Module 4: Insurance - managing risk

Students:

• Identify the types of risk for insurance coverage
• Recognise appropriate types of insurance
• Understand changing risk management needs in the life cycle and in relation to net worth
• Evaluate the costs and benefits of insurance
• Appreciate their rights under the General Insurance Code of Practice
• Identify the range of providers of insurance coverage

• Protection against the loss of earning power, life, health, and assets is an important consideration in a financial plan.
• The purpose of insurance is to protect against unexpected financial loss.
• Insurance operates on the basis of shared risk.
• Risk and protection take many forms.
• Life cycle, net worth and life style expectations will alter insurance needs.
• Utmost good faith is the cornerstone of the insurance contract.
• Modern insurance operates in an integrated global market.

actuary
agreed value
ancillary
assessor
asset
balance sheet
broker
capital
capital gain
claim
commission
compensation
comprehensive
contents
continuum
cooling off period
cover
cover note
depreciation
disclaimer
duty of disclosure
employee
employer
evaluate
excess
exclusion
Financial Ombudsman Service
fixtures and fittings
full disclosure
gap insurance
gender
general insurance policy
goal
health insurance
HECS-HELP
income
indemnity
insurance
insurance broker
insurance contract renewal
insurance policy
insurance premium
insurance underwriter
insured
insurer
intangible asset
inventory
liability
loss
loss adjustor
loss of profits
marine insurance
market value
mitigate
mortgage
natural disaster
net worth
no claim bonus
opportunity cost
overtime
passive income
payout
PDS
policy
policy holder
pooling
postgraduate
premium
priority
redundancy
reinsurance
renewal
replacement
retainer
risk
risk pooling
salary
shared risk
superannuation
transfer payment
wage
under/over/insurance
underwriting
utmost good faith

Download the complete curriculum mapping notes for this module.