SAQA

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SOUTH AFRICAN QUALIFICATIONS AUTHORITY

REGISTERED UNIT STANDARD THAT HAS PASSED THE END DATE:

Interpret current affairs related to financial services in general and insurance in particular

SAQA US ID	UNIT STANDARD TITLE
8993	Interpret current affairs related to financial services in general and insurance in particular
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 3	NQF Level 03	10
REGISTRATION STATUS		REGISTRATION START DATE	REGISTRATION END DATE	SAQA DECISION NUMBER
Passed the End Date - Status was "Registered"		2001-10-10	2004-10-10	SAQA 0638/01
LAST DATE FOR ENROLMENT		LAST DATE FOR ACHIEVEMENT
2005-10-10		2008-10-10

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
117125	Interpret current affairs related a selected business sub sector	Level 3	NQF Level 03	10

PURPOSE OF THE UNIT STANDARD

This unit standard is intended to promote general knowledge and understanding of current affairs in the financial services industry in order to ensure knowledgeable and informed workers in the industry. It addresses a broad base of knowledge and requires the interpretation and comparison of current affairs. Practical competence includes significant choice and a wide range of contexts.

The qualifying learner is capable of:

Interpreting events in the physical, socio-political and economic environments that impact on the insurance sub-field.

Interpreting business news events of importance to the insurance sub-field.

Comparing information about the same event from two sources.

Accessing information from a variety of media.

LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING

There is open access to this unit standard. Learners should be able to:

Identify events in the physical, social and business environment that impact on the insurance industry.

Identify people and insurance trends from the news.

Be competent in communication and Mathematical Literacy at NQF Level 2.

UNIT STANDARD RANGE

The typical scope of this unit standard is:

1. News from a daily or weekly newspaper, television or radio newscast or other news medium. Learners are not expected to access information from dedicated financial newspapers or journals.

Specific Outcomes and Assessment Criteria:

SPECIFIC OUTCOME 1

Interpret information about events in the physical environment

OUTCOME NOTES

Interpret information about events in the physical environment that could impact on the insurance sub-field.

OUTCOME RANGE

Includes but is not restricted to floods, earthquakes, drought and other natural disasters.

ASSESSMENT CRITERIA

ASSESSMENT CRITERION 1

1. Current events in the physical environment are interpreted and an indication is given of their possible impact on the insurance sub-sectors.

ASSESSMENT CRITERION 2

2. Information relating to current events in the physical environment is collected and organised to allow for comparison.

ASSESSMENT CRITERION 3

3. Similar events in the physical environment are compared in terms of severity of impact on the insurance sub-field.

ASSESSMENT CRITERION 4

4. Events in the physical environment are compared in a table in terms of severity and impact for three sectors of the sub-field.

ASSESSMENT CRITERION 5

5. Reports on the same event in the physical environment from the main section and the business section of a daily or weekly newspaper or any other relevant medium of communication are compared and the differences between the reports are tabulated.

SPECIFIC OUTCOME 2

Identify events in the socio-political environment that could impact on the insurance sub-field.

OUTCOME RANGE

Includes but is not restricted to elections, legislation, diseases, pandemics, war, riots and other socio-political events or disasters.

ASSESSMENT CRITERIA

ASSESSMENT CRITERION 1

1. Current events in the socio-political environment are interpreted and an indication is given of their possible impact on the insurance sub-sectors.

ASSESSMENT CRITERION 2

2. Information relating to current events in the socio-political environment is collected and organised to allow for comparison.

ASSESSMENT CRITERION 3

3. Similar events in the socio-political environment are compared in terms of severity of impact on the insurance sub-field.

ASSESSMENT CRITERION 4

4. Socio-political events are compared in a table in terms of severity and impact for three sectors of the sub-field.

ASSESSMENT CRITERION 5

5. Reports on the same event in the socio-political environment from the main section and the business section of a daily or weekly newspaper or any other relevant medium of communication are compared and the differences between the reports are tabulated.

SPECIFIC OUTCOME 3

Identify events in the economic environment that could impact on the insurance sub-field.

OUTCOME RANGE

Includes but is not restricted to insolvencies, mergers, acquisitions, retrenchments, market fluctuations.

ASSESSMENT CRITERIA

ASSESSMENT CRITERION 1

1. Current events in the economic environment are interpreted and an indication is given of their possible impact on the insurance sub-sectors.

ASSESSMENT CRITERION 2

2. Information relating to current events in the economic environment and inflation is collected and organised to allow for comparison.

ASSESSMENT CRITERION 3

3. Similar events in the economic environment are compared in terms of severity of impact on the insurance sub-field.

ASSESSMENT CRITERION 4

4. The concept of inflation is explained with reference to the effect of inflation on insurance premiums, medical costs, pensions and the value of the Rand in real terms.

ASSESSMENT CRITERION 5

5. Current value and the effect of inflation are compared for two different investments.

ASSESSMENT CRITERION 6

6. Socio-economic events are compared in a table in terms of severity and impact for three sectors of the sub-field.

ASSESSMENT CRITERION 7

7. The events are interpreted in terms of groups of people and kinds of work most likely to be affected by each event.

ASSESSMENT CRITERION 8

8. Reports on the same event in the economic environment from the main section and the business section of a daily or weekly newspaper or any other relevant medium of communication are compared and the differences between the reports are tabulated.

SPECIFIC OUTCOME 4

Compare business news events of importance.

ASSESSMENT CRITERIA

ASSESSMENT CRITERION 1

1. Events in business that make headline news are identified and prioritised in terms of importance to a particular section of the insurance sub-field.

ASSESSMENT CRITERION 2

2. The importance of the event, and possible repercussions within the insurance sub-field are discussed.

ASSESSMENT CRITERION 3

3. Problems experienced in the financial services industry are interpreted and compared to industry best practice.

ASSESSMENT CRITERION 4

4. New developments in the financial services industry are examined and an indication given of their potential to improve business practice.

ASSESSMENT CRITERION 5

5. Two major events in the financial services industry are selected and compared in terms of their impact on the insurance sub-field.

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 IDENTIFYING

Learners are able to explore a variety of strategies of learning when gathering information from a broad spectrum of media.

UNIT STANDARD CCFO COLLECTING

Learners can collect, organise and evaluate information when researching and interpreting current affairs and indicating the possible impact of current events on the insurance sector.

UNIT STANDARD CCFO COMMUNICATING

Learners can communicate effectively using visual, mathematics and language skills when presenting the findings of their research.

UNIT STANDARD CCFO DEMONSTRATING

Learners are able to demonstrate an understanding of the world as a set of related systems when comparing and interpreting socio-political, economic and physical events and the groups of people and kinds of work most likely to be affected by the events.

UNIT STANDARD NOTES

This unit standard has been replaced by 117125, which is 'Interpret current affairs related a selected business sub sector', Level 3, 10 Credits.

QUALIFICATIONS UTILISING THIS UNIT STANDARD:

	ID	QUALIFICATION TITLE	PRE-2009 NQF LEVEL	NQF LEVEL	STATUS	END DATE	PRIMARY OR DELEGATED QA FUNCTIONARY
Core	20177	National Certificate: Insurance	Level 3	NQF Level 03	Passed the End Date - Status was "Registered"	2004-10-10	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.

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