Risk, Insurance and Social Security - 2016

Unit summary


  • Level of Study: Undergraduate Level 2
  • Study load: 0.125 EFTSL
  • Delivery method: Fully Online
  • Prerequisites: Yes
  • Duration: 13 weeks
  • Government loans available: FEE-HELP
  • Availability for 2016: SP2 , SP4
  • Availability for 2017: SP2 , SP4
  • Assessment: Assignment (40%) , Invigilated Exam (50%) - Learn more

Unit provided by

2016 Fees
Domestic 1,305.00
International 1,555.00

Please note: This unit was previously known as Insurance and Social Security.

This unit examines insurance and social security with an emphasis on personal financial planning. You will learn about different types of risk and strategies for handling risk, the nature of insurance and the legal framework within which insurance companies and advisers operate. Attention is also placed on the way insurance is marketed and sold and the role of advisers in insurance planning and the financial planning process. Social insurance and strategies for maximising Centrelink benefits and payments are also investigated. You will have opportunities to develop strategies for property and personal risk and be able to explain the nature of risk and discuss the different concepts of risk.

At the completion of this unit you will be able to:

  1. explain the nature of risk and discuss the different concepts of risk
  2. identify general strategies for handling risk
  3. understand the concept of risk management and be able to apply elementary risk management techniques in a comprehensive manner to a range of situations
  4. demonstrate a knowledge of the basic legal principles governing insurance contracts
  5. identify the various types of insurable liabilities and demonstrate an understanding of the major classes of liability insurance
  6. explain the main features in householder and motor vehicle insurance
  7. demonstrate an understanding of life insurance and life insurance products
  8. apply the concepts of insurance planning to personal financial planning
  9. understand the various types of insurance that relates to commerce, business and society
  10. understand the regulatory environment that governs the insurance industry
  11. explain the tax implications of various insurance products
  12. understand the regulation of insurance sales and marketing insurance products in the current environment
  13. understand the various types of Centrelink payment for families, the unemployed, and aged
  14. describe the factors affecting social security entitlements such as income and asset tests and deeming rules
  15. explain the impact of financial products on social security benefits and the various strategies for investments
  16. calculate Centrelink entitlements and advise on strategies to maximise Centrelink payments.
  • Assignment (40%)
  • Invigilated Exam (50%)
  • Test (10%)
For more information on invigilated exams see Exams and results

Recommended prerequisites

You are recommended to have completed the following unit(s) or have equivalent knowledge before starting this unit:

  • Additional materials

This unit addresses the following topics.

1Risk management
2The insurance device
3Legal principles and insurance contracts
4Life insurance
5Insurance planning
6Selling life insurance and compliance
7General insurance
8Business Insurance
9Centrelink Payments
10Centrelink Planning

This unit is delivered using the following methods and materials:

Online materials

  • Printable format materials

This unit is a core requirement in the following courses:

This unit may be eligible for credit towards other courses:

  1. Many undergraduate courses on offer through OUA include 'open elective' where any OUA unit can be credited to the course. You need to check the Award Requirements on the course page for the number of allowed open electives and any level limitations.
  2. In other cases, the content of this unit might be relevant to a course on offer through OUA or elsewhere. In order to receive credit for this unit in the course you will need to supply the provider institution with a copy of the Unit Profile in the approved format, which you can download here. Note that the Unit Profile is set at the start of the year, and if textbooks change this may not match the Co-Op textbook list.
This unit does not have a prescribed textbook(s).

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