SAQA

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SOUTH AFRICAN QUALIFICATIONS AUTHORITY

REGISTERED UNIT STANDARD THAT HAS PASSED THE END DATE:

Apply knowledge of Short Term Insurance to the All Risks section of a commercial policy

SAQA US ID	UNIT STANDARD TITLE
120122	Apply knowledge of Short Term Insurance to the All Risks section of a commercial policy
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	2
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 learners in Short Term commercial lines.

The qualifying learner is capable of:

Explaining all Risks in the context of commercial insurance.

Comparing al risks insurance to other Short-term cover.

Explaining the insurance o f electronic equipment.

Explaining special needs of different commercial entities.

Analyse the all risks cover in a commercial policy.

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 insurance where all risks describes a range of products.

All risks insurance includes, but is not limited to machinery breakdown, accidental damage and cover included under the All Risks Section of a commercial policy.

Special needs insurance includes, but is not limited to, medical, travelling sales people, photographic, television and film, service and repair, exhibitors at exhibitions equipment hire, mobile technical equipment and engineering equipment.

Situations where a business may require all risks cover include, but are not limited to machinery breakdown, accidental damage, deterioration of stock and money.

Hand held devices include, but are not limited to, laptops, palm tops, Global Positioning Systems (GPS), navigation equipment and other electronic devices.

Specific Outcomes and Assessment Criteria:

SPECIFIC OUTCOME 1

Explain All Risks cover in the context of commercial and industrial insurance.

ASSESSMENT CRITERIA

ASSESSMENT CRITERION 1

Different uses of the term all risks are explained with examples.

ASSESSMENT CRITERION 2

Items covered in the All Risks section of a commercial and/or industrial policy are identified with reference to common industry practice.

ASSESSMENT CRITERION 3

Situations where a business entity may require all risks cover are explained with examples.

SPECIFIC OUTCOME 2

Compare all risks to other Short Term cover.

ASSESSMENT CRITERIA

ASSESSMENT CRITERION 1

The difference between cover under a multi-peril policy and all risks cover is explained with reference to the scope of cover and the premium.

ASSESSMENT CRITERION 2

The general policy relating to exclusions under All Risks cover is explained with examples.

SPECIFIC OUTCOME 3

Explain the insurance of electronic equipment.

ASSESSMENT CRITERIA

ASSESSMENT CRITERION 1

Items that are covered under the electronics section of a Short Term policy are identified for a business entity.

ASSESSMENT CRITERION 2

The insurance of hand held or mobile electronic equipment is explained with reference to risk and premium.

ASSESSMENT CRITERION 3

The insurance of computers is explained with reference to risk and premium in an office environment.

ASSESSMENT CRITERION 4

Additional cover available under the electronic equipment section is explained with reference to current market practice.

SPECIFIC OUTCOME 4

Explain the special insurance needs of different commercial entities.

ASSESSMENT CRITERIA

ASSESSMENT CRITERION 1

The insurance needs of people in specialised commercial entities are analysed to determine whether all risks cover is necessary.

ASSESSMENT CRITERION 2

Situations where commercial all risks insurance is recommended are identified with reference to the risk aversion of the individual or entity.

SPECIFIC OUTCOME 5

Analyse the all risks cover under a commercial policy.

ASSESSMENT CRITERIA

ASSESSMENT CRITERION 1

The all risks section of a commercial policy and schedule are analysed to determine the cover.

ASSESSMENT CRITERION 2

Conditions under which commercial all risks cover will be granted are explained for a specific insurer.

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 COLLECTING

The learner can collect, organise and evaluate information when matching the needs of a client to the appropriate cover.

UNIT STANDARD CCFO COMMUNICATING

The learner can communicate effectively when explaining the cover under commercial all risks policies.

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

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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