Reference no: EM132333941

Insurance Advising - Theory and Practice Assignment - Individual Writing Task

Overview - The individual written task addresses and assesses key learning outcomes as follows:

1. Describe how the various risk concepts, classifications, rules and methods of handling risk are integrated into the overall risk management process.

2. Demonstrate a comprehensive understanding of the Australian regulatory environment in which risk management advice and insurance products are provided.

3. Understand the fact-finding process and how to prepare a needs analysis to provide resulting insurance recommendations.

4. Critically assess the risk management and insurance needs of individuals and small business.

5. Describe the different types of life, general and other insurance products and their application to real world consumers and small business.

Task Requirement - Students are required to read and analyse a case study (attached) for potential clients.

Based on the information outlined in the case study, students are required to identify and discuss the risks that the clients face to achieving their stated financial goals. This discussion should include an attempt to quantify the risk exposure and also explore the different options for managing each risk.

Students are also required to make recommendations on how they would advise the client to manage each of the risks they identify.

Your analysis should be presented to the client in the form of a "Discussion Paper" and should include the following sections:

• Cover Letter
• Cover Page
• Executive Summary
• Table of Contents
• Basis for Your Advice
• Your Advice
• Other important information

Required -

Anthony and Amanda are particularly concerned about developing a risk management plan for the family. Respond to this request for information by preparing a "Discussion Paper". Included in your preparation should be:

• Your understanding of their needs and objectives.
• A risk assessment in relation to the family and a summary of Amanda and Anthony's wealth protection (insurance) needs.
• An outline of the types of products suitable for discussion, including analysis of specific products available in the Australian marketplace) and a calculation of the level of cover required for each product.
• The criteria for why you have chosen to include a specific product in your recommendation, e.g. This could be by way of a table or chart comparing fictitious product features and benefits, options etc.
• There is no need to source specific products. Use generic products for recommendation purposes. For example: ABC Life covers.
• List any questions that you would have for Amanda and Anthony to gain further insight into their situation.

Attachment:- Insurance Advising Assignment File.rar