Overview

This unit aims to discuss the legal principles that formed the basis of insurance contract and application of insurance policies to manage personal risk. Students will receive clear understanding of the concept of wealth protection and examines the applications of personal insurance and risk management. Consequently, students will learn about different types of insurance strategies, insurance products, regulations and tax implications in developing financial advice. This unit also assesses the critical role of estate planning in the creation of an effective financial plan. Students will apply risk management and estate planning knowledge to generate financial planning strategies using advice technologies.

Requisites

Prerequisites
INF60007 Business Information Systems

Rule

FIN60007 Elements of Financial Planning
OR
FIN60010 Elements of Financial Planning and Regulation

Teaching periods
Location
Start and end dates
Last self-enrolment date
Census date
Last withdraw without fail date
Results released date
Teaching Period 1
Location
Online
Start and end dates
11-March-2024
09-June-2024
Last self-enrolment date
24-March-2024
Census date
05-April-2024
Last withdraw without fail date
26-April-2024
Results released date
02-July-2024
Teaching Period 3
Location
Online
Start and end dates
04-November-2024
09-February-2025
Last self-enrolment date
17-November-2024
Census date
29-November-2024
Last withdraw without fail date
27-December-2024
Results released date
04-March-2025

Learning outcomes

Students who successfully complete this unit will be able to:

  • Critically analyse different types of life and general insurance products and related regulations
  • Formulate insurance strategies and discuss their applications for managing clients’ risk
  • Critically analyse estate planning and administration processes to address diverse clients’ needs and risks in wealth creation and asset protection
  • Apply coherent and advanced knowledge of insurance and estate planning to construct a Statement of Advice and recommend strategies and products that meet client’s objectives and constraints using financial advice technologies
  • Communicate proficiently and in a professional context and work effectively as a member of a team

Teaching methods

Hawthorn

Type Hours per week Number of weeks Total (number of hours)
On-campus
Class
2.00 12 weeks 24
Unspecified Activities
Independent Learning
9.50 12 weeks 114
Online
Lecture
1.00 12 weeks 12
TOTAL150

Swinburne Online

Type Hours per week Number of weeks Total (number of hours)
Online
Directed Online Learning and Independent Learning
12.50 12 weeks 150
TOTAL150

Assessment

Type Task Weighting ULO's
AssessmentIndividual 40 - 60% 1,2,3,4 
Assignment 1Individual 20 - 30% 3,4 
Assignment 2Group 20 - 30% 1,2,4,5 

Content

  • Introduction to risk management
  • Risk management application and concept of insurance
  • Insurance industry participants and regulation
  • Life and business Insurance
  • Health and general Insurance
  • Tax implications
  • Insurance products
  • The estate planning process
  • Instruments of estate planning
  • Various ways to hold and transfer assets
  • Administration of deceased estates
  • Business succession planning

Study resources

Reading materials

A list of reading materials and/or required textbooks will be available in the Unit Outline on Canvas.