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:

Apply technical knowledge and skill in order to underwrite professional indemnity insurance

SAQA US ID	UNIT STANDARD TITLE
120116	Apply technical knowledge and skill in order to underwrite professional indemnity insurance
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 4	NQF Level 04	5
REGISTRATION STATUS		REGISTRATION START DATE	REGISTRATION END DATE	SAQA DECISION NUMBER
Passed the End Date - Status was "Reregistered"		2018-07-01	2023-06-30	SAQA 06120/18
LAST DATE FOR ENROLMENT		LAST DATE FOR ACHIEVEMENT
2026-06-30		2029-06-30

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 intermediaries, underwriters, reinsurers, claims assessors and facultative reinsurers who underwrite specialist insurance.

The qualifying learner is capable of:

Analysing the risks associated with different professions or businesses.

Interpreting the legal environment that impacts on professional indemnity insurance.

Assessing the risk in a specific situation in order to produce a contract.

Applying knowledge of the current socio-economic environment to professional indemnity insurance in South Africa.

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 3.

UNIT STANDARD RANGE

The typical scope of this Unit Standard is:

Professional groupings include, but are not limited to, medical, legal, financial, IT, research and development and building and construction.

Specific Outcomes and Assessment Criteria:

SPECIFIC OUTCOME 1

Analyse the risks associated with different professions or businesses.

ASSESSMENT CRITERIA

ASSESSMENT CRITERION 1

The concept of a profession is explained as it is used in professional indemnity insurance.

ASSESSMENT CRITERION 2

The risks associated with five professional groupings are investigated and an indication is given of high risk factors within each professional group.

ASSESSMENT CRITERION 3

Risks associated with private and public companies are analysed with reference to the liability of directors and officers.

ASSESSMENT CRITERION 4

The effect of the economy on professional indemnity insurance is explained with reference to risk history, risk transfer and risk pricing.

ASSESSMENT CRITERION 5

Different options available under Professional Indemnity cover are explained with examples.

SPECIFIC OUTCOME 2

Interpret the legal environment that impacts on professional indemnity insurance.

ASSESSMENT CRITERIA

ASSESSMENT CRITERION 1

The principle of delict is explained with reference to the major professional groupings and their associated liability.

ASSESSMENT CRITERION 2

Legislation that applies to the different professional groupings is identified and an indication is given of how each Act impacts on professional indemnity insurance.

SPECIFIC OUTCOME 3

Assess the risk in a specific situation in order to produce a contract.

ASSESSMENT CRITERIA

ASSESSMENT CRITERION 1

A proposal form and other underwriting information is analysed and an indication is given of the implications of each item of information for the underwriting decision.

ASSESSMENT CRITERION 2

The risks presented in a proposal are assessed and a policy contract is prepared to meet the needs of the client.

ASSESSMENT CRITERION 3

The scope or amount of risk is checked against reinsurance arrangements and a decision is made on whether to accept the risk.

SPECIFIC OUTCOME 4

Apply knowledge of the current international economic environment to professional indemnity insurance in South Africa.

ASSESSMENT CRITERIA

ASSESSMENT CRITERION 1

Current events that could impact on professional indemnity insurance are analysed and an indication is given of how each affects the insurance industry.

ASSESSMENT CRITERION 2

The impact of three selected international events on professional indemnity insurance in South Africa is explained and substantiated with appropriate evidence.

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 deciding whether or not to accept a professional indemnity proposal.

UNIT STANDARD CCFO COLLECTING

Learners are capable of collecting, organising and critically evaluating information in analysing a proposal and other underwriting information.

UNIT STANDARD CCFO DEMONSTRATING

Learners are capable of seeing the world as a set of related systems in explaining the impact of international events on professional indemnity insurance in South Africa.

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	66610	Further Education and Training Certificate: Short Term Insurance	Level 4	NQF Level 04	Passed the End Date - Status was "Reregistered"	2023-07-30	As per Learning Programmes recorded against this Qual
Elective	57613	Further Education and Training Certificate: Short-Term Risk Management	Level 4	NQF Level 04	Passed the End Date - Status was "Reregistered"	2012-06-30	INSETA
Elective	66613	Further Education and Training Certificate: Wealth Management	Level 4	NQF Level 04	Passed the End Date - Status was "Reregistered"	2023-06-30	As per Learning Programmes recorded against this Qual

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.

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