with the help of which their future can be secured. One of the products is the
life insurances for them with the help of which their life can be secured. The next insurance is temporary
and permanent disability insurance with the help of which they would be financially compensated. The last
product is an income protection insurance with a value of $10, 00,000. This insurance will take care of the
fact that the income of the couple is safeguarded and therefore would receive a fixed amount at the time
of any kind of accidents and mishaps. They can even raise their superannuation coverage amount by
increasing the payment amount from $0.90 per 1000 to $1 per $1000 so that the death coverage financially
rises double their income.
The couple even need to take assistance of accountants and solicitors in order to prepare an effective
financial plan.
Assessor feedback: Resubmission required?
No
Page 33 of 38

Section 4 Part B
Following your conclusions developed in Section 4 Part A, you are now in a position to research products to
meet your clients’ risk management needs. Information on different products and providers is readily
available on the internet, or if you are already working for a licensee you may be able to use those from
your approved product list.
Research and compare three (3) life insurance products of each cover type. List them here, and indicate
why you think these may, or may not, be the ‘best fit’ for Elsbeth and John. At the conclusion of this
process, you will need to have selected the product(s) that you think will meet their needs.
(Please add rows as required, or leave rows blank that are not needed.)
Note: Students needing assistance in estimating insurance premium rates for their recommended
insurance covers may use the insurance premium tables within the following superannuation fund websites
for this purpose:
REST
<https://www.rest.com.au/member/products/rest-super/insurance-features>.
HOSTPLUS
<http://memberguide.hostplus.com.au/8-insurance-in-your-super>.
HESTA
<http://www.hesta.com.au/insurance-other-services/insurance.html>.
The product (name and URL link)
Why you think it may or
may not be the ‘best fit’
for the couple
Indicate which product/s
you will use in your plan
Basic Death Cover( Host Plus Insurance)
<http://memberguide.hostplus.com.au/8-insurance-in-
your-super>.
It does not assess all the
elements that are
required by the client
YES  NO
Voluntary death cover (Host Plus Insurance)
<http://memberguide.hostplus.com.au/8-insurance-in-
your-super>.
It does not take care of all
the elements that are vital
for the couple
YES  NO
Terminal illness benefit and death cover( Rest
Insurance)
http://www.rest.com.au/getmedia/8047a452-8120-
4a2c-934d-3aa6347c708f/RES0254_REST_Super-
Insurance-Guide-FA_WEBSAFE.pdf?ext=.pdf>.
This product will help the
client to protect their
coming time as this
product provides
compensation at the time
of critical illness and
death.
 YES NO
Total and permanent disablement cover TPD
linked (Hesta Insurance)
http://www.hesta.com.au/insurance-other-services/insurance.html
>.
This product is suitable for
the client as at the time of
disablement they are
entitled for a
compensation. The
product is known to be
TPD related and therefore
they are even entitled to
gain additional
compensation
 YES NO
Basic TPD cover( Rest Insurance)
http://www.rest.com.au/getmedia/8047a452-8120-4a2c-934d-
3aa6347c708f/RES0254_REST_Super-Insurance-Guide-
FA_WEBSAFE.pdf?ext=.pdf>.
It is not in respect to the
requirement of the couple
in accordance to their
financial reports.
YES  NO
Voluntary TPD cover(Hesta Insurance) It is not in respect to the YES  NO
Page 34 of 38

http://www.hesta.com.au/insurance-other-services/insurance.html
>.
requirement of the couple
in accordance to their
financial reports.
Income protection under permanent disability
(Host Plus Insurance)
<http://memberguide.hostplus.com.au/8-insurance-in-
your-super>.
Does not take care of
income protection at the
time of partial of
permanent disability
YES  NO
Income protection under partial disability (Hesta
Insurance)
http://www.hesta.com.au/insurance-other-services/insurance.html
>.
Does not take care of
income protection at the
time of partial of
permanent disability
YES  NO
Income protection under permanent disability and
partial disability( Rest Insurance)
http://www.rest.com.au/getmedia/8047a452-8120-4a2c-934d-
3aa6347c708f/RES0254_REST_Super-Insurance-Guide-
FA_WEBSAFE.pdf?ext=.pdf>.
Their earnings will be
safeguarded at the time of
any accidents which may
lead to permanent or
partial disablement.
YES  NO
Assessor feedback: Resubmission required?
No
Assessor feedback:
[insert feedback]
Date assessed: Click here to enter a date
Does the student need to resubmit? No
Questions that need to be resubmitted
First submission Not yet demonstrated
Resubmission Not applicable
To pass this subject, you will need to be assessed as DEMONSTRATED for either your first submission or
your resubmission.
Page 35 of 38

Section 5 — Presenting the SOA
Answer the following questions in the spaces provided. The questions are your opportunity to demonstrate
your ability to negotiate aspects of a plan a client is dissatisfied with, and then to gain their consent to
proceed with your recommendations.
Section 5 Part A
In the space provided, write a script for how you would explain to your clients the rationale for the choice
of one product selection over another (200 words).
It is essential to give out proper explanation to the couple in order to select them with the suitable product
as the client needs to buy insurances for themselves and improper insurances would have an impact on
their life and would have financial losses for them. They are young and are quite healthy and as they have a
child it is their plan to take care of his future. Therefore, it is essential to purchase products with the help of
which in case of any accidents the child would be secured. They are in need of sufficient insurance coverage
as the monetary value would fall with time. Hence, they are required to purchase the products that have
been recommended.
Assessor feedback: Resubmission required?
No
Section 5 Part B
Your clients reluctantly agree with your choice, but it is clear they are not 100% satisfied. How will you
proceed with the conversation from this point on? Think about what you aim to achieve from both a client
engagement and compliance perspective. (200 words)
The couple are not convinced regarding to the suggestions and the consultation that has been given to
them as they have a sense that buying the three products would raise their expenses in comparison to
their savings. It is vital for the couple to gain knowledge about the problems and the queries they face
during tragedies in the future and these problems can be managed with the assistance of the help of the
insurances. The use of these products will reduce the extent of risk for the client by a margin as the use of
the products would create a security among the couple in case of death, accidents or permanent or
partial disablement. In order to avail these benefits, the couple needs to pay for these insurance costs
and therefore the client needs to reduce their miscellaneous costs in order to continue their real savings.
Assessor feedback: Resubmission required?
No
Page 36 of 38

Section 5 Part C
Describe how you will conclude this conversation so that you have met all your compliance requirements.
(100 words)
I hope that you are satisfied with the suggestions that have been provided from our end. In case of any problem be rest assured
to call me or meet up as we are always at our assistance in order to clear any kind of doubts that may arise. With time changes in
the plan will be recommended as well and effective communication will be maintained with the help of which all benefits and
risks will be conveyed and you would have a safer and risk free future life.
Assessor feedback: Resubmission required?
No
Page 37 of 38

Assumptions
Please list any and all assumptions you have made here:
Value Current situation Proposed strategy
$65000 It is assumed to be the total
expense for the school life of the
child
Purchase an insurance cover
$0 It is predicted that no contribution
to superannuation has been made
by the employee
The contribution of the employee
will increase the available
superannuation
$82800.00 It is assumed that the living cost is
distributed among Elsbeth and
John with a percentage of 40%
and 60% respectively.
The plan is to reduce the cost that
John and Elsbeth incur during
their lifetime.
$1500.00 The product is related to the
death benefit that is added to the
TPD cover.
This is done to increase the cover
amount and provide added
security.
$4813.50 The total premium expense is
$8053.50
There are various insurance
products and the idea is to reduce
the premium value.
List any other assumptions here:
No other assumptions are made
Assessor feedback:
[insert feedback]
Date assessed: Click here to enter a date
Does the student need to resubmit? No
Questions that need to be resubmitted
First submission Not yet demonstrated
Resubmission Not applicable
To pass this subject, you will need to be assessed as DEMONSTRATED for either your first submission or
your resubmission.
Page 38 of 38