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 Commercial and Industrial, and Corporate insurance in South Africa 
SAQA US ID UNIT STANDARD TITLE
10376  Demonstrate knowledge and understanding of Commercial and Industrial, and Corporate 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  4 
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 commercial and industrial insurance.

The qualifying learner is capable of:
  • Explaining commercial and industrial insurance.
  • Describing the main classes of commercial and industrial insurance.
  • Explaining how different needs lead to different products.
  • Explaining the role of reinsurance in a short-term commercial and industrial policy.
  • Differentiating between commercial & industrial and corporate insurance. 
    		•

    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 and Financial Literacy at NQF Level 3. 

    UNIT STANDARD RANGE 
    The typical scope of this unit standard is:
    1. The main classes of short-term commercial and industrial insurance are fire, accident, motor and liability.
    2. Accident and health, engineering, guarantee, liability, miscellaneous, motor, property, transportation.
    3. Accident class includes death or bodily injury 

    Specific Outcomes and Assessment Criteria: 

    SPECIFIC OUTCOME 1 
    Explain commercial and industrial insurance. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    1.The difference between personal domestic and commercial and industrial insurance is explained with examples. 

    ASSESSMENT CRITERION 2 
    2. The concepts of personal use and commercial use are explained with examples and an indication is given of the consequences of not having appropriate insurance. 

    ASSESSMENT CRITERION 3 
    3. Conditions under which cover on a personal domestic insurance policy can be extended to cover a business run from home are explained with examples. 

    ASSESSMENT CRITERION 4 
    4. The important activities that happen in a building are explained and reasons commercial insurance is classified as a standard or high risk are given with examples. 

    ASSESSMENT CRITERION 5 
    5. The effect of work processes on rating structures is explained with examples. 

    SPECIFIC OUTCOME 2 
    Describe the main classes of commercial and industrial insurance. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    1. The main categories of short term insurance used in commercial and industrial insurance are named with examples. 

    ASSESSMENT CRITERION 2 
    2. The defined events and sections covered under fire class are named and a Multimark? policy wording is used to determine cover for five different scenarios. 

    ASSESSMENT CRITERION 3 
    3. The defined events and sections covered under accident class are named and a Multimark? policy wording is used to determine cover for five different scenarios. 

    ASSESSMENT CRITERION 4 
    4. The defined events and sections covered under motor class are named and a Multimark? policy wording is used to determine cover for five different scenarios. 

    ASSESSMENT CRITERION 5 
    5. The defined events and sections covered under liability class are named and a Multimark? policy wording is used to determine cover for five different scenarios. 

    SPECIFIC OUTCOME 3 
    Explain how different needs lead to different products 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    1. A survey of client's needs is used to determine the cover necessary for three case studies. 

    ASSESSMENT CRITERION 2 
    2. Short term contracts to meet specific needs are investigated and an indication is given of who may need a specific short term contract and the conditions under which a short term contract would be issued with examples. 

    ASSESSMENT CRITERION 3 
    3. Set products or packages for different niche markets are investigated for three different insurers. 

    SPECIFIC OUTCOME 4 
    Explain the role of reinsurance in a short-term commercial and industrial policy. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    1. The composition of a first layer of automatic reinsurance is analysed and presented graphically. 

    ASSESSMENT CRITERION 2 
    2. The consequences of not reinsuring are explained for three different scenarios. 

    ASSESSMENT CRITERION 3 
    3. The procedure for placing reinsurance that exceeds the insurer's treaty is explained and offers to accept some of the risks are obtained for three case studies. 

    ASSESSMENT CRITERION 4 
    4. A survey document is used to answer questions asked by a reinsurer. 

    SPECIFIC OUTCOME 5 
    Differentiate between commercial & industrial and corporate insurance. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    1 The concept of corporate insurance is investigated and explained for a specific organisation. 

    ASSESSMENT CRITERION 2 
    2 The criteria used to categorise corporate risks in an organisation are listed with examples. 

    ASSESSMENT CRITERION 3 
    3 Commercial & industrial and corporate insurance are compared in terms of service levels and processes. 

    ASSESSMENT CRITERION 4 
    4 The main differences between off the shelf policies and corporate customised policies are explained with reference to two actual contracts. 


    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 IDENTIFYING 
    4. The learner can identify and solve problems by identifying the classes of commercial and industrial insurance that should be recommended and using an underwriting guide to make a responsible decision. 

    UNIT STANDARD CCFO COLLECTING 
    3. The learner can collect, organise and evaluate information when determining cover and investigating niche market packages. 

    UNIT STANDARD CCFO COMMUNICATING 
    The learner can communicate effectively using visual, mathematical and language skills in oral and written presentation when illustrating first layer automatic reinsurance graphically and explaining the concepts 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. 

    QUALIFICATIONS UTILISING THIS UNIT STANDARD: 
      ID QUALIFICATION TITLE PRE-2009 NQF LEVEL NQF LEVEL STATUS END DATE PRIMARY OR DELEGATED QA FUNCTIONARY
    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.
     
    NONE 


    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.