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

Analyse the different products available in the Long Term Insurance Industry and the benefits of each 
SAQA US ID UNIT STANDARD TITLE
14314  Analyse the different products available in the Long Term Insurance Industry and the benefits of each 
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  10 
REGISTRATION STATUS REGISTRATION START DATE REGISTRATION END DATE SAQA DECISION NUMBER
Passed the End Date -
Status was "Reregistered" 
2004-12-02  2005-10-12  SAQA 1657/04 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2006-10-12   2009-10-12  

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
119478  Analyse the different products available in the Long-term Insurance industry and the benefits of each  Level 4  NQF Level 04  Complete 

PURPOSE OF THE UNIT STANDARD 
This unit standard develops the knowledge and skill required to place an insurance product in the correct context so that it serves the need of the client.

The qualifying learner is capable of:
! Understanding the different types of long term insurance products and the benefits that they provide.
! Explaining how different products are structured.
! Analysing the underlying investments of selected long term insurance products.
! Evaluating a range of long term insurance products and other investment instruments. 

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 and Mathematical Literacy at Level 3. 

UNIT STANDARD RANGE 
The typical scope of this unit standard is:

! Long term insurance products include life, disability, assistance and fund.
! The structure of products includes term, endowment, whole life, universal endowment, and retirement annuities. 

Specific Outcomes and Assessment Criteria: 

SPECIFIC OUTCOME 1 
Demonstrate knowledge and understanding of the different types of long term insurance products. 
OUTCOME NOTES 
Demonstrate knowledge and understanding of the different types of long term insurance products and the benefits that they provide. 

ASSESSMENT CRITERIA
 

ASSESSMENT CRITERION 1 
1. The similarities and differences between the different long term insurance products are explained with reference to benefits, cost, term and eligibility. 

ASSESSMENT CRITERION 2 
2. The different long term insurance products are classified in terms of classes of business. 

ASSESSMENT CRITERION 3 
3. Non-forfeiture options and legislated restrictions on different long term insurance products are explained with reference to the Long Term Insurance Act and Income Tax legislation. 

ASSESSMENT CRITERION 4 
4. Ten different long term insurance products selected from the industry are classified in the appropriate class of business. 

ASSESSMENT CRITERION 5 
5. Restrictions on cover appropriate to each class of business are listed in terms of legislation and LOA codes. 

SPECIFIC OUTCOME 2 
Explain how different long term insurance products are structured. 

ASSESSMENT CRITERIA
 

ASSESSMENT CRITERION 1 
1. The different components that make up a term product are explained and illustrated graphically. 

ASSESSMENT CRITERION 2 
2. The different components that make up a whole life product are explained and illustrated graphically. 

ASSESSMENT CRITERION 3 
3. The different components that make up a pure endowment product are explained and illustrated graphically. 

ASSESSMENT CRITERION 4 
4. The different components that make up a reinforced endowment are explained and illustrated graphically. 

ASSESSMENT CRITERION 5 
5. The different components that make up an endowment with life cover (universal endowment) are explained and illustrated graphically. 

SPECIFIC OUTCOME 3 
Analyse the underlying investments of selected long term insurance products. 

ASSESSMENT CRITERIA
 

ASSESSMENT CRITERION 1 
1. The difference between equity and interest bearing investment instruments is explained with examples. 

ASSESSMENT CRITERION 2 
2. The relationship between the risk profile of the investment and the needs profile of the client is explained using authentic examples. 

ASSESSMENT CRITERION 3 
3. The different needs of a client are explained in terms of age and insurable events and illustrated graphically based on a case study. 

ASSESSMENT CRITERION 4 
4. An appropriate long term insurance product is selected to meet a potential client's needs. 

SPECIFIC OUTCOME 4 
Evaluate a range of long term insurance products and other investment instruments. 

ASSESSMENT CRITERIA
 

ASSESSMENT CRITERION 1 
1. Five investment instruments and five long term insurance products are evaluated in terms of risk. 

ASSESSMENT CRITERION 2 
2. Three client profiles are compiled for case studies that include recognition and typing of existing policies. 

ASSESSMENT CRITERION 3 
3. The underlying characteristics of five investment instruments and five long term insurance products are compared and an appropriate product/instrument is selected in terms of the proposed client's current and expected financial situation for three case studies. 

ASSESSMENT CRITERION 4 
4. A policy contract document and schedule are analysed and the product is identified and categorised by type and business class. 


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 
Learners are able to identify and solve problems in which responses show that responsible decisions using critical and creative thinking have been made in analysing a client's needs and selecting appropriate long term insurance products or investment instruments to meet those needs. 

UNIT STANDARD CCFO ORGANISING 
Learners are able to organise and manage themselves and their activities responsibly and effectively completing the assessment activities required for this unit standard. 

UNIT STANDARD CCFO COLLECTING 
Learners are able to collect, organise and critically evaluate information comparing long term insurance products and investment instruments, classifying long term insurance products in terms of classes of business and analysing the underlying investments of selected long term insurance products. 

UNIT STANDARD CCFO COMMUNICATING 
Learners are able to communicate effectively using visual, mathematics and language skills in the modes of oral and/or written presentations in explaining the different components of long term insurance products and illustrating them graphically. 

UNIT STANDARD CCFO SCIENCE 
Learners are able to use science and technology effectively and critically in conducting a needs analysis and matching a product to the client's needs. 

UNIT STANDARD CCFO DEMONSTRATING 
Learners are able to demonstrate an understanding of the world as a set of related systems by explaining the relationship between the risk profile of the investment and the needs profile of the client. 

UNIT STANDARD CCFO CONTRIBUTING 
Learners are able to be culturally and aesthetically sensitive across a range of social contexts in analysing the needs of clients and selecting appropriate long term insurance products and investment instruments. 

UNIT STANDARD NOTES 
This unit standard has been replaced by unit standard 119478, which is " Analyse the different products available in the Long-term Insurance industry and the benefits of each, Level 4, 5 credits. 

QUALIFICATIONS UTILISING THIS UNIT STANDARD: 
  ID QUALIFICATION TITLE PRE-2009 NQF LEVEL NQF LEVEL STATUS END DATE PRIMARY OR DELEGATED QA FUNCTIONARY
Core  20773   National Certificate: Long Term Insurance  Level 4  NQF Level 04  Passed the End Date -
Status was "Registered" 
2004-12-05  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  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 


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. Masifunde Training Centre (Pty) Ltd 



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.