SAQA All qualifications and part qualifications registered on the National Qualifications Framework are public property. Thus the only payment that can be made for them is for service and reproduction. It is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source.
SOUTH AFRICAN QUALIFICATIONS AUTHORITY 
REGISTERED UNIT STANDARD THAT HAS PASSED THE END DATE: 

Demonstrate knowledge and understanding of personal/domestic insurance in South Africa 
SAQA US ID UNIT STANDARD TITLE
10369  Demonstrate knowledge and understanding of personal/domestic insurance in South Africa 
ORIGINATOR
SGB Financial Services 
PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY
-  
FIELD SUBFIELD
Field 03 - Business, Commerce and Management Studies Finance, Economics and Accounting 
ABET BAND UNIT STANDARD TYPE PRE-2009 NQF LEVEL NQF LEVEL CREDITS
Undefined  Regular  Level 4  NQF Level 04 
REGISTRATION STATUS REGISTRATION START DATE REGISTRATION END DATE SAQA DECISION NUMBER
Passed the End Date -
Status was "Registered" 
2002-06-12  2005-06-12  SAQA 0742/02 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2006-06-12   2009-06-12  

In all of the tables in this document, both the pre-2009 NQF Level and the NQF Level is shown. In the text (purpose statements, qualification rules, etc), any references to NQF Levels are to the pre-2009 levels unless specifically stated otherwise.  

This unit standard does not replace any other unit standard and is not replaced by any other unit standard. 

PURPOSE OF THE UNIT STANDARD 
This unit standard is intended for learners who wish to follow a career path in short term personal/domestic insurance.

The qualifying learner is capable of:
  • Explaining the technical aspects of personal/domestic insurance.
  • Calculating a rate based on the risk.
  • Investigating the structure of the short term personal/domestic insurance market in South Africa
  • Explaining the need for reinsurance in a short-term personal/domestic insurance policy.
  • Demonstrating principles and practices of sound interpersonal skills. 

  • LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
    There is open access to this Unit Standard. Learners should be competent in Communication, Mathematical Literacy and Financial Literacy at NQF Level 3. 

    UNIT STANDARD RANGE 
    The typical scope of this unit standard is:
    1. Classes of short-term personal/domestic insurance are building's contents, all risks, motor, personal, liability, personal accident, small craft, watercraft, travel.
    2. Different avenues for obtaining short-term personal/domestic insurance include direct, call centre, intermediaries. 

    Specific Outcomes and Assessment Criteria: 

    SPECIFIC OUTCOME 1 
    Explain the technical aspects of short-term personal/domestic insurance. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    1. The classes of short-term personal/domestic insurance covered in all policies are named with examples. 

    ASSESSMENT CRITERION 2 
    2. Five major perils associated with each of three classes of short-term personal/domestic insurance are named and three additional perils are investigated for each of the three classes. 

    ASSESSMENT CRITERION 3 
    3. Additional benefits offered by three different short-term personal/domestic insurance insurers are researched and an indication is given of how these will satisfy the needs of different clients. 

    ASSESSMENT CRITERION 4 
    4. Additional types of cover that can be added to a short-term personal/domestic insurance policy are described with reference to the unique policy options offered by three different insurers. 

    ASSESSMENT CRITERION 5 
    5. The terms and conditions that apply to three classes of short-term personal/domestic insurance are explained and identified in a policy document. 

    ASSESSMENT CRITERION 6 
    6. Five exclusions that apply to three classes of short-term personal/domestic insurance are explained and identified in a policy document. 

    ASSESSMENT CRITERION 7 
    7. The differences between an annual, monthly and specified period policy are explained with examples. 

    ASSESSMENT CRITERION 8 
    8. The proposal process in short-term personal/domestic insurance is explained and the implications of non-disclosure are explained at claim stage. 

    SPECIFIC OUTCOME 2 
    Calculate a rate based on the risk. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    1. The risk in five short-term personal/domestic insurance policy proposals is analysed and the appropriate rate is calculated manually for each risk. 

    ASSESSMENT CRITERION 2 
    2. The effect of age, location and loss history on premium on short-term personal/domestic insurance is explained for five case studies. 

    SPECIFIC OUTCOME 3 
    Investigate the structure of the short-term personal/domestic insurance market in South Africa. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    1. The different avenues for a client to obtain short-term personal/domestic insurance in South Africa are named and the advantages and disadvantages of each are explained with examples. 

    ASSESSMENT CRITERION 2 
    2. Policyholder protection legislation is applied to each avenue for obtaining short-term personal/domestic insurance and an indication is given of how the legislation protects the client and regulates the insurer. 

    SPECIFIC OUTCOME 4 
    Explain the need for reinsurance in a short-term personal/domestic insurance policy. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    1. The need for reinsurance in short-term personal/domestic insurance is explained and an indication is given of the consequences if there is no reinsurance in place. 

    ASSESSMENT CRITERION 2 
    2. In house limits for a specific short-term personal/domestic insurance organisation are explained and an indication is given of when it is necessary to refer a policy proposal to a higher level of authority. 

    SPECIFIC OUTCOME 5 
    Demonstrate principles and practices of sound interpersonal skills. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    1. Negotiation skills needed to secure new business are demonstrated for five different scenarios. 

    ASSESSMENT CRITERION 2 
    2. Reasons why an item or risk is covered or excluded/endorsed are explained with reference to the initial underwriting criteria used in short term personal/domestic insurance. 


    UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS 
    This Unit Standard will be internally assessed by the provider and moderated by a moderator registered by INSQA. The mechanisms and requirements for moderation are contained in the document obtainable from INSQA,
    INSQA framework for assessment and moderation. 


    Critical Cross-field Outcomes (CCFO): 

    UNIT STANDARD CCFO COLLECTING 
    The learner can collect, organise and evaluate information when investigating the structure of the short-term personal/domestic insurance market. 

    UNIT STANDARD CCFO COMMUNICATING 
    The learner can communicate effectively using visual, mathematical and language skills in oral and written presentation when calculating a rate and offering the explanations required in the unit standard. 

    UNIT STANDARD CCFO DEMONSTRATING 
    The learner can demonstrate an understanding of the world as a set of related systems by explaining the need for reinsurance and implications of non-disclosure at claim stage. 

    UNIT STANDARD CCFO CONTRIBUTING 
    The learner is able to solve problems showing that responsible decisions have been made by researching additional benefits offered by three different short-term personal/domestic insurers and indicating how these will satisfy the needs of different clients. 

    QUALIFICATIONS UTILISING THIS UNIT STANDARD: 
      ID QUALIFICATION TITLE PRE-2009 NQF LEVEL NQF LEVEL STATUS END DATE PRIMARY OR DELEGATED QA FUNCTIONARY
    Elective  48493   National Certificate: Financial Services: Wealth Management  Level 4  NQF Level 04  Passed the End Date -
    Status was "Registered" 
    2007-02-11  Was INSETA until Last Date for Achievement 
    Elective  21796   National Certificate: Short Term Insurance  Level 4  NQF Level 04  Passed the End Date -
    Status was "Registered" 
    2005-06-12  Was INSETA until Last Date for Achievement 


    PROVIDERS CURRENTLY ACCREDITED TO OFFER THIS UNIT STANDARD: 
    This information shows the current accreditations (i.e. those not past their accreditation end dates), and is the most complete record available to SAQA as of today. Some Primary or Delegated Quality Assurance Functionaries have a lag in their recording systems for provider accreditation, in turn leading to a lag in notifying SAQA of all the providers that they have accredited to offer qualifications and unit standards, as well as any extensions to accreditation end dates. The relevant Primary or Delegated Quality Assurance Functionary should be notified if a record appears to be missing from here.
     
    1. Discovery Life Ltd 
    2. Faisit (Pty) Ltd 
    3. Intec College 
    4. Invuya Institute of Learning (Pty) Ltd 
    5. Umfolozi FET College - Central Office 



    All qualifications and part qualifications registered on the National Qualifications Framework are public property. Thus the only payment that can be made for them is for service and reproduction. It is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source.