LEARNERSHIP TITLE: Short Term Insurance

LEARNERSHIP TITLE: Short Term Insurance

LEARNERSHIP TITLE: Short Term Insurance

Commercial / Industrial

Underwriter

NQF Level 4

Learnership Code: 13 Q 000015 42 120 4

1.Information pertaining to the SETA

1.1Name of SETA:INSETA

1.2Name of Chamber (if applicable):N/A

1.3Name of SETA official responsible for learnerships:Mr Aubrey Maseko

1.4SETA’s telephone number:(011) 544-2000

1.5SETA’s fax number:(011) 484-0862

1.6SETA’s postal address:PO Box 32035, BRAAMFONTEIN, 2017

1.7SETA’s e mail address:

2. Learnership information

2.1 Title of the Learnership:Short Term Insurance: Commercial / Industrial Underwriter: NQF Level 4

Title of the Qualification: National Certificate: Short Term Insurance: NQF Level 4

2.2NQF field:NSB 03

2.3NQF sub-field:Finance, Economics and Accounting

2.4NQF level:Level 4

2.5Number of credits to be earned: Minimum 140 credits.

Skills in the insurance industry are mainly cognitive skills and the application of theory and knowledge that are generic across different positions in the industry. For this Learnership learners are required to complete a minimum of 410 hours mentored practical work experience.

In the insurance industry it is difficult to state categorically where training is provided. Larger organisations have ETQA accredited in-house training departments who train some aspects of insurance and may out-source other more generic skills. Smaller organisations use a range of private providers. It is almost certain that the communication, mathematics and financial literacy units will be out-sourced to private providers. All providers of training involved in INSETA Learnerships have to be accredited with an ETQA. In every Learnership situation within the insurance & investment sector there is an agreement signed between the learner, the training provider and the lead employer binding the learner to a specific, consistent and stable working environment for the duration of the Learnership. Training providers should use their discretion and be alert to situations where learners

  • can be recognised for prior learning,
  • can be fast tracked, or
  • should be permitted additional time working on a task.

It is our intention to allow providers, maximum flexibility and application across all areas of the industry. The Short Term Insurance Commercial / Industrial Underwriter Learnership

  • offers an opportunity for claims assessors to obtain a recognised qualification where there was previously none
  • offers opportunities for multi-skilling
  • provides access for learners who could not otherwise be employed in the industry

Electives should be relevant to both the learner and organisation so the choice of the unit standards for this particular learnership may be made on the basis of

  1. The learner’s own interest and selected career path
  2. The needs of the organisation as identified in the Workplace Skills Plan
  3. A need identified as part of a performance appraisal by a line manager.
  4. A need identified as part of an organisation’s strategy towards an identified goal.

Mentored on-job training

Based on the whole qualification:National Certificate in Insurance Short Term, NQF Level 4, registered on 12 June 2002 - ID 21796

The work experience programme is based on Core and selected Elective unit standards including the unit standard underwrite a standard risk in Commercial / Industrial insurance and should total410 hours. It should assess the application of knowledge from the structured learning components in the learner’s own work situation as a short term commercial / industrial underwriter. Note the unit standard underwrite a standard risk in commercial /industrial insurance is an integral part of the 410 hours of practical experience.

Assessment Criteria for mentored on the job experience. For 29% of the 48 Credits, which are in Core.

Core unit standards: Qualifying learners should be capable of:

  • Co-ordinating with others.
  • Applying the essential methods, procedures and techniques used in short term insurance.
  • Analysing new developments in the industry and researching aspects of short term insurance.
  • Operating as informed employees on the short term insurance sub sector.
  • Understanding the structure and the market of the short term insurance sub sector.
  • Gathering, analysing and presenting information.
  • Operating within clearly defined contexts within the Short Term Insurance Act with limited scope for decision-making and responsibility.
  • Understanding legislation that regulates short term insurance at a basic level of understanding.
  • Interpreting information from short term insurance related texts and operational symbols or representations.

Associated Assessment Criteria:

  • Rules of available products are applied to different situations in order to perform a clearly defined work role in short term insurance. (The range includes underwriting a short term personal/domestic policy, processing a claim, giving financial advice, marketing a short term insurance product, administering an agreement, broker liaison, and operating in a financial services call centre environment.
  • Work output is in line with an agreed mandate, relevant service agreement and organisation’s customer service standards applicable to a clearly defined work role in short term insurance.
  • Methods, procedures and techniques of a clearly defined work role in short term insurance are applied consistently in terms of specific company policy, legislative requirements and standard industry practice.
  • The consequences of non-compliance are clearly indicated for practices required in a specific work role in short term insurance.
  • New developments and trends in the short term insurance industry are accessed, analysed and interpreted from reports in the media.
  • Knowledge of current developments in short term insurance are discussed with reference to the potential impact on short term insurance.
  • The structure of the short term insurance industry is analysed and an indication is given of the contribution of a specific work role to the short term insurance industry.
  • The short term market is described and an indication is given of the role short term underwriting in the commercial and industrial class of insurance plays in a changing market
  • Information is gathered, analysed and presented according to the requirements of a work specific role in short term insurance.
  • A computerised database is used to access information from electronic media and to perform a specific function in short term insurance.

Elective unit standards: For 29% of a minimum of 26 Credits from a selection of unit standards relating to Short Term Commercial / Industrial Underwriting, FOR EXAMPLE from:

  • Underwrite a standard risk in Short Term personal/domestic insurance.
  • Process a Short Term personal/domestic insurance claim. Manage risk in own work/business environment.
  • Demonstrate knowledge and understanding of domestic motor insurance.
  • Demonstrate knowledge and understanding of personal/domestic insurance in South Africa.
  • Demonstrate knowledge and understanding of personal accident insurance. Recommended.
  • Describe financial interactions of insurers and intermediaries in short term insurance. Recommended.
  • Demonstrate knowledge and understanding of insurance of personal/
  • Describe the insurance of watercraft.
  • Demonstrate knowledge and understanding of all risks insurance. Recommended.
  • Describe insurance cover against damage caused by riots and acts of terrorism and violence against public authorities in Namibia.
  • Demonstrate knowledge and insight into the Policyholder Protection Legislation. Recommended.
  • Demonstrate knowledge and understanding of the Value Added Tax Act, 89 of 1991 as amended as it applies to insurance policies. Recommended.
  • Demonstrate knowledge and understanding of the Road Ordinance as it applies to motor insurance.
  • Apply technical knowledge and skill to determine the quantum and validity of a light motor vehicle claim.
  • Apply technical knowledge and skill to determine the quantum and validity of an industrial or heavy vehicle claim.
  • Manage time and the work process within the insurance environment.
  • Recognise the effect of HIV/AIDS in the insurance industry and workplace and indicate precautions that are necessary to avoid unnecessary transmission of the HI Virus.
  • Research the history of the Financial Services Industry in South Africa.
  • Describe Funeral Insurance.
  • Market a single need insurance policy to a niche market.
  • Describe Transportation Insurance.
  • Demonstrate knowledge and understanding of the role, functions and duties of trustees of retirement funds.
  • Demonstrate knowledge and understanding of the role, functions and duties of trustees of medical schemes.
  • Demonstrate ability to use and interpret texts that apply to the role and responsibilities of trustees of retirement funds.
  • Underwrite a standard risk in Short Term commercial and industrial insurance. Recommended.
  • Demonstrate knowledge and understanding of the different products marketed by Healthcare Benefits Administrators.
  • Demonstrate knowledge and understanding of Commercial, Industrial and Corporate Insurance in South Africa. Recommended.
  • Demonstrate knowledge and insight into the Compensation for Occupational Injury and Disease Act 130 of 1993 (COIDA).
  • Demonstrate knowledge and understanding of the statutory cover afforded under the Compensation for Occupational Injury and Disease Act 130 of 1993, as amended (COIDA).
  • Demonstrate knowledge and understanding of the sales process in short term insurance.
  • Explain strategies to retail and expand existing business in the insurance/investment industry.
  • Demonstrate knowledge and insight into the Long Term Insurance Act (1998).
  • Demonstrate knowledge and insight into the Medical Schemes Act (131 of 1998) and the accompanying regulations.
  • Demonstrate knowledge and insight into the Financial Advisory and Intermediary Services Act (FAIS) (Act 37 of 2002). Recommended.
  • Identify possible ways of improving employment prospects.
  • Manage personal expenditure.
  • Research costs associated with marriage, birth, divorce and death in own circumstances.
  • Produce word processing documents for business.
  • Produce and use spreadsheets for business.
  • Produce presentation documents for business.
  • Demonstrate ability to use the world wide web.

Associated Assessment Criteria

  • Practical formative, continuous assessment according to a checklist provided by the trainer for assessors against the assessment criteria for the selected unit standards including underwrite a standard risk in Commercial / Industrial insurance, which is strongly recommended.
  • Assessment using a variety of methods such as observation, taped evidence, examination of work or product etc.

2.6.Date of registration of the qualificationon the NQF (if registered) and code and number of the qualification:

Date: 12 June 2002 - ID 21796

2.7 Date of application to SAQA for registration of the qualification (if not registered):

NA

2.8 Name of ETQA responsible for quality assuring the qualification:

INSQA – Insurance Sector Quality Assurer

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Short Term Insurance Commercial / Industrial Underwriter, NQF Level 4 14 February 05 L0015

3. Qualification and Unit Standards

Title / Code / NQF Level / Credit value / Percentage of assessment
Structured Learning / Workplace Experience / Practical Work
Details of Qualification / National Certificate in Insurance: Short Term, NQF Level 4 / 21796 / 4 / 140
Details of unit standards / Fundamental Learning / 66
Communication
20 credits. Made up of 15 compulsory credits from FET and 5 contextualised credits / 15
Engage in sustained oral communication and evaluate spoken texts. / 8974 / 4 / 5 / 71% / 29%
Read, analyse and respond to a variety of texts. / 8975 / 4 / 5 / 71% / 29%
Write for a wide range of contexts. / 8976 / 4 / 5 / 71% / 29%
Contextualised Communication unit standards at level 4 – Choose 5 credits. Choose a unit standard that is relevant to the career path.
The balance of these standards may be included as electives / 5
Use language and communication in occupational learning programmes. / 8979 / 4 / 5 / 71% / 29%
Title / Code / NQF Level / Credit value / Percentage of assessment
Structured Learning / Workplace Experience / Practical Work
Apply comprehension skills to interrogate a written text in a business environment. / 12155 / 4 / 5 / 71% / 29%
Apply comprehension skills to engage oral texts in a business environment. / 12154 / 4 / 5 / 71% / 29%
Use the writing process to compose texts required in business environment. / 12153 / 4 / 5 / 71% / 29%
Mathematical Literacy / 16
Use mathematics to investigate and monitor the financial aspects of personal, business, and national issues. / 7468 / 4 / 6 / 71% / 29%
Measure, estimate and calculate physical quantities and explore, critique and prove geometrical relationships in two and three-dimensional space in the life and workplace of the adult with increasing responsibilities. / 12417 / 4 / 4 / 71% / 29%
Apply knowledge of statistics and probability to critically interrogate and effectively communicate findings on life related problems. / 9015 / 4 / 6 / 71% / 29%
Title / Code / NQF Level / Credit value / Percentage of assessment
Structured Learning / Workplace Experience / Practical Work
Financial Literacy
Choose 10 credits / 10
Describe the basic principles of personal income tax / 10389 / 4 / 3 / 71% / 29%
Develop a business plan for a small business / 10385 / 4 / 5 / 71% / 29%
Investigate ways of managing financial risk in own lives / 10387 / 4 / 6 / 71% / 29%
Interpret basic financial statements / 10388 / 4 / 2 / 71% / 29%
Investigate the possibilities of establishing and running a small business enterprise (SMME) / 10386 / 4 / 3 / 71% / 29%
Title / Code / NQF Level / Credit value / Percentage of assessment
Structured Learning / Workplace Experience / Practical Work
An additional SA Language at NQF Level 3
20 credits. Made up of 15 compulsory credits from FET and 5 contextualised credits.
Learners may select from Sepedi, Sesotho, Setwana, siSwati, Tshivenda, Xotsonga, Afrikaans, English, isiNdebele, isiXhosa, isiZulu, and sign language provided that:
  • The language has not been offered under fundamental
  • Only one language from the Nguni group may be offered as either elective or fundamental
  • Only one language from the Sotho group may be offered as either elective or fundamental
/ 15
Compulsory
Accommodate context needs in oral communication. / 8968 / 3 / 5 / 71% / 29%
Compulsory
Interpret and use information from texts. / 8969 / 3 / 5 / 71% / 29%
Compulsory
Write texts for a range of communicative contexts. / 8970 / 3 / 5 / 71% / 29%
Contextualised Communication unit standards at level 3 – Choose 5 credits.
Choose unit standards that are relevant to the career path. / 5
Access information to respond to client enquiries in a financial services environment. / 9302 / 3 / 2 / 71% / 29%
Title / Code / NQF Level / Credit value / Percentage of assessment
Structured Learning / Workplace Experience / Practical Work
Communicate verbally with clients in a financial services environment. / 9303 / 3 / 3 / 71% / 29%
Use language and communication in occupational learning programmes. / 8973 / 3 / 5 / 71% / 29%
Core Learning / 48
Demonstrate knowledge and application of ethical conduct in a business environment. / 13940 / 4 / 4 / 71% / 29%
Demonstrate knowledge and insight into the Short Term Insurance Act (No 53 of 1998) and accompanying regulations / 10194 / 4 / 2 / 71% / 29%
Explain reinsurance as it is applied in Short Term insurance. / 10362 / 4 / 3 / 71% / 29%
Analyse the Financial Services Industry and the role of insurance in a business environment. / 12168 / 4 / 9 / 71% / 29%
Analyse new developments reported in the media that could impact on short term insurance. / 10363 / 4 / 10 / 71% / 29%
Describe insurance cover against damage caused by riots and acts of terrorism and violence against public authorities in South Africa. / 10364 / 4 / 3 / 71% / 29%
Describe short term insurance / 8989 / 3 / 2 / 71% / 29%
Indicate the scope of short term insurance in South Africa. / 8997 / 3 / 3 / 71% / 29%
Title / Code / NQF Level / Credit value / Percentage of assessment
Structured Learning / Workplace Experience / Practical Work
Explain the types of compulsory statutory insurance in South Africa / 9005 / 3 / 2 / 71% / 29%
Produce written evidence of short term insurance contracts and maintain records of policies and premiums. / 9006 / 3 / 3 / 71% / 29%
Manage risk in own life. / 8994 / 3 / 3 / 71% / 29%
Indicate how different needs lead to the development of different insurance products. / 8987 / 3 / 4 / 71% / 29%
Elective Learning Select unit standards relevant to a Short Term Insurance Commercial / Industrial Underwriter career path for a minimum of 26 Credits. / 26
Underwrite a standard risk in Short Term commercial and industrial insurance. / 10367 / 4 / 10 / 71% / 29%
Demonstrate knowledge and understanding of Commercial, Industrial and Corporate Insurance in south Africa. / 10376 / 4 / 4 / 71% / 29%
Demonstrate knowledge and insight into the Policyholder Protection Legislation. / 12332 / 4 / 2 / 71% / 29%
Demonstrate knowledge and insight into the Financial Advisory and Intermediary Services Act (FAIS) (Act 37 of 2002). / 12164 / 4 / 2 / 71% / 29%
Describe financial interactions of insurers and intermediaries in short term insurance. / 10372 / 4 / 2 / 71% / 29%
Title / Code / NQF Level / Credit value / Percentage of assessment
Structured Learning / Workplace Experience / Practical Work
Demonstrate knowledge and understanding of personal accident insurance. / 10371 / 4 / 2 / 71% / 29%
Demonstrate knowledge and understanding of all risks insurance. / 13839 / 4 / 2 / 71% / 29%
Demonstrate knowledge and understanding of the Value Added Tax Act, 89 of 1991 as amended as it applies to insurance policies. / 10381 / 4 / 2 / 71% / 29%
Underwrite a standard risk in Short Term personal/domestic insurance. / 10366 / 4 / 10 / 71% / 29%
Process a Short Term personal/domestic insurance claim. / 10370 / 4 / 3 / 71% / 29%
Demonstrate knowledge and understanding of domestic motor insurance. / 10368 / 4 / 3 / 71% / 29%
Demonstrate knowledge and understanding of personal/domestic insurance in South Africa. / 10369 / 4 / 3 / 71% / 29%
Demonstrate knowledge and understanding of insurance of personal/domestic household contents and household buildings. / 10373 / 4 / 3 / 71% / 29%
Manage risk in own work/business environment. / 13954 / 4 / 2 / 71% / 29%
Describe the insurance of watercraft. / 10374 / 4 / 5 / 71% / 29%
Title / Code / NQF Level / Credit value / Percentage of assessment
Structured Learning / Workplace Experience / Practical Work
Describe insurance cover against damage caused by riots and acts of terrorism and violence against public authorities in Namibia. / 10380 / 4 / 2 / 71% / 29%
Demonstrate knowledge and understanding of the Road Ordinance as it applies to motor insurance. / 10382 / 4 / 2 / 71% / 29%
Apply technical knowledge and skill to determine the quantum and validity of a light motor vehicle claim. / 10383 / 4 / 5 / 71% / 29%
Apply technical knowledge and skill to determine the quantum and validity of an industrial or heavy vehicle claim. / 10384 / 4 / 5 / 71% / 29%
Manage time and the work process within the insurance environment. / 8101 / 2 / 2 / 71% / 29%
Recognise the effect of HIV/AIDS in the insurance industry and workplace and indicate precautions that are necessary to avoid unnecessary transmission of the HI Virus. / 9356 / 2 / 4 / 71% / 29%
Research the history of the Financial Services Industry in South Africa. / 8986 / 3 / 10 / 71% / 29%
Describe Funeral Insurance. / 8995 / 3 / 2 / 71% / 29%
Market a single need insurance policy to a niche market. / 9004 / 2 / 2 / 71% / 29%
Describe Transportation Insurance. / 10365 / 4 / 2 / 71% / 29%
Title / Code / NQF Level / Credit value / Percentage of assessment
Structured Learning / Workplace Experience / Practical Work
Demonstrate knowledge and understanding of the role, functions and duties of trustees of retirement funds. / 12547 / 3 / 4 / 71% / 29%
Demonstrate knowledge and understanding of the role, functions and duties of trustees of medical schemes. / 12550 / 3 / 4 / 71% / 29%
Demonstrate ability to use and interpret texts that apply to the role and responsibilities of trustees of retirement funds. / 12548 / 3 / 4 / 71% / 29%
Demonstrate knowledge and understanding of the different products marketed by Healthcare Benefits Administrators. / 12323 / 4 / 4 / 71% / 29%
Demonstrate knowledge and insight into the Compensation for Occupational Injury and Disease Act 130 of 1993 (COIDA). / 10377 / 4 / 2 / 71% / 29%
Demonstrate knowledge and understanding of the statutory cover afforded under the Compensation for Occupational Injury and Disease Act 130 of 1993, as amended (COIDA). / 10378 / 4 / 3 / 71% / 29%
Demonstrate knowledge and understanding of the sales process in short term insurance. / 10379 / 4 / 4 / 71% / 29%
Explain strategies to retail and expand existing business in the insurance/investment industry. / 14319 / 4 / 3 / 71% / 29%
Demonstrate knowledge and insight into the Long Term Insurance Act (1998). / 14316 / 4 / 2 / 71% / 29%
Demonstrate knowledge and insight into the Medical Schemes Act (131 of 1998) and the accompanying regulations. / 12335 / 4 / 3 / 71% / 29%
Identify possible ways of improving employment prospects. / 10713 / 3 / 3 / 71% / 29%
Title / Code / NQF Level / Credit value / Percentage of assessment
Structured Learning / Workplace Experience / Practical Work
Manage personal expenditure. / 10712 / 3 / 3 / 71% / 29%
Research costs associated with marriage, birth, divorce and death in own circumstances. / 10714 / 3 / 4 / 71% / 29%
Produce word processing documents for business. / 7570 / 3 / 5 / 71% / 29%
Produce and use spreadsheets for business. / 7567 / 3 / 5 / 71% / 29%
Produce presentation documents for business. / 7575 / 3 / 5 / 71% / 29%
Demonstrate ability to use the world wide web. / 7573 / 3 / 5 / 71% / 29%
Elective unit standards at level 3 and 4 from insurance and financial services related fields may be included in order to ensure relevance.
The qualification requirements must be met before additional unit standards from other relevant qualifications are chosen.
Title / Code / NQF Level / Credit value / Percentage of assessment
Structured Learning / Workplace Experience / Practical Work
The qualification requires an integrated summative assessment based on 410 hours of practical, mentored, on the job experience in a Short Term Insurance Commercial / Industrial Underwriterposition in an organisation. This is assessed against the Core and selected Elective unit standards and the Exit Outcomes and Assessment Criteria of the whole qualification. Refer to motivation points 2.5 and 4.

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