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SOUTH AFRICAN QUALIFICATIONS AUTHORITY |
REGISTERED QUALIFICATION THAT HAS PASSED THE END DATE: |
National Certificate: Short Term Insurance |
SAQA QUAL ID | QUALIFICATION TITLE | |||
57918 | National Certificate: Short Term Insurance | |||
ORIGINATOR | ||||
SGB Insurance and Investment | ||||
PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY | NQF SUB-FRAMEWORK | |||
INSETA - Insurance Sector Education and Training Authority | OQSF - Occupational Qualifications Sub-framework | |||
QUALIFICATION TYPE | FIELD | SUBFIELD | ||
National Certificate | Field 03 - Business, Commerce and Management Studies | Finance, Economics and Accounting | ||
ABET BAND | MINIMUM CREDITS | PRE-2009 NQF LEVEL | NQF LEVEL | QUAL CLASS |
Undefined | 120 | Level 5 | Level TBA: Pre-2009 was L5 | Regular-Unit Stds Based |
REGISTRATION STATUS | SAQA DECISION NUMBER | REGISTRATION START DATE | REGISTRATION END DATE | |
Passed the End Date - Status was "Reregistered" |
SAQA 9999/99 | 2018-07-01 | 2023-06-30 | |
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 qualification does not replace any other qualification and is not replaced by any other qualification. |
PURPOSE AND RATIONALE OF THE QUALIFICATION |
Purpose:
The purpose of the National Certificate: Short Term Insurance: Level 5 is to build the knowledge and skills required by senior employees in Short Term Insurance who have achieved the Qualification requirements for the Fit and Proper Determination for Short Term Insurance and are ready to study at Level 5. It is intended to empower learners to acquire knowledge, skills, attitudes and values required to operate ethically and responsibly in the highly regulated Financial Services environment and to respond to the challenges posed by the changing nature of the Financial Services Industry. It should add value to the qualifying learner in terms of enrichment of the person, status, and recognition both in South Africa and Internationally. As a Qualification in Short Term Insurance, it provides a framework for learners to develop competencies related to Short Term Insurance (which includes Personal, Commercial and Corporate lines), with a specific focus on very large and complex Corporate and Commercial accounts. It provides a balanced learning experience and an opportunity for learners to apply academic skills in relation to the workplace. The Qualification is structured in such a way that it exposes learners to generic competencies required in the Financial Services Sector at Level 5 and allows for specialisation in aspects of risk transfer and risk financing to meet specific high risk needs. Rationale: The National Certificate: Short Term Insurance: NQF Level 5 is a specialist Qualification that requires the application of technical knowledge of Risk Management and Short Term insurance to complex Corporate and/or Commercial risks. Learners at this level are required to analyse, interpret, think out of the box and adapt to change within the highly competitive and regulated insurance market. The Qualification is intended for people in senior positions and management roles in the Short Term Insurance Industry (Personal, Commercial and Corporate lines) including, but not limited to, Intermediaries Senior/experienced Underwriters, Senior/experienced Claims Administrators, Loss Adjusters, Auditors who specialise in Short Term insurance and Compliance Practitioners. |
LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING |
Learners should be competent in Communication and Mathematical Literacy at NQF Level 4.
Recognition of Prior Learning: Access to the qualification: Learners should have at least a Level 4 Qualification and should meet the requirements for licensing as indicated in the current Determination of Fit and Proper Requirements for Financial Services Providers of the Financial Services Board under the Financial Advisory and Intermediary Services Act (FAIS) (Act 37 of 2002). It is preferable that learners should first complete the FETC: Risk Management or the National Certificate: Risk Management: Level 4 before accessing this Qualification. |
RECOGNISE PREVIOUS LEARNING? |
Y |
QUALIFICATION RULES |
Level, credits and learning components assigned to the qualification:
A minimum of 120 credits are required to complete the Qualification which is made up of the following components: Total: 120 credits Motivation for the number of credits assigned to the Fundamental, Core and Elective Components: Fundamental Component There are thirty credits at Level 5 allocated as fundamental. These include communication and research skills, economics and industry knowledge that are generic across all sub-sectors of the financial services sector in general, and insurance and investment in particular, and one Unit Standard on technical market data that is Fundamental to Short Term Insurance. All the Unit Standards designated as Fundamental are compulsory. Core Component Forty five credits have been allocated to Unit Standards designated as Core for the purpose of this Qualification. These Unit Standards provide the financial services related insurance and risk management knowledge and skills needed in the transfer of risk and risk financing including issues of ethics and compliance. They provide an opportunity to develop industry knowledge through research and the application of study skills and ensure that the Qualification has a definite Short Term Insurance focus. All the Unit Standards indicated as Core are compulsory. Elective Component Electives that add up to at least forty-five credits should be selected from the allocated list of Electives. The Electives provide opportunities for the holistic development of the learner and multi-skilling. There is a wide range of Unit Standards that may be selected as Electives in this qualification. This reflects the variety and nature of the work roles in Short Term Insurance, provides for maximum flexibility and allows learners to achieve a qualification that is relevant to the work that they do. Electives selected may relate directly to the learner's work role in an organisation or may be skills to enhance employability. Application of knowledge of legislation has been included in the Unit Standards wherever it is relevant so that knowledge about legislation is integrated rather than taught in isolation. |
EXIT LEVEL OUTCOMES |
Learners who engage in Short Term Insurance at this Level require knowledge and understanding of the key terms, concepts, facts, principles, rules, theories, and practices of the main areas of Short Term Insurance, which include Risk Management and Risk Transfer, and an ability to select and apply standard methods, procedures, and/or techniques in the context of Short Term Insurance. They are required to use their knowledge to evaluate and solve defined, routine and new problems within a familiar context, and to apply solutions based on relevant evidence and procedures in accordance with prescribed organisational and professional ethical codes of conduct, values and practices.
They are required to gather analyse, interpret, evaluate and synthesise information from a range of sources, to select information appropriate to the task or situation and to communicate information reliably, accurately and coherently, in writing and verbally with due regard for conventions around intellectual property, copyright and plagiarism. Learners should have the capacity to take responsibility for their own learning and to promote the learning of others. They should be able to assess their own performance and that of others and have the ability to take appropriate action where necessary. They should be able to operate in a range of familiar and new contexts and should demonstrate an understanding of the interrelationships between the different legislative, socio-political, economic and physical environments and how actions or events in one area impact on other areas within the financial services system. The Exit Level Outcomes and their Associated Assessment Criteria are the following, which means that the learner will be capable of: 1. Gathering, analysing, synthesising and evaluating information, manipulating and interpreting data and identifying trends, communicating information coherently in writing and verbally, and showing insight into current affairs in the Financial Services sector in general and to Short Term insurance in particular. 2. Apply knowledge of insurance. The principles of risk financing and the risk management process to address a business risk. 3. Applying knowledge of legislation, ethics, and compliance in the context of the Short Term insurance sub-sector in South Africa. Exit Level Outcomes for the Critical Cross-Field Outcomes: The learner is able to demonstrate ability to: In addition this Qualification contributes to the full personal development of each learner and the social and economic development of the society at large, by making it the underlying intention of any programme of learning to make the individual aware of the importance of: |
ASSOCIATED ASSESSMENT CRITERIA |
1.
2. 3. Integrated Assessment: Assessment practices must be fair, transparent, valid and reliable and should ensure that no learner is disadvantaged. Learners who wish to be assessed against the competencies in the Qualification and/or associated Unit Standards should direct enquiries to the relevant ETQA. The focus of assessment must be on the assessment of the learning outcomes rather than learning outputs. The Specific Outcomes guide the learning and training process towards the outcomes on a continuous basis. The purpose is to determine whether the outcomes have been attained. Situations should present a wide range of options. Applications should require significant choices from a wide range of procedures and in a number of contexts. Learning, teaching and assessment are inextricably linked. Where appropriate, assessment of knowledge, skills, attitudes and values indicated in the various Unit Standards should be integrated. Assessment has a formative monitoring function. Formative assessment should be used to assess gaps in the learners' skill and knowledge and to indicate where there is a need for expanded opportunities. The goal is to promote learning and to assess the efficacy of the teaching and learning process. Feedback from assessment informs teaching and learning and allows for the critique of outcomes, methodology and materials. Formative assessment is diagnostic and as such it should guide the learner and the trainer. It is continuous and is used to plan appropriate learning experiences to meet the learner's needs. It provides information about problems experienced at different stages in the learning process. As it is criterion referenced, if the learner has met the assessment criteria, he/she has achieved the outcomes. Assessment should also have a summative component. Summative assessment may be used on completion of a Unit Standard, but should not be the only form of assessment. Assessment should take place in an authentic context as far as is possible. A variety of methods must be used in assessment and tools and activities must be appropriate to the context in which the learner is working. Where it is not possible to assess competence in the workplace, simulations, case studies and other similar techniques should be used to provide a context appropriate to the assessment. Integration implies that theoretical and practical components should, where possible, be assessed together. Integrative techniques should be used to assess applied competence. Learners should be required to demonstrate that they can perform the outcomes with understanding and insight. Assessment should ensure that all Specific Outcomes, embedded knowledge and Critical Cross-Field Outcomes are evaluated. Assessment of the Critical Cross-Field Outcomes should be integrated with the assessment of the Specific Outcomes. The Critical Cross-Field Outcomes are implicit in some Unit Standards and programmes should be designed to extend and further reflect the integration. Before The National Certificate: Short Term Insurance: Level 5 is awarded, learners are required to demonstrate competence in the required Unit Standards and complete a summative assessment based on the exit outcomes of the Qualification. |
INTERNATIONAL COMPARABILITY |
Sites researched:
UK Australia The National Training Information Service (Australia): The Australian Government's National Training Information Service web site provides information on the qualifications, qualification structures and the Unit Standards registered on the Australian Qualifications Framework (AQF). http://www.ntis.gov.au Africa There are currently no insurance and investment/financial services Qualifications or Unit Standards available in an African Union (AU) or SADC country to use for comparison. The following websites were investigated: Background and rationale for the choice of countries for comparison: South Africa has a highly regulated and sophisticated financial services sector. In comparing this Qualification to those of other countries it is necessary to select countries where the financial services sector is comparable to that of South Africa. It is not possible to use an African country for the comparison, but research has shown that students from the African Continent use the Insurance Institute of South Africa or British Based institutions for accreditation through distance learning. The United Kingdom was therefore an obvious choice for the comparison. Australia has been used for comparison of previous insurance and investment Qualifications and was therefore a logical choice for consistency. Comparison: United Kingdom The Chartered Insurance Institute Qualifications are designed to underpin job-specific and at-work training. Chartered Insurance Institute's Diploma in Insurance is a technical and supervisory qualification for insurance staff working across all sectors of the industry. It provides a firm grounding in insurance fundamentals and enables students to build towards advanced technical knowledge, thereby ensuring they have the means to function effectively in a challenging environment. The Diploma covers the full range of insurance topics, ranging from the fundamentals of insurance practice and legislation through to personal lines product families, life insurance classes of commercial insurance and specialisations such as aviation, marine and the North American market. The Diploma also provides life administrators with a dedicated study path, developing a broad understanding of key technical aspects of the sector. The Diploma is modular in structure, with candidates able to select units of study according to their preference and career requirements. Each unit has a credit value and the accumulation of the stipulated number of credits leads to the award of the Diploma and entitles the holder to apply to use the designation 'Dip CII®' (Chartered Insurance Institute membership and Continuing Professional Development requirements apply). Successful candidates also satisfy the entry requirements of the next qualification in the framework of Chartered Insurance Institute qualifications, the Advanced Diploma in Insurance. To achieve the Diploma students must accumulate 110 credits. At least 70 of these must be obtained by passing units at either Diploma or Advanced Diploma level, with a minimum of 30 credits coming from an Advanced Diploma unit. Candidates must pass the following compulsory units: Aside from the compulsory requirements students are free to select units from across all the Chartered Insurance Institute's insurance qualifications; Award in Insurance, Certificate in Insurance, Diploma in Insurance and Advanced Diploma in Insurance. Students are required to select one unit from the Advanced Diploma without meeting the Advanced Diploma entry requirements. Should they wish to select more than one unit from the Advanced Diploma they must first meet the entry requirements. This approach has been adopted to provide students with maximum flexibility, enabling them to choose different units from the 46 currently available across the Chartered Insurance Institute's qualifications. The units of study selected for comparison are: Diploma Level: Chartered Insurance Institute (P01) Insurance practice and regulation - Compulsory unit: Objectives: To develop in the candidate: The Chartered Insurance Institute syllabus for Insurance practice and regulation - covers the following units of study: Insurance coverage: > Risk management consultants. > Claims management consultants. > Credit rating specialists. > Recovery services. Many of the core Unit Standards in the South African National Certificate: Short Term Insurance: Level 5 have similar competencies embedded in the outcomes, but there are no Unit Standards that relate specifically to the Chartered Insurance Institute Module. The Chartered Institute outcomes are however covered in the Level 4 Short Term Insurance and Risk Management Qualifications and are therefore assumed knowledge in the National Certificate: Short Term Insurance: Level 5. The Level 4 South African Qualifications are: The general structure of the insurance market. Objectives: Many of these outcomes are covered in the Level 4 Short Term Insurance Qualifications and are therefore assumed knowledge in the National Certificate: Short Term Insurance: Level 5. The core Unit Standards in the South African National Certificate: Short Term Insurance: Level 5 have similar competencies embedded in the outcomes, but only the Unit Standard, Manage the relationship between intermediaries and the market in commercial or corporate insurance, relates directly to this Chartered Insurance Institute Module. Arranging insurance Objectives: The core Unit Standards in the South African National Certificate: Short Term Insurance: Level 5 have similar competencies embedded in the outcomes, but there are no specific Unit Standards relating to this Chartered Insurance Institute Module. Many of these outcomes are however covered in the Level 4 Short Term insurance Qualifications and are therefore assumed knowledge in the National Certificate: Short Term Insurance: Level 5. Underwriting insurance Objectives: The following South African Unit Standards have various synergies in terms of managing risk through underwriting processes: Risk sharing and spreading Objectives: The following South African Unit Standards have similarities with the Chartered Institute Modules: Features of claims procedures Objectives: Two South African Unit Standards deal directly with competencies relating to fraud handling: Other Unit Standards in the South African National Certificate: Short Term Insurance: Level 5 have similar competencies embedded in the outcomes, but do not relate specifically to the Chartered Insurance Institute Module. The Chartered Institute outcomes are however covered in the Level 4 Short Term insurance qualifications and are therefore assumed knowledge in the National Certificate: Short Term Insurance: Level 5. Legal and regulatory considerations Application of knowledge of legislation has been included in the Unit Standards in the National Certificate: Short Term Insurance: Level 5 wherever relevant so that knowledge about legislation is integrated rather than taught in isolation. Outcomes similar to those of the Chartered Institute outcomes are covered in the Level 4 Short Term insurance qualifications and are therefore assumed knowledge in the National Certificate: Short Term Insurance: Level 5. In South Africa Level 4 is required for Short Term Intermediaries for licensing by the Financial Services Board (FSB) in terms of the Financial Advisory and Intermediary Services Act (FAIS). Ethical Standards Objectives: Legislated ethical standards are dealt with at Level 4 in the South African Qualifications. The following South African standards have synegies with regards to outcomes of ethics, regulatory issues and business practices. (P04) Business practice - Compulsory unit: (based on UK and EU law and practice). Objectives: To develop in the candidate: This module has synergies with the South African Unit Standards: (P05) Insurance law - Compulsory unit. Objective: To develop in the candidate: While there is not a law-for-law correlation, the Chartered Insurance Institute module covers all laws relating to insurance in the United Kingdom context. Outcomes similar to those of the Chartered Institute outcomes are covered in the Level 4 Short Term insurance qualifications and are therefore assumed knowledge in the National Certificate: Short Term Insurance: Level 5. In South Africa Level 4 is required for Short Term Intermediaries for licensing by the Financial Services Board (FSB) in terms of the Financial Advisory and Intermediary Services act (FAIS). Application of knowledge of legislation has been included in the Unit Standards in the National Certificate: Short Term Insurance: Level 5 wherever it is relevant so that knowledge about legislation is integrated rather than taught in isolation. The following South African Unit Standards deal specifically with aspects of legislation: The Chartered Insurance Institute module refers to European Community law and its affect on national systems there is no indication of a learner having to understand and apply international law as is the case with the South African standards: Demonstrate knowledge and insight into regulations and legal requirements that impact on insurance or reinsurance in the international arena and Demonstrate knowledge and understanding of the influence of international conventions on transportation insurance. The Chartered Insurance Institute module includes broader outcomes including the nature and sources of law, the courts and laws of precedent, understanding of the legal system, elements of civil procedure, Identifying the status and capacity of legal personas and corporations, Explaining tort, the law of contract, and range of competencies against the insurance contract. Many of these competencies are covered in the South African level 4 insurance and investment qualifications. (510) Risk, regulation and capital adequacy. Objectives: To develop in the candidate: The outcomes relating to risk, risk pricing and capital adequacy are included in the following South African Unit Standards: Conclusion Chartered Insurance Institute and South African standards: The main differences between the South African and Chartered Insurance Institute qualifications relate to structure and electives. However it is apparent that learners exiting both qualifications will have very similar core competencies relating to an understanding and application of Short Term insurance principles. It appears that the National Certificate: Short Term Insurance: Level 5 requires more in depth knowledge of Short Term insurance and South African learners are required to operate at a higher level of cognitive complexity while many objectives in the Chartered Institute Qualification are tasks or steps in a process. Comparison: Australia The National Training Packages are integrated sets of nationally endorsed competency standards, assessment guidelines and Australian Qualifications Authority (AQF) qualifications for a specific industry, industry sector or enterprise. The recently registered Diploma in Financial Services (General Insurance) was the most appropriate for the comparison. This qualification is designed to reflect the role of employees working in insurance who perform duties such as: To attain the Diploma in Financial Services (General Insurance) 8 elective units must be achieved: 4 core units and 4 elective units. The elective units may be selected as follows: Comparison of the industry Australian core units with the FETC: Short Term Insurance, Level 5 To gain a Certificate IV in Financial Services 4 core units must be achieved. FNBGEN06A Survey potential risk exposure: The unit describes the skills used in surveying risk exposure including examination of risk, analysis of data, reporting and making recommendations specifying loss control measures. Underpinning skills to be demonstrated may include: This unit requires high levels of literacy and numeracy. It requires the ability to read and interpret policy documents, legislation and regulations, reports and related documents. It requires the ability to interpret charts, graphs and statistical information and calculate/estimate premiums and claims. The following South African Unit Standards have various synergies in terms of managing risk through the underwriting processes (referred to as risk assessment in the critical evidence required of the Australian Qualifications Authority standard): FNBGEN17A Implement claim recovery procedures: This unit covers the competencies needed to recover money relating to a claim. It includes the complete process from initiating the recovery to finalisation of the claim. Demonstration of ability to identify and assess data relating to losses, analyse it and use the analysis as a basis for development of effective strategies are critical to the judgement of competence in this unit. Outcomes include: These outcomes are mainly administrative processes and steps in a process included in the FETC: Risk Management and FETC: Short Term Insurance. The Unit Standard, Underwrite a high risk, high value risk in cross border transportation has reference to salvage of transportation/marine insurance recovery. FNBGEN18A Undertake post loss risk management: This unit describes the high level competencies needed to review the effect of losses on the portfolio, identify problems and develop remedial risk management strategies. Learners are required to demonstrate ability to identify and assess data relating to losses, analyse it and use the analysis as a basis for development of effective strategies. The following South African Unit Standards all have various synergies relating to understanding and applying risk management strategies to prevent losses. FNBGEN19A Review claims settlement policies and procedures: This unit describes the skills needed to review claims settlement policies and procedures including preparing reports on claims and monitoring trends in claims settlement and making changes to minimise losses. The ability to collect and interpret data from a wide range of sources and analyse the causes of trends and the effects on claims settlement policies and procedures are critical to the judgement of competence in this unit. The following South African standard have similar outcomes to the Australian Qualifications Authority standard, viz. communicate information to decision-makers in the management structure and make changes to policy and procedures and to minimise claims losses in similar circumstances. FNBGEN20A Review operational performance of portfolio: The unit describes the competencies needed to conduct an operational review of the portfolio, including identifying problems and determining remedial action. Critical aspects of evidence include understanding of the industry sector and all legal obligations and company policy and procedures, criteria and methodology for conducting a review of portfolio performance and ability to analyse data and propose remedies for problems are critical to the judgement of competence in this unit. The competencies in the following South African Unit Standards are evident in the Australian Qualification: FNBGEN21A Resolve insurance disputes: This unit describes the competencies involved in resolving disputes lodged by customers who may have a dispute with the insurer or external service provider. The skills will be applied as part of a formal internal dispute resolution (IDR) process. Critical aspects of evidence may include: knowledge of the relevant legislation and company obligations in relation to dispute resolution, including appropriate processes and time frames, ability to resolve disputes successfully in line with legislative requirements and company procedures and processes. There are no specific Unit Standards in the South African Qualification relating to client disputes, but the learner exiting the qualification will have customer service competencies and the regulatory understanding comparable to the exiting Australian learner through the outcomes of the following Unit Standards: FNBGEN22A Issue contracts of insurance covering non routine situations: This unit describes the competencies used in undertaking the processes related to a contract of insurance in a non-routine situation. This includes identifying the necessary information, reviewing the request against the company guidelines and procedures and issuing a new policy/contract of insurance in response to requests for quotes, new policies, or interim cover (cover note) in non-routine situations. Compliance with industry Codes of Practice, consistent application of underwriting guidelines and authorities, a thorough approach to detail and dealing with non-routine situations appropriately are critical to the judgement of competence in this unit. The competencies in the following South African Unit Standards are evident in the Australian Qualification: FNBGEN23A Settle non-routine claims: This unit describes the competencies needed to settle non-routine claims including the identification of non-standard issues, accessing all required information to allow a decision to be made, negotiation, and finalisation of claims. Application of company policy and procedures and compliance with legislation and regulations and industry codes of practice in identifying non-routine aspects of the claim and effecting an acceptable settlement are critical to the judgement of competence in this unit. There are no claims specific Unit Standards in this Qualification although thorough knowledge of the underwriting informs the assessment of claims. This is a gap in the Qualification that should be filled in the proposed National Diploma: Short Term Insurance: Level 5. FNBGEN24A Process facultative and treaty reinsurance claims: This unit describes the functions for processing facultative and treaty reinsurance claims in accordance with the company guidelines and procedure Full compliance with company operating procedures, legislative requirements and industry, Code of Practice, where applicable, compliance with terms and conditions of company reinsurance arrangement. The South African Unit Standard, Demonstrate knowledge and insight into reinsurance in the context of risk finance requires similar knowledge and competence. The following Australian Qualifications Authority core standards are "imported" standards therefore similarities are inferred from the Unit Standard titles. BSBFLM507A Manage quality customer service: It is inferred that there are similarities with the South African Unit Standards: There appear to be no South African equivalents for the Unit Standards: Teamwork and use of technology as Critical Cross-field Outcomes in the South African Qualification and Learners in Short Term Insurance, especially at this level, all make use of computers so it can be assumed that the competencies are dealt with in an integrated manner. Unit standards relating to information systems and team work are included in the Level 3 and 4 insurance qualifications. Conclusion: The main difference between the South African, United Kingdom (UK) and Australian qualifications relates to structure and choice of electives. It appears that the Australian Qualifications Authority qualification is more focused on administrative claims and underwriting processes in a Short Term insurer than the Chartered Insurance Institute and National Certificate: Short Term Insurance: Level 5. In general the Australian and South African Qualifications have the most obvious similarities although the South African Qualification allows for a greater choice of electives and appears to be more strategic in nature. However, learners achieving competence in all three qualifications will have general competencies relating to managing risk in Short Term insurance environments with various other areas of specialisation depending upon the electives. Comparison of the South African Qualification and those of UK and Australia is difficult as the UK and Australian Qualifications are at a similar level on their National Qualifications Frameworks to the National Certificate: Short Term Insurance: Level 5, but learners in South Africa require similar competencies for lisencing purposes at Level 4. The National Certificate: Short Term Insurance: Level 5 requires a higher level of cognitive complexity than is required for tasks and processes that may be routine and administrative in nature and would usually be associated with learners at Level 4 in the South African system. |
ARTICULATION OPTIONS |
This Qualification articulates horizontally with:
This Qualification articulates vertically with: |
MODERATION OPTIONS |
This Qualification will be internally assessed and externally moderated by a moderator registered by a relevant accredited ETQA or an ETQA that has a Memorandum of Understanding with the relevant accredited ETQA.
|
CRITERIA FOR THE REGISTRATION OF ASSESSORS |
This Qualification 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.
|
REREGISTRATION HISTORY |
As per the SAQA Board decision/s at that time, this qualification was Reregistered in 2012; 2015. |
NOTES |
N/A |
UNIT STANDARDS: |
ID | UNIT STANDARD TITLE | PRE-2009 NQF LEVEL | NQF LEVEL | CREDITS | |
Core | 242608 | Apply technical knowledge to explain business risk and possible strategies to finance risk | Level 5 | Level TBA: Pre-2009 was L5 | 10 |
Core | 242602 | Apply the risk management process to investigate alternatives for risk transfer | Level 5 | Level TBA: Pre-2009 was L5 | 5 |
Core | 242615 | Demonstrate knowledge and understanding of the financial consequences of a large claim to a client | Level 5 | Level TBA: Pre-2009 was L5 | 3 |
Core | 243168 | Demonstrate knowledge and understanding of the financial consequences of a large claim to an insurer or reinsurer | Level 5 | Level TBA: Pre-2009 was L5 | 5 |
Core | 242562 | Demonstrate knowledge and understanding of the fundamental principles of risk finance in order to propose an insurance solution | Level 5 | Level TBA: Pre-2009 was L5 | 5 |
Core | 242554 | Research information in order to assist in conducting a financial risk assessment | Level 5 | Level TBA: Pre-2009 was L5 | 7 |
Core | 230078 | Apply the principles of ethics to a business environment | Level 6 | Level TBA: Pre-2009 was L6 | 10 |
Fundamental | 230071 | Apply basic economic principles to the financial services sector | Level 5 | Level TBA: Pre-2009 was L5 | 5 |
Fundamental | 243173 | Apply technical knowledge and understanding of the origin and use of technical market data in the insurance industry | Level 5 | Level TBA: Pre-2009 was L5 | 4 |
Fundamental | 120075 | Demonstrate insight into current affairs in the Financial Services sector | Level 5 | Level TBA: Pre-2009 was L5 | 10 |
Fundamental | 230075 | Demonstrate knowledge and insight into the changing nature of the financial services industry and its consumers | Level 5 | Level TBA: Pre-2009 was L5 | 6 |
Fundamental | 230070 | Present an informed argument on a current issue in a business sector | Level 5 | Level TBA: Pre-2009 was L5 | 5 |
Elective | 242614 | Adapt and verbally communicate financial information to a range of audiences | Level 5 | Level TBA: Pre-2009 was L5 | 2 |
Elective | 242559 | Analyse and interpret qualitative and quantitative data from relevant reports in order to make a recommendation or inform a decision for an entity | Level 5 | Level TBA: Pre-2009 was L5 | 5 |
Elective | 242585 | Analyse the dynamics of different interactive styles in client relationships | Level 5 | Level TBA: Pre-2009 was L5 | 3 |
Elective | 114206 | Analyse the strategic impact of a successful wellness programme | Level 5 | Level TBA: Pre-2009 was L5 | 5 |
Elective | 242601 | Apply a researched trend to individual financial risk | Level 5 | Level TBA: Pre-2009 was L5 | 5 |
Elective | 120010 | Apply a researched trend to refine non-medical risk assessments in terms of avocation and occupation | Level 5 | Level TBA: Pre-2009 was L5 | 10 |
Elective | 242569 | Apply insight into the implications of changing financial priorities and attitudes on the value proposition in a financial relationship | Level 5 | Level TBA: Pre-2009 was L5 | 3 |
Elective | 243159 | Apply International Financial Reporting Standards (IFRS4) to risk financing and insurance | Level 5 | Level TBA: Pre-2009 was L5 | 8 |
Elective | 243169 | Apply knowledge and insight of insurance to complex commercial and corporate enterprises | Level 5 | Level TBA: Pre-2009 was L5 | 10 |
Elective | 242599 | Apply knowledge and understanding of captives as a method of alternative risk transfer | Level 5 | Level TBA: Pre-2009 was L5 | 5 |
Elective | 243158 | Apply knowledge and understanding of SASRIA and similar insurances to mega corporate and global accounts | Level 5 | Level TBA: Pre-2009 was L5 | 4 |
Elective | 243176 | Apply knowledge of accounting practices to Short Term insurance and reinsurance | Level 5 | Level TBA: Pre-2009 was L5 | 3 |
Elective | 243172 | Apply knowledge of the Income Tax Act to short term insurance options | Level 5 | Level TBA: Pre-2009 was L5 | 3 |
Elective | 242580 | Apply scenario planning to explain potential risk in a specified financial services context | Level 5 | Level TBA: Pre-2009 was L5 | 6 |
Elective | 243165 | Apply technical knowledge and insight to customise a Short Term insurance policy/product for a specialised entity or market | Level 5 | Level TBA: Pre-2009 was L5 | 5 |
Elective | 243171 | Apply technical knowledge and skill to underwrite risk in short term corporate insurance | Level 5 | Level TBA: Pre-2009 was L5 | 10 |
Elective | 243161 | Demonstrate knowledge and insight into fraudulent activities that impact on the insurance industry | Level 5 | Level TBA: Pre-2009 was L5 | 5 |
Elective | 243174 | Demonstrate knowledge and insight into regulations and legal requirements that impact on insurance or reinsurance in the international arena | Level 5 | Level TBA: Pre-2009 was L5 | 8 |
Elective | 243164 | Demonstrate knowledge and insight into reinsurance in the context of risk financing | Level 5 | Level TBA: Pre-2009 was L5 | 10 |
Elective | 119997 | Demonstrate knowledge and understanding of risk in a Financial Services environment | Level 5 | Level TBA: Pre-2009 was L5 | 5 |
Elective | 243162 | Demonstrate knowledge and understanding of the influence of international conventions on transportation insurance | Level 5 | Level TBA: Pre-2009 was L5 | 3 |
Elective | 243166 | Demonstrate knowledge and understanding of the principles and practices of reinsurance | Level 5 | Level TBA: Pre-2009 was L5 | 6 |
Elective | 242598 | Demonstrate knowledge and understanding of the responsibilities of directors in terms of corporate governance | Level 5 | Level TBA: Pre-2009 was L5 | 10 |
Elective | 230077 | Describe the financial life cycle of an individual and how this influences financial decisions | Level 5 | Level TBA: Pre-2009 was L5 | 8 |
Elective | 243170 | Describe the investigation of fraud in short term insurance | Level 5 | Level TBA: Pre-2009 was L5 | 2 |
Elective | 242583 | Design a funding model to make provision for financial consequences of losses in an entity | Level 5 | Level TBA: Pre-2009 was L5 | 10 |
Elective | 242573 | Determine the needs and wants of an entity in order to propose an appropriate financial solution | Level 5 | Level TBA: Pre-2009 was L5 | 4 |
Elective | 119996 | Evaluate the inherent risk to an organisation in a specific market | Level 5 | Level TBA: Pre-2009 was L5 | 10 |
Elective | 242588 | Examine the assets and liabilities from an organisation's financial statements in order to identify risk financing opportunities | Level 5 | Level TBA: Pre-2009 was L5 | 3 |
Elective | 242618 | Explain the basic principles of enterprise wide risk management | Level 5 | Level TBA: Pre-2009 was L5 | 12 |
Elective | 243167 | Identify and analyse risk information that could impact on underwriting and pricing in the short term insurance industry | Level 5 | Level TBA: Pre-2009 was L5 | 3 |
Elective | 243160 | Manage the relationship between intermediaries and the market in commercial or corporate insurance | Level 5 | Level TBA: Pre-2009 was L5 | 3 |
Elective | 243157 | Negotiate a proposal with a short term insurer | Level 5 | Level TBA: Pre-2009 was L5 | 6 |
Elective | 242581 | Research the incidence, quantity and severity of an occurrence in order to uncover a trend and anticipate a financial risk | Level 5 | Level TBA: Pre-2009 was L5 | 7 |
Elective | 242566 | Research the influence of culture and diversity on attitudes to creating and managing wealth | Level 5 | Level TBA: Pre-2009 was L5 | 3 |
Elective | 120065 | Review a claims department to determine whether a business is protected by an organisation's business practices | Level 5 | Level TBA: Pre-2009 was L5 | 10 |
Elective | 243175 | Underwrite a high risk in short term commercial and industrial insurance | Level 5 | Level TBA: Pre-2009 was L5 | 10 |
Elective | 243163 | Underwrite a high risk, high value risk in cross border transportation | Level 5 | Level TBA: Pre-2009 was L5 | 10 |
Elective | 230072 | Demonstrate insight into current global events and their potential impact on a business sector in South Africa | Level 6 | Level TBA: Pre-2009 was L6 | 10 |
Elective | 230074 | Demonstrate insight into how the South African Constitution impacts on the financial services industry | Level 6 | Level TBA: Pre-2009 was L6 | 6 |
Elective | 230069 | Demonstrate knowledge and insight into the impact of HIV/AIDS on financial products, markets and the workforce | Level 6 | Level TBA: Pre-2009 was L6 | 6 |
Elective | 230076 | Demonstrate knowledge and understanding of e-business as a competitive tool | Level 6 | Level TBA: Pre-2009 was L6 | 8 |
Elective | 230080 | Demonstrate knowledge and understanding of globalisation and its implications for financial services in South Africa | Level 6 | Level TBA: Pre-2009 was L6 | 7 |
Elective | 242604 | Devise a marketing strategy for a selected target market | Level 6 | Level TBA: Pre-2009 was L6 | 5 |
Elective | 230073 | Explain how the life cycle of a business entity affects investment and insurance decisions | Level 6 | Level TBA: Pre-2009 was L6 | 6 |
Elective | 230079 | Interpret the impact of macro economic decisions or indicators on a business environment | Level 6 | Level TBA: Pre-2009 was L6 | 5 |
Elective | 242610 | Investigate issues of governance that impact on the different role players in a selected sub-sector | Level 6 | Level TBA: Pre-2009 was L6 | 10 |
Elective | 230081 | Present a well-structured argument derived from qualitative and/or quantitative data to generate a competitive advantage | Level 6 | Level TBA: Pre-2009 was L6 | 10 |
Elective | 242557 | Research theories of behavioural economics and behavioural finance to explain the influence of emotion on financial decisions | Level 6 | Level TBA: Pre-2009 was L6 | 4 |
LEARNING PROGRAMMES RECORDED AGAINST THIS QUALIFICATION: |
NONE |
PROVIDERS CURRENTLY ACCREDITED TO OFFER THIS QUALIFICATION: |
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. |