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SOUTH AFRICAN QUALIFICATIONS AUTHORITY 
REGISTERED UNIT STANDARD THAT HAS PASSED THE END DATE: 

Research costs associated with marriage, birth, divorce and death in own circumstances 
SAQA US ID UNIT STANDARD TITLE
10714  Research costs associated with marriage, birth, divorce and death in own circumstances 
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 3  NQF Level 03 
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 is replaced by: 
US ID Unit Standard Title Pre-2009 NQF Level NQF Level Credits Replacement Status
119681  Research costs associated with marriage, birth, divorce and death in own circumstances  Level 3  NQF Level 03  Complete 

PURPOSE OF THE UNIT STANDARD 
Learners who achieve this unit standard can recognise the costs associated with personal lifelong decisions and use strategies for better long-term financial management and planning.

The qualifying learner is capable of:
  • Understanding the financial implications of the different forms of marriage contract that are legal in South Africa.
  • Understanding the financial implications of having a family.
  • Assessing the financial implications of divorce.
  • Explaining the need for a will and financial planning in the event of death. 

  • 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 2. 

    UNIT STANDARD RANGE 
    The typical scope of this unit standard is:
  • Marriage contracts include traditional, community of property, ante nuptial contract and other forms of contract recognised in South Africa including common law partnerships.
  • Judgements on the suitability of different marriage contracts do not include moral judgements.
  • Different circumstances governing decisions around marriage contracts include age, wealth and assets, employment prospects, obligations from previous marriages.
  • Costs of education include state and independent school options for compulsory schooling, Further Education and Higher Education.
  • Ways of managing costs associated with funerals include funeral policies, burial/funeral societies, investments, savings and stokvels. 

  • Specific Outcomes and Assessment Criteria: 

    SPECIFIC OUTCOME 1 
    Explore the financial implications of the different forms of marriage contract that are legal 
    OUTCOME NOTES 
    Explore the financial implications of the different forms of marriage contract that are legal in South Africa. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    1. The various forms of marriage contract that are legal in South Africa are named and an indication is given of who is involved in the negotiation of each type of marriage contract. 

    ASSESSMENT CRITERION 2 
    2. The financial implications of entering into contracts for each kind of marriage are investigated and compared from the perspective of both parties. 

    ASSESSMENT CRITERION 3 
    3. A judgement is made and supported as to which form of marriage contract is most advantageous under different circumstances. 

    ASSESSMENT CRITERION 4 
    4. The financial advantages and disadvantages of keeping joint banking and/or other accounts are explored and an indication is given of the associated risk. 

    ASSESSMENT CRITERION 5 
    5. The concept of suretyship is explained and responsibility for a spouse's/partner's debts is indicated for the different forms of marriage contract. 

    SPECIFIC OUTCOME 2 
    Explain the financial implications of having a family 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    1. Possibilities for family planning and the prevention of unwanted pregnancies are researched with due regard for own cultural and religious sensitivities. 

    ASSESSMENT CRITERION 2 
    2. The costs associated with pregnancy, birth and the first year of a child's life are investigated and presented as a budget. 

    ASSESSMENT CRITERION 3 
    3. The costs of educating a child are explored and a decision made on how best to provide financially for a child's education. 

    ASSESSMENT CRITERION 4 
    4. The costs of medical care for a child are identified and options for providing medical care are compared for three case studies. 

    ASSESSMENT CRITERION 5 
    5. Non-medical and educational costs associated with raising children are listed for a selected stage in a child's life. 

    SPECIFIC OUTCOME 3 
    Explain the financial implications of divorce 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    1. The implications of legal entitlement and splitting assets and liabilities in the event of a divorce are explored using case studies. 

    ASSESSMENT CRITERION 2 
    2. The costs of a divorce are investigated and an indication is given of how costs can be minimised to the advantage of both parties. 

    ASSESSMENT CRITERION 3 
    3. The legal obligations for financial support after a divorce are explained for both the spouse and dependent children. 

    ASSESSMENT CRITERION 4 
    4. The consequences of neglecting to pay maintenance are explained and an indication is given of the legal recourse available to the custodian parent. 

    SPECIFIC OUTCOME 4 
    Explain the need for a Will and financial planning in the event of death. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    1. The financial and legal implications on beneficiaries of dying intestate are compared to dying testate. 

    ASSESSMENT CRITERION 2 
    2. The functions and duties of an executor are listed and an indication is given of how one could select an executor and the associated costs of fulfilling this function. 

    ASSESSMENT CRITERION 3 
    3. The kind of bequests and requests that could be included in a last will and testament are discussed and consideration is given to the possible consequences of complicated instructions in a last will and testament. 

    ASSESSMENT CRITERION 4 
    4. The need for ensuring that a will is lodged in a safe and accessible place is explained with reference to the implications if a will is lost, destroyed or inaccessible at the time of death. 

    ASSESSMENT CRITERION 5 
    5. A will is drafted taking into account personal circumstances and minimum legal requirements. 

    ASSESSMENT CRITERION 6 
    6. The costs associated with the death of a relative are investigated and possible ways of managing finances associated with funerals are explored for own circumstances. 

    ASSESSMENT CRITERION 7 
    7. The executor's fee and estate duty are calculated for three different circumstances. 


    UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS 
    This unit standard will be internally assessed by the provider and moderated by a moderator registered by INSQA or a relevant accredited ETQA. 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 IDENTIFYING 
    The learner is able to identify, solve problems and make decisions relating to making personal lifelong decisions relating to marriage contracts, family planning, divorce and funeral provision. 

    UNIT STANDARD CCFO WORKING 
    The learner is able work effectively with others as a member of a team in researching the costs of child rearing at different stages in a child`s life. 

    UNIT STANDARD CCFO ORGANISING 
    The learner is able to organise and manage him/herself effectively by investigating costs and drafting a personal will suitable to his/her current circumstances. 

    UNIT STANDARD CCFO COLLECTING 
    The learner is able to collect, organise and critically evaluate information by investigating and exploring various financial options. 

    UNIT STANDARD CCFO COMMUNICATING 
    The learner is able to communicate effectively using visual, mathematics and language skills in the modes of oral and written presentation when presenting the findings of their investigations. 

    UNIT STANDARD CCFO DEMONSTRATING 
    The learner is able to demonstrate an understanding of the world as a set of related systems by recognising his/her financial responsibilities associated with lifelong planning for self and own dependants. 

    UNIT STANDARD CCFO CONTRIBUTING 
    The learner is able to participate as a responsible citizen in the life of local, national and global communities by beginning to understand the responsibilities of planning for ones long term future, and the implications of entering into contracts with others. 

    UNIT STANDARD NOTES 
    This unit standard has been replaced by unit standard 119681, which is "Research costs associated with marriage, birth, divorce and death in own circumstances", Level 3, 4 credits. 

    QUALIFICATIONS UTILISING THIS UNIT STANDARD: 
      ID QUALIFICATION TITLE PRE-2009 NQF LEVEL NQF LEVEL STATUS END DATE PRIMARY OR DELEGATED QA FUNCTIONARY
    Fundamental  49089   National Certificate: Financial Services  Level 3  NQF Level 03  Reregistered  2023-06-30  INSETA 
    Fundamental  48494   National Certificate: Financial Services Management  Level 3  NQF Level 03  Passed the End Date -
    Status was "Reregistered" 
    2012-06-30  INSETA 
    Fundamental  20177   National Certificate: Insurance  Level 3  NQF Level 03  Passed the End Date -
    Status was "Registered" 
    2004-10-10  Was INSETA until Last Date for Achievement 
    Fundamental  20774   National Certificate: Insurance: Long Term: Risk Assessment  Level 4  NQF Level 04  Passed the End Date -
    Status was "Registered" 
    2004-12-05  Was INSETA until Last Date for Achievement 
    Elective  48783   National Certificate: Financial Services  Level 2  NQF Level 02  Reregistered  2023-06-30  INSETA 
    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  24396   National Certificate: Risk Management  Level 4  NQF Level 04  Passed the End Date -
    Status was "Registered" 
    2006-10-08  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. Intec College 
    2. Plumb Line Risk Alignment 
    3. Sanlam Life Insurance Ltd 
    4. Sanlam Life Insurance 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.