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: 

Apply technical knowledge and insight to customise a Short Term insurance policy/product for a specialised entity or market 
SAQA US ID UNIT STANDARD TITLE
243165  Apply technical knowledge and insight to customise a Short Term insurance policy/product for a specialised entity or market 
ORIGINATOR
SGB Insurance and Investment 
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 5  Level TBA: Pre-2009 was L5 
REGISTRATION STATUS REGISTRATION START DATE REGISTRATION END DATE SAQA DECISION NUMBER
Reregistered  2018-07-01  2023-06-30  SAQA 06120/18 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2024-06-30   2027-06-30  

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 work with large commercial or corporate entities and customise short term insurance policies to meet unique needs of a sector, process, good or service based on the nature and complexity of the risk. It will be useful for In-House Consultants, Intermediaries, Underwriters and Business Development Consultants who quote on customised insurance policies for a specialised market or entity.

The qualifying learner is capable of:
  • Analysing a selected business sector/entity to determine the unique insurance needs.
  • Applying technical knowledge of a sector/entity to assess the adequacy of proposed risk transfer in relation to a client's expressed need.
  • Evaluating the risk to the insurer in a proposed policy/product.
  • Critically analysing the proposed policy/product. 

  • LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
    It is assumed that learners are competent in Communication and Mathematical Literacy at Level 4. 

    UNIT STANDARD RANGE 
    The typical scope of this Unit Standard is:
  • Customised insurance policies for complex commercial or corporate entities.
  • Risks specific to a sector include, but are not limited to, size of business and complexity of the entity and the legislative environment applicable to the entity.
  • A specific entity could be a single entity or part of a large commercial or corporate entity.
  • Substantiation of proposed additional cover implies that an existing policy has been validated. 

  • Specific Outcomes and Assessment Criteria: 

    SPECIFIC OUTCOME 1 
    Analyse a selected business sector/entity to determine unique insurance needs. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    Risks specific to a selected sector/entity are analysed to ascertain extraordinary needs that would warrant a customised policy. 

    ASSESSMENT CRITERION 2 
    A recommendation is made to manage or transfer the risk. 

    SPECIFIC OUTCOME 2 
    Apply technical knowledge of a sector or entity to assess the adequacy of proposed risk transfer in relation to a client's expressed needs. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    An insurance proposal is evaluated and compared to a client's expressed needs. 

    ASSESSMENT CRITERION 2 
    Proposed additional cover is identified, explained and substantiated with reference to the risk to a specific complex commercial or corporate client. 

    SPECIFIC OUTCOME 3 
    Evaluate the risk to the insurer in a proposed policy/product. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    A decision is made as to whether or not the proposed policy warrants a specialist insurer. 

    ASSESSMENT CRITERION 2 
    The business risk to the insurer is analysed with reference to the nature of the risk, rating, adequacy and retention capacity of the insurer. 

    SPECIFIC OUTCOME 4 
    Critically analyse the proposed policy/product. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    Terms and conditions in a proposed policy are analysed to determine whether they adequately cover the risk to the insurer and the client. 

    ASSESSMENT CRITERION 2 
    A quotation is edited for ambiguity, accuracy, correct use of terminology and clarity of language and style. 


    UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS 
  • Anyone assessing a candidate against this Unit Standard must be registered as an assessor with the relevant ETQA or ETQA where a Memorandum of Understanding (MOU) exists with the relevant ETQA.
  • Any institution offering learning that will enable achievement of this Unit Standard must be accredited as a provider through the relevant ETQA or ETQA where a Memorandum of Understanding (MOU) exists with the relevant ETQA.
  • Moderation of assessment will be overseen by the relevant ETQA according to the moderation guidelines and the agreed ETQA procedures. 

  • UNIT STANDARD ESSENTIAL EMBEDDED KNOWLEDGE 
    N/A 

    UNIT STANDARD DEVELOPMENTAL OUTCOME 
    N/A 

    UNIT STANDARD LINKAGES 
    N/A 


    Critical Cross-field Outcomes (CCFO): 

    UNIT STANDARD CCFO IDENTIFYING 
    Learners are capable of identifying and solving problems in which responses show that responsible decisions using critical and creative thinking have been made in critically analysing a proposed policy in relation to the needs of the proposer and the insurer. 

    UNIT STANDARD CCFO COLLECTING 
    Learners are capable of collecting, organising and critically evaluating information in analysing risks in an entity and assessing the adequacy of proposed risk transfer. 

    UNIT STANDARD CCFO COMMUNICATING 
    Learners are capable of communicating effectively in editing a quotation. 

    UNIT STANDARD ASSESSOR CRITERIA 
    N/A 

    REREGISTRATION HISTORY 
    As per the SAQA Board decision/s at that time, this unit standard was Reregistered in 2012; 2015. 

    UNIT STANDARD NOTES 
    N/A 

    QUALIFICATIONS UTILISING THIS UNIT STANDARD: 
      ID QUALIFICATION TITLE PRE-2009 NQF LEVEL NQF LEVEL STATUS END DATE PRIMARY OR DELEGATED QA FUNCTIONARY
    Elective  57918   National Certificate: Short Term Insurance  Level 5  Level TBA: Pre-2009 was L5  Reregistered  2023-06-30  INSETA 


    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. African Resources & Financial Training (Pty) Ltd 
    2. Invuya Institute of Learning (Pty) Ltd 
    3. Masifunde Training Centre (Pty) Ltd 
    4. Ripple Effect 4 (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.