Undergraduate RMI-FNP23-2020

Risk, Insurance and Social Security

Define the concept of risk and highlight strategies for handling it. Study Australia's social security programs. Discuss business and life insurance.

Filter your insurance and social security studies through the prism of personal financial planning.

From

$1,394 $1,644

Your upfront cost: $0

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Duration

13 weeks

Study method

100% online

Available loans

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Assessments

Subjects may require attendance

Prior study

Not required

Study terms

01 Jun 2020
30 Nov 2020

Australia's largest dual-sector institute, offering both TAFE and higher education, RMIT University proudly delivers work-related education and practical research relevant to current business and community needs. More than 60,000 students study with RMIT, and many of their degrees are available through Open Universities Australia.

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Subject details

What you'll learn

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

explain the nature of risk and discuss the different concepts of risk
identify general strategies for handling risk
understand the concept of risk management and be able to apply elementary risk management techniques in a comprehensive manner to a range of situations
demonstrate a knowledge of the basic legal principles governing insurance contracts
identify the various types of insurable liabilities and demonstrate an understanding of the major classes of liability insurance
explain the main features in householder and motor vehicle insurance
demonstrate an understanding of life insurance and life insurance products
apply the concepts of insurance planning to personal financial planning
understand the various types of insurance that relates to commerce, business and society
understand the regulatory environment that governs the insurance industry
explain the tax implications of various insurance products
understand the regulation of insurance sales and marketing insurance products in the current environment
understand the various types of Centrelink payment for families, the unemployed, and aged
describe the factors affecting social security entitlements such as income and asset tests and deeming rules
explain the impact of financial products on social security benefits and the various strategies for investments
calculate Centrelink entitlements and advise on strategies to maximise Centrelink payments.

Topics covered

- Risk management
- The insurance device
- Legal principles and insurance contracts
- Life insurance
- Insurance planning
- Selling life insurance and compliance
- General insurance
- Business Insurance
- Centrelink Payments
- Centrelink Planning

Entry requirements

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

RMI-FNP11-Personal Wealth Management

Special requirements

No special requirements

Description

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

This subject 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.

Assessments

Assignment (40%)
Test (10%)
Invigilated Exam (50%)

Textbooks

Current study term (31 May 20 to 30 Aug 20)

Check the learning management system (LMS) of your university for textbook details.

Next study term (29 Nov 20 to 28 Feb 21)

Check the learning management system (LMS) of your university for textbook details.