Overview

This unit aims to provide students with the knowledge of the pervasive nature of pure risk on individuals and society. Students will learn about risk management strategies to be able to provide personal risk advice. Upon the completion of the unit students will have an overview of how insurance companies operate, how the insurance industry in Australia is structured and how insurance policies are written. Students will also learn about various types of insurance policies and the issues of cost, cover and government policies related to these insurance products.

Teaching periods
Location
Start and end dates
Last self-enrolment date
Census date
Last withdraw without fail date
Results released date

Learning outcomes

Students who successfully complete this unit will be able to:

  • Evaluate the nature of risk, benefits of insurance and principles of risk management
  • Apply insurance planning concepts to determine insurance needs in personal financial planning and calculate tax estimates of insurance products
  • Evaluate and calculate the appropriate levels of insurance cover and communicate risk management strategies, in the form of Statement of Advice, to clients with integrity and compliance to the regulatory framework
  • Evaluate different insurance policies and select appropriate techniques to treat loss exposures, which are compliant with the legal principles governing insurance contracts
  • Work effectively in teams

Teaching methods

Hawthorn

Type Hours per week Number of weeks Total (number of hours)
Face to Face Contact (Phasing out)
Class		2.00 12 weeks 24
Unspecified Learning Activities (Phasing out)
Independent Learning		9.50 12 weeks 114
Face to Face Contact (Phasing out)
Tutorial		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
Assignment 1Individual 20 - 30% 1,2 
Assignment 2Group 20 - 30% 3,4,5 
ExaminationIndividual 40 - 60% 1,2,3,4 

Content

  • Introduction to risk management
  • Risk management application and concept of insurance
  • Insurance industry and the regulation
  • Financial operation of insurers
  • Life insurance
  • Personal insurance and compulsory insurance
  • General insurance
  • Professional insurance
  • Insurance products
  • Development of risk advice

Study resources

Reading materials

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