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SOUTH AFRICAN QUALIFICATIONS AUTHORITY 
REGISTERED UNIT STANDARD: 

Indicate the sub-sectors of the Financial Services industry and the role of insurance and investment in the industry 
SAQA US ID UNIT STANDARD TITLE
114955  Indicate the sub-sectors of the Financial Services industry and the role of insurance and investment in the industry 
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 2  NQF Level 02 
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 replaces: 
US ID Unit Standard Title Pre-2009 NQF Level NQF Level Credits Replacement Status
8105  Indicate the sub-sectors of the Financial Services industry and the role of Insurance in the industry  Level 2  NQF Level 02   

PURPOSE OF THE UNIT STANDARD 
This Unit Standard provides a broad introduction to the financial services industry and the insurance and investment sub-ectors in particular. It is intended for clerical and administrative personnel and Category A intermediaries. It contextualises the role of the insurance and investment sub-ectors in the financial services industry as a preparation for related and subsequent learning. The focus is knowledge, skills, values and attitudes in relation to the learner's own context and experience of the world of work.

The qualifying learner is capable of:
  • Naming the different services that are classified as financial.
  • Explaining the concept of insurance and the role of insurance in holistic financial planning.
  • Explaining a selected contract of insurance in a specific environment.
  • Explaining the concept of investment and the role of investment in holistic financial planning.
  • Applying knowledge of insurance to select an insurance product to meet personal needs.
  • Applying knowledge of investment to select an investment product to meet personal needs. 

  • LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
    Learners should:
  • Hold a GETC or equivalent qualification; or
  • Be competent in Communication and Mathematical Literacy at NQF Level 1. 

  • UNIT STANDARD RANGE 
    The typical scope of this Unit Standard:
  • Categories of financial service include, but are not limited to, large, medium and small banks, the Reserve Bank, micro-financiers, long term insurance (Life, Group Benefits and HBA) short term insurance, intermediaries, asset management, trust management, collective investments, and South African Revenue Services as the categories of financial service.
  • Business activities include, but are not limited to administration, consultancy, actuarial services, contracting, new business, product development and customisation, underwriting and risk assessment.
  • Financial services offered include, but are not limited to, short term and long term, asset management, financial advice, bankassurance, banking, loans, assistance policies, risk management, wealth management and financial planning. 

  • Specific Outcomes and Assessment Criteria: 

    SPECIFIC OUTCOME 1 
    Name the different services that are classified as financial. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The various categories of financial services are named and using the terminology accepted within the financial services industry. 

    ASSESSMENT CRITERION 2 
    Five business activities common to all financial service providers are identified and listed from readily available information. 

    ASSESSMENT CRITERION 3 
    Four examples of organisations in the financial services sector are identified from advertisements in the media and an indication is given of the financial services offered by each organisation. 

    SPECIFIC OUTCOME 2 
    Explain the concept of insurance and the role of insurance in holistic financial planning. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The concepts of insurance and pooling of risk are explained in relation to personal risk management and financial planning. 

    ASSESSMENT CRITERION 2 
    Terminology used in the insurance industry such as offer, acceptance and subject matter is explained and used in the context of one of the insurance sectors. 

    ASSESSMENT CRITERION 3 
    The concept of insurable interest is explained and reasons are given why some risks are uninsurable. 

    ASSESSMENT CRITERION 4 
    Three events and risks that can be insured are identified and the advantages of insurance are explained with reference to own situation. 

    SPECIFIC OUTCOME 3 
    Explain a contract of insurance. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The purpose of a policy contract is explained with reference to an actual policy. 

    ASSESSMENT CRITERION 2 
    The purpose of the policy schedule is explained and the characteristics of a policy schedule are indicated using an authentic schedule. 

    ASSESSMENT CRITERION 3 
    The term policy endorsement is explained and examples of endorsements are identified in a policy contract. 

    ASSESSMENT CRITERION 4 
    The main rights and responsibilities of the insured are understood and explained with reference to a simple insurance contract. 

    SPECIFIC OUTCOME 4 
    Explain the concept of investment and the role of investment in holistic financial planning. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The concept of investment is explained with reference to wealth creation and wealth management. 

    ASSESSMENT CRITERION 2 
    The concept of participatory interest in a collective investment portfolio is explained with reference to the poling of risk. 

    ASSESSMENT CRITERION 3 
    The concept of high, medium and low risk is explained with examples. 

    ASSESSMENT CRITERION 4 
    The concept of Rand cost averaging is explained with reference to the spreading of risk. 

    SPECIFIC OUTCOME 5 
    Apply knowledge of insurance to select an insurance product to meet personal needs. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The need for insurance is identified in own financial planning. 

    ASSESSMENT CRITERION 2 
    Three similar insurance products are compared, an insurance product is selected to meet the identified need, and reasons are given for the particular choice. 

    ASSESSMENT CRITERION 3 
    The benefits covered by the selected product are explained in own words. 

    ASSESSMENT CRITERION 4 
    Exclusions in the contract are identified for the selected product. 

    ASSESSMENT CRITERION 5 
    The terms of the contract are explained for the selected product. 

    ASSESSMENT CRITERION 6 
    At least two other types of insurance product are named for the same sub-sector of the Insurance Industry. 

    SPECIFIC OUTCOME 6 
    Apply knowledge of investment to select an investment product to meet personal needs. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The need for investment is identified in own financial planning. 

    ASSESSMENT CRITERION 2 
    Three similar investment products are compared, an investment product is selected to meet the identified need, and reasons are given for the particular choice. 

    ASSESSMENT CRITERION 3 
    The benefits of the selected product are explained in own words. 


    UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS 
    This Unit Standard will be internally assessed by the provider and moderated by a moderator registered by a relevant accredited ETQA or an ETQA that has a Memorandum of Understanding with the relevant accredited ETQA. 

    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 able to identify and solve problems relating to their personal financial needs and to make a personal decision about the choice of an insurance and an investment product. 

    UNIT STANDARD CCFO ORGANISING 
    Learners are able to organise and manage themselves responsibly by identifying own insurance and investment needs with a view to personal financial planning. 

    UNIT STANDARD CCFO COLLECTING 
    Learners are able to collect, organise and critically evaluate information identifying business activities and organisations in the financial services sector and by comparing three similar insurance products in order to make an informed decision about insurance and investment products to meet own specific needs. 

    UNIT STANDARD CCFO COMMUNICATING 
    Learners are able to communicate effectively when explaining the terms of the contract of a selected insurance product and the rights and responsibilities of the insured. 

    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 
    This unit standard replaces unit standard 8105, which is "Indicate the sub-sectors of the Financial Services industry and the role of Insurance in the industry", Level 2, Credits 9. 

    QUALIFICATIONS UTILISING THIS UNIT STANDARD: 
      ID QUALIFICATION TITLE PRE-2009 NQF LEVEL NQF LEVEL STATUS END DATE PRIMARY OR DELEGATED QA FUNCTIONARY
    Core  48783   National Certificate: Financial Services  Level 2  NQF Level 02  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. CKP Development Agency (Pty) Ltd 
    2. Faisit (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.