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Subject details

At the completion of this subject 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.
    • 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

  • Study resources

    • Online materials

      • Printable format materials

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

Special requirements

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%)

Click on the titles of the listed books below to find out more:

Guide to Life Risk Protection and Planning

Doug Scriven

Required

Related degrees

undergraduate RMI-FIN-DEG-2018

Bachelor of Business Financial Planning