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L4 Insurance Programme

FQL4I
Price:
$2,035.00 +GST Non-member
$1,865.00 +GST Learning Partner
$1,696.00 +GST IBANZ Member

The Insurance Strand provides a broad overview of the different types of fire and general, and Life and Health insurance products and options available for standard risk.

The qualification is suitable for entry level staff in the insurance and insurance broking sectors of the Financial services industry.

For those working it is expected to take 12 months part time.


Learning Units Included

Financial Services Environment in NZ

28199

This Unit Standard will allow you to demonstrate knowledge of the financial services environment in New Zealand.

This unit Standard is made up of three parts:

Part 1 - Key Sectors and responsibilities within the finance sector

  • What does the finance industry do? 
  • Key Roles and Sectors within the finance industry.
  • How do the roles and sectors relate to each other?

Part 2 - Public and Community Support Services and the Finance Sector

  • Key Public and community support services?
  • What is their role ?
  • How these meet consumer needs.

Part 3  - Finance and the New Zealand Economic Environment

  • Overview of the economic environment.
  • Key economic factors Impacting the financial services sector.
  • How these factors influence consumer needs.

Assessment is by way of written answers 

 

Objectives
  • Discuss Key sectors within the Financial services industry and the interactions between them.
  • Explain the factors affecting the sector and the resulting influence they have on consumers.
  • Discuss Public and Community sector support services and the impact they have on consumer needs.


Application of Regulatory Responsibilities

28200

This Unit Standard will allow you to demonstrate knowledge of the financial services regulatory compliance and advice process environment in New Zealand.

This unit Standard is made up of three parts:

Part 1 - Key Legislation and Responsibilities

  • Regulations and Legislation governing the Financial Services Industry.
  • Financial Advisers framework
  • Client care and information
  • Consumer and company legislation
  • Legislation relating indirectly to the financial services sector.   

Part 2 - Codes of Practice and Regulations

  • Codes of Practice
  • Financial Services employees ethical practice
  • Disputes resolution
  • Applying the rules

Part 3  - Using the Six Step Advice Process

  • The six step process for the provision of Financial Advice
  • Key economic factors Impacting the financial services sector.
  • How these factors influence consumer needs.

Assessment is by way of written answers, and provision of a case study to outline processes.

Objectives
  • Apply the Six Step process and display Professional and ethical behavior.
  • Discuss codes of practise and complaints handling
  • Apply the codes of practice, legislation to a range of situations
  • Apply principles of professionalism when providing financial services


Financial Products and Services for Clients parts 1,2

28197

Part 1 - Understand Financial Products and Services;

  • Financial products and/or services; Savings & Investment; Insurance; Loans & Mortgages; Superannuation & Other Retirement Schemes; Banking & other financial products and/or Services

Part 2 –Relating to your Client

  • Using the Six Step Process to provide
  • Client profile
  • Communication and client attitude in a cultural context
  • Communication with client

 

Objectives
  • Apply the six step process to a range of standard financial situations to identify products and services to meet clients’ needs by providing appropriate recommendations or referrals.
  • Discuss products and services used in different industry sectors by including at least three different products or services, from at least two different industry sectors.


Financial Products and Services for Clients part 3

28201

Part 3 – Putting it all together

  • Establish a client relationship
  • Identify client objectives needs and financial situation
  • Analyse the client need
  • Present the strategy and solutions to the client in a way that the client understands
  • Agree and finalise a financial solution with the client
  • Agree on and provide ongoing client service
Objectives
  • Understand how the level of understanding may be impacted by matters such as financial literacy, numeracy, literacy and language skills including where English is a second language, and disability.
  • Understand how customers’ different attitudes and experiences will influence their approach to financial decision making, and communicate financial information in a way that recognises clients’ cultural background and level of understanding.


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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