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Insurance Industry in New Zealand

L4M5I
Price:
$339.00 +GST Non-member
$312.00 +GST Learning Partner
$283.00 +GST IBANZ Member

The Insurance Industry strand is suitable for new entry into the insurance industry seeking a basic overview of the insurance industry, its participates principles and product types.

It contains one unit standard - 28204, and completion is required within 60 days. Assessment is by way of written answers.


Learning Units Included

Insurance Industry in New Zealand

28204

Part 1 – What is Risk?

  • Definition of risk
  • Risk assessment
  • Insurance industry role
  • Insurance as a response to risk management
  • Importance of ownership
  • Participants within the Insurance industry
  • The Government and insurance
  • Distributors of insurance in New Zealand
  • Insurance advisers in New Zealand
  • Regulators of Insurance in New Zealand
  • Professional bodies within New Zealand Insurance industry

Part 2 –  Insurance Products and Services

  • Insurance Overview
  • Insurance Contract features
  • Types of insurance
  • Life & health Insurance products
  • General insurance products
  • Markets segmentation and referral
  • External influences on insurance availability and pricing
Objectives
  • Apply the six step process to a range of standard risk situations to identify appropriate products and services to meet clients’ needs in either a claim or product sale context for both Fire & General and Life & Health. Understand products and services specific to the insurance sector, at a level that is appropriate to be able to work in an entry level or intermediate operational role. Complete the insurance application process and understand disclosure by the client, and the terms and conditions disclosure.
  • Understand standard risk management concepts and typical approaches to familiar client risk situations, including asset, wealth and health protection. Key concepts to understand include defining risk, risk assessment and types of risk. Ways to manage risk including avoidance, acceptance, mitigation and transfer (insure). Insurance as an outcome of risk management including the purpose of insurance, characteristics of insurance, choice of insurance, and the importance of ownership structures.
  • Understand characteristics of a range of services and products in the insurance industry (including Fire & General and Life & Health) including: Life & Health – Life, Trauma, Disability, Income protection, Health Fire & General (Personal/Domestic) – House, Contents, Motor Vehicle Fire & General (Commercial) – recognise when an enquiry or situation falls into the category of a Commercial risk situation and refer to an appropriate specialist.
  • Understand roles, responsibilities and key services offered by a range of industry participants including: providers, distributors, regulators and professional and industry bodies.


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