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.
Your upfront cost: $0
Subjects may require attendance
- 25 Nov 2019
- 01 Jun 2020
- 30 Nov 2020
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.
- 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
- Printable format materials
You are recommended to have completed the following subjects(s) or have equivalent knowledge before starting this subject:
No special requirements
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.
- Assignment (40%)
- Test (10%)
- Invigilated Exam (50%)
Textbooks are not required.
Textbook information is pending.