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: 

Describe group insured benefits 
SAQA US ID UNIT STANDARD TITLE
10395  Describe group insured benefits 
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  2 
REGISTRATION STATUS REGISTRATION START DATE REGISTRATION END DATE SAQA DECISION NUMBER
Passed the End Date -
Status was "Registered" 		 2002-06-12  2004-12-02  SAQA 0742/02 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2005-12-02   2008-12-02  

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
117137  Describe group insured benefits  Level 4  NQF Level 04  2   

PURPOSE OF THE UNIT STANDARD 
This unit standard is intended for learners who work with insurance products that apply to retirement funds and group benefits.

The qualifying learner is capable of:
  • Identifying legislation that applies to group insurance products
  • Describing generic group products marketed in the insurance industry.
  • Explaining how group insurance products are underwritten.
  • Explaining how group insurance products are sold.
  • Applying legislation to group insurance products.
  • Investigating how insurance group insurance products have changed in response to the needs of society. 
    		•

    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 Level 3. 

    UNIT STANDARD RANGE 
    The typical scope of this unit standard is
  • Generic group products include death benefits, dread disease benefits, pure disability, disability income, accidental death and disability benefits, trauma benefits, finance protection benefits, credit insurance, reinsurance of retirement fund benefits and tax protection.
  • Taxation of benefits and premiums as regulated by the Income Tax Act, Capital Gains Tax legislation, Estate Duty Act and Stamp Duty Act.
  • Other qualification requirements include active in service and ages, etc. 
    		•

    Specific Outcomes and Assessment Criteria: 

    SPECIFIC OUTCOME 1 
    Identify legislation that applies to group insurance products. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    1.1 Group products marketed by the insurance industry are named and classified according to typical client needs. 

    ASSESSMENT CRITERION 2 
    1.2 Legislation that regulates the products marketed as group products is named and an indication is given of the main focus of the legislation. 

    SPECIFIC OUTCOME 2 
    Describe generic group insurance products marketed by the insurance industry. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    1. The generic group products marketed by the insurance industry are named and an indication is given of the risk that each insures and the target for the group product. 

    ASSESSMENT CRITERION 2 
    2. Examples of generic products marketed as group products are investigated for an insurance organisation. 

    ASSESSMENT CRITERION 3 
    3. A generic product marketed by two different insurance organisations is compared with reference to the features of the product. 

    SPECIFIC OUTCOME 3 
    Explain how group insurance products are underwritten. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    1. The concept of free cover limit is explained with reference to why group products have a free limit cover. 

    ASSESSMENT CRITERION 2 
    2. The basis on which premiums are determined is explained with reference to salary weighted average, occupation, growth of benefits, scaling down periods, pre-existing conditions, waiting periods, exclusions and other qualification requirements. 

    ASSESSMENT CRITERION 3 
    3. Reasons why group schemes are reviewed at regular intervals are explained with reference to the changing nature of the group. 

    SPECIFIC OUTCOME 4 
    Explain how group insurance products are sold. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    1. The distribution channels used to market group products are named with examples. 

    ASSESSMENT CRITERION 2 
    2. The concept of a tender is explained as it is used in group insurance. 

    ASSESSMENT CRITERION 3 
    3. A group tender and an individual proposal are analysed and an indication is given of the information contained in each. 

    SPECIFIC OUTCOME 5 
    Apply legislation to group insurance products. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    1. The links between the different group insurance products and legislation are identified, presented in a table and illustrated graphically. 

    ASSESSMENT CRITERION 2 
    2. The taxation of benefits and premiums applicable to group insurance are explained for approved and unapproved employer owned policies, non-employer owned policies and fund owned policies. 

    SPECIFIC OUTCOME 6 
    Investigate how group insurance products have changed in response to the needs of society. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    1. Ways in which group insurance products have changed over the past ten years are investigated with reference to legislative and economic aspects. 

    ASSESSMENT CRITERION 2 
    2. The impact of HIV/AIDS on long-term group insurance products is investigated and an indication is given of how the industry has responded to the HIV/AIDS pandemic. 


    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 COLLECTING 
    The learner is able to collect, organise and critically evaluate information relating to group insurance products. 

    UNIT STANDARD CCFO COMMUNICATING 
    The learner is able to communicate effectively in explaining the various group insurance products and other aspects required in the assessment criteria. 

    UNIT STANDARD CCFO CONTRIBUTING 
    The learner is able to recognise the world as a set of related systems by investigating ways in which group insurance products have changed in response to the needs of society and explaining the impact of HIV/AIDS on long term insurance products. 

    UNIT STANDARD NOTES 
    This unit standard has been replaced by 117137, which is 'Describe group insured benefits', Level 4, 2 Credits. 

    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 


    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.