School: Business and Law

This unit information may be updated and amended immediately prior to semester. To ensure you have the correct outline, please check it again at the beginning of semester.

  • Unit Title

    Personal Risk Management Planning
  • Unit Code

    ECF3212
  • Year

    2016
  • Enrolment Period

    1
  • Version

    2
  • Credit Points

    15
  • Full Year Unit

    N
  • Mode of Delivery

    Online

Description

This unit explores the concept of risk and risk management with a particular focus on the role of insurance. The Australia general and life insurance markets are explored with particular attention to the structure of each, key participants and products, the legislative framework governing each industry, and taxation considerations of products. The unit is developed within the context of risk management as a key component of the financial planning process.

Prerequisite Rule

Students must pass 1 units from ECF1120

Learning Outcomes

On completion of this unit students should be able to:

  1. Assess the completeness of general and life insurance markets in Australia and globally.
  2. Assess the features of available life insurance products and recent product innovations.
  3. Compare the structure of and key participants in the general and life insurance markets with the Australian financial market.
  4. Conduct a personal risk management appraisal and communicate results consistent with legislative and professional requirements.
  5. Contrast the role of Australian insurance industry regulators.
  6. Develop a taxonomy of personal risks faced by an individual and assess risk management opportunities for each.
  7. Differentiate legislative, professional and ethical responsibilities of an insurance adviser.
  8. Explain the principles of personal risk management.
  9. Explain the rationale for regulations that affect the operation of life and general insurance companies.
  10. Identify basic mathematical concepts in risk assessment and insurance to determine the expected cost of risks and establish the comparative value of premiums to be received.
  11. Identify general insurance policies available for individuals and key features.
  12. Identify relevant legislative, regulatory and professional responsibilities in the provision of personal risk management advice.
  13. Identify the role of reinsurers providing capacity, facilities and services to direct insurers in the Australian and international market place.
  14. Outline the historical development of general life and private medical insurance markets in Australia.
  15. Outline the type and role of information required to complete a personal risk management appraisal.

Unit Content

  1. Australian insurance legislative and regulatory framework.
  2. Basic mathematics of insurance and risk management.
  3. History of the Australian general and life insurance markets.
  4. Legal and professional responsibilities of adviser.
  5. Legal principles governing insurance product provision.
  6. Life, general and private medical insurance markets and products.
  7. Organizational and financial management of insurance business.
  8. Personal risk management case studies.
  9. Reinsurance.
  10. Taxation of insurance products.
  11. Taxonomy of personal risks.
  12. Theory and principles of personal risk management.

Additional Learning Experience Information

On-campus students attend a two hour weekly lecture. This is followed by a one hour tutorial which provides students with the opportunity to discuss critical aspects of the content in greater detail and, in the process, to further develop their oral communication skills. In addition, the assessment methods provide students with the opportunity to demonstrate their knowledge of the units content, their critical thinking abilities and their written communication skills.

The principles discussed throughout the unit are applicable internationally as the approach to risk management is the same worldwide, albeit with a different cultural focus. This is demonstrated in lecturers and tutorial material by illustrating and comparing Australian with international compliance, solvency and market issue.

Off-campus students are provided with an electronic version of the internal lecture and weekly tutorials. All materials are delivered to off-campus students via Blackboard.

Assessment

GS1 GRADING SCHEMA 1 Used for standard coursework units

Students please note: The marks and grades received by students on assessments may be subject to further moderation. All marks and grades are to be considered provisional until endorsed by the relevant Board of Examiners.

ON CAMPUS
TypeDescriptionValue
ExaminationMid-Semester Exam30%
AssignmentAssignment20%
ExaminationFinal Examination50%
ONLINE
TypeDescriptionValue
AssignmentAssignment 130%
AssignmentAssignment 220%
ExaminationFinal Examination50%

Text References

  • ^ Scriven, D. (2013). Guide to Life Risk Protection and Planning. (3rd ed.). Sydney: CCH Australia Ltd.
  • ^ Teale, J. (2013). Insurance and Risk Management. Sydney: CCH Australia Ltd.
  • CCH (2014). Australian Master Financial Planning Guide. Sydney: CCH Australia Ltd.
  • McKeown, W., Kerry, M., & Olynyk, M. (2014). Financial Planning (2nd ed.). Milton: John Wiley & Sons.
  • Latimer, P. (2014). Australian Business Law 2015 (34th ed.). Sydney: CCH Australia Ltd.
  • Pynt, G. (2011). Australian Insurance Law: A First Reference (2nd ed.). Chatswood: Lexis-Nexis.

^ Mandatory reference


Disability Standards for Education (Commonwealth 2005)

For the purposes of considering a request for Reasonable Adjustments under the Disability Standards for Education (Commonwealth 2005), inherent requirements for this subject are articulated in the Unit Description, Learning Outcomes and Assessment Requirements of this entry. The University is dedicated to provide support to those with special requirements. Further details on the support for students with disabilities or medical conditions can be found at the Access and Inclusion website.

Academic Misconduct

Edith Cowan University has firm rules governing academic misconduct and there are substantial penalties that can be applied to students who are found in breach of these rules. Academic misconduct includes, but is not limited to:

  • plagiarism;
  • unauthorised collaboration;
  • cheating in examinations;
  • theft of other students' work;

Additionally, any material submitted for assessment purposes must be work that has not been submitted previously, by any person, for any other unit at ECU or elsewhere.

The ECU rules and policies governing all academic activities, including misconduct, can be accessed through the ECU website.

ECF3212|2|1

School: Business and Law

This unit information may be updated and amended immediately prior to semester. To ensure you have the correct outline, please check it again at the beginning of semester.

  • Unit Title

    Personal Risk Management Planning
  • Unit Code

    ECF3212
  • Year

    2016
  • Enrolment Period

    2
  • Version

    2
  • Credit Points

    15
  • Full Year Unit

    N
  • Mode of Delivery

    Online

Description

This unit explores the concept of risk and risk management with a particular focus on the role of insurance. The Australia general and life insurance markets are explored with particular attention to the structure of each, key participants and products, the legislative framework governing each industry, and taxation considerations of products. The unit is developed within the context of risk management as a key component of the financial planning process.

Prerequisite Rule

Students must pass 1 units from ECF1120

Learning Outcomes

On completion of this unit students should be able to:

  1. Assess the completeness of general and life insurance markets in Australia and globally.
  2. Assess the features of available life insurance products and recent product innovations.
  3. Compare the structure of and key participants in the general and life insurance markets with the Australian financial market.
  4. Conduct a personal risk management appraisal and communicate results consistent with legislative and professional requirements.
  5. Contrast the role of Australian insurance industry regulators.
  6. Develop a taxonomy of personal risks faced by an individual and assess risk management opportunities for each.
  7. Differentiate legislative, professional and ethical responsibilities of an insurance adviser.
  8. Explain the principles of personal risk management.
  9. Explain the rationale for regulations that affect the operation of life and general insurance companies.
  10. Identify basic mathematical concepts in risk assessment and insurance to determine the expected cost of risks and establish the comparative value of premiums to be received.
  11. Identify general insurance policies available for individuals and key features.
  12. Identify relevant legislative, regulatory and professional responsibilities in the provision of personal risk management advice.
  13. Identify the role of reinsurers providing capacity, facilities and services to direct insurers in the Australian and international market place.
  14. Outline the historical development of general life and private medical insurance markets in Australia.
  15. Outline the type and role of information required to complete a personal risk management appraisal.

Unit Content

  1. Australian insurance legislative and regulatory framework.
  2. Basic mathematics of insurance and risk management.
  3. History of the Australian general and life insurance markets.
  4. Legal and professional responsibilities of adviser.
  5. Legal principles governing insurance product provision.
  6. Life, general and private medical insurance markets and products.
  7. Organizational and financial management of insurance business.
  8. Personal risk management case studies.
  9. Reinsurance.
  10. Taxation of insurance products.
  11. Taxonomy of personal risks.
  12. Theory and principles of personal risk management.

Additional Learning Experience Information

On-campus students attend a two hour weekly lecture. This is followed by a one hour tutorial which provides students with the opportunity to discuss critical aspects of the content in greater detail and, in the process, to further develop their oral communication skills. In addition, the assessment methods provide students with the opportunity to demonstrate their knowledge of the units content, their critical thinking abilities and their written communication skills.

The principles discussed throughout the unit are applicable internationally as the approach to risk management is the same worldwide, albeit with a different cultural focus. This is demonstrated in lecturers and tutorial material by illustrating and comparing Australian with international compliance, solvency and market issue.

Off-campus students are provided with an electronic version of the internal lecture and weekly tutorials. All materials are delivered to off-campus students via Blackboard.

Assessment

GS1 GRADING SCHEMA 1 Used for standard coursework units

Students please note: The marks and grades received by students on assessments may be subject to further moderation. All marks and grades are to be considered provisional until endorsed by the relevant Board of Examiners.

ON CAMPUS
TypeDescriptionValue
ExaminationMid-Semester Exam30%
AssignmentAssignment20%
ExaminationFinal Examination50%
ONLINE
TypeDescriptionValue
AssignmentAssignment 130%
AssignmentAssignment 220%
ExaminationFinal Examination50%

Text References

  • ^ Teale, J. (2013). Insurance and Risk Management. Sydney: CCH Australia Ltd.
  • ^ Scriven, D. (2013). Guide to Life Risk Protection and Planning. (3rd ed.). Sydney: CCH Australia Ltd.
  • Latimer, P. (2014). Australian Business Law 2015 (34th ed.). Sydney: CCH Australia Ltd.
  • Pynt, G. (2011). Australian Insurance Law: A First Reference (2nd ed.). Chatswood: Lexis-Nexis.
  • McKeown, W., Kerry, M., & Olynyk, M. (2014). Financial Planning (2nd ed.). Milton: John Wiley & Sons.
  • CCH (2014). Australian Master Financial Planning Guide. Sydney: CCH Australia Ltd.

^ Mandatory reference


Disability Standards for Education (Commonwealth 2005)

For the purposes of considering a request for Reasonable Adjustments under the Disability Standards for Education (Commonwealth 2005), inherent requirements for this subject are articulated in the Unit Description, Learning Outcomes and Assessment Requirements of this entry. The University is dedicated to provide support to those with special requirements. Further details on the support for students with disabilities or medical conditions can be found at the Access and Inclusion website.

Academic Misconduct

Edith Cowan University has firm rules governing academic misconduct and there are substantial penalties that can be applied to students who are found in breach of these rules. Academic misconduct includes, but is not limited to:

  • plagiarism;
  • unauthorised collaboration;
  • cheating in examinations;
  • theft of other students' work;

Additionally, any material submitted for assessment purposes must be work that has not been submitted previously, by any person, for any other unit at ECU or elsewhere.

The ECU rules and policies governing all academic activities, including misconduct, can be accessed through the ECU website.

ECF3212|2|2