NZQA Assessment Support Material Unit standard 28096 Title Evaluate and select insurance product types in relation to events for personal finances Level 2 Credits 3 Version 2 Student guidelines How you will be assessed You will be assessed on how well you: Evaluate and select relevant insurance product type(s) for four different events. Compare the advantages and advantages of insurance product options for a product type in terms of being appropriate to the events. Select a preferred product option for each event and explain appropriateness and suitability to the event. Justify your selection. A W A R D O F G R A D E S For award with Achieved, you must: evaluate and select insurance product types relating to four different events; for insurance product types compare two insurance product options in terms of their advantages and disadvantages; for each insurance product type select the product option suitable for the personal financial cover needed for the event. For award with Merit, you must: provide a detailed comparison of the advantages and disadvantages of the insurance product options for the insurance product types and give reasons why the selected product options are appropriate to the events. 28096 version 2 ASM version 1 Page 1 of 12 Student guidelines June 2015 New Zealand Qualifications Authority 2015
A W A R D O F G R A D E S For award with Excellence, you must: provide a comprehensive comparison of the advantages and disadvantages of the insurance product options for the insurance product types and a justification for selection of preferred insurance product options in terms of their suitability to the events. C O N D I T I O N S O F A S S E S S M E N T This is an open book assessment. You may use any information to help you complete the task(s). Answers must be in your own words. Your assessor will provide you with information regarding timeframes for this assessment. Assessment activity This assessment activity has one task. The task requires you to: Evaluate and select appropriate insurance product types for four (4) different possible events. For each event, evaluate and select from a given list relevant insurance product type(s). Select two insurance product options (policies) offered by different providers for each of the insurance product types and compare them in terms of their advantages and disadvantages. For each insurance product type select a preferred insurance product option (policy) that is suitable for the personal financial cover needed for the event. Give reasons and a justification for the selection of each of the preferred insurance product options (policies). 28096 version 2 ASM version 1 Page 2 of 12 Student guidelines June 2015 New Zealand Qualifications Authority 2015
Task 1. Choose at least four events from the list on the left below. For each event select the relevant insurance product types from the list on the right below. Complete the table on the next page to explain why each product type is relevant to the event. Events Insurance product types flatting travel loss of income serious accident serious illness loss or damage to tangible assets death income protection personal liability travel house vehicle contents mortgage or loan repayment health life 28096 version 2 ASM version 1 Page 3 of 12 Student guidelines June 2015 New Zealand Qualifications Authority 2015
E v e n t t y p e 1 P r o d u c t t y p e ( s ) R e l e v a n c e t o t h e e v e n t 2 3 4 28096 version 2 ASM version 1 Page 4 of 12 Student guidelines June 2015 New Zealand Qualifications Authority 2015
2. For each of the events that you selected in question one choose one insurance product type. Research insurance product options (policies) offered by two different providers for the product type. Use the following tables to compare the two insurance product options in terms of their advantages and disadvantages. Attach information sources such as internet evidence or prospectuses to support your answers. Make sure that you use a different product type for each event. E v e n t 1 : P r o d u c t t y p e : P r o d u c t O p t i o n 1 : P r o d u c t O p t i o n 2 : C o m p a r i s o n i n t e r m s o f a d v a n t a g e s a n d d i s a d v a n t a g e s 28096 version 2 ASM version 1 Page 5 of 12 Student guidelines June 2015 New Zealand Qualifications Authority 2015
E v e n t 2 : P r o d u c t t y p e : P r o d u c t O p t i o n 1 : P r o d u c t O p t i o n 2 : C o m p a r i s o n i n t e r m s o f a d v a n t a g e s a n d d i s a d v a n t a g e s 28096 version 2 ASM version 1 Page 6 of 12 Student guidelines June 2015 New Zealand Qualifications Authority 2015
E v e n t 3 : P r o d u c t t y p e : P r o d u c t O p t i o n 1 : P r o d u c t O p t i o n 2 : C o m p a r i s o n i n t e r m s o f a d v a n t a g e s a n d d i s a d v a n t a g e s 28096 version 2 ASM version 1 Page 7 of 12 Student guidelines June 2015 New Zealand Qualifications Authority 2015
E v e n t 4 : P r o d u c t t y p e : P r o d u c t O p t i o n 1 : P r o d u c t O p t i o n 2 : C o m p a r i s o n i n t e r m s o f a d v a n t a g e s a n d d i s a d v a n t a g e s 28096 version 2 ASM version 1 Page 8 of 12 Student guidelines June 2015 New Zealand Qualifications Authority 2015
3. For each event, select your preferred insurance product option and describe its suitability to the personal financial cover needed for the event. Give at least two (2) reasons why the option is appropriate to the event, and justify why this is your preferred selection. Event/Product type Product option(s) selected and suitability to financial cover needed Reasons why appropriate to event Justification for selection 1 28096 version 2 ASM version 1 Page 9 of 12 Student guidelines June 2015 New Zealand Qualifications Authority 2015
Event/Product type Product option(s) selected and suitability to financial cover needed Reasons why appropriate to event Justification for selection 2 28096 version 2 ASM version 1 Page 10 of 12 Student guidelines June 2015 New Zealand Qualifications Authority 2015
Event/Product type Product option(s) selected and suitability to financial cover needed Reasons why appropriate to event Justification for selection 3 28096 version 2 ASM version 1 Page 11 of 12 Student guidelines June 2015 New Zealand Qualifications Authority 2015
Event/Product type Product option(s) selected and suitability to financial cover needed Reasons why appropriate to event Justification for selection 4 28096 version 2 ASM version 1 Page 12 of 12 Student guidelines June 2015 New Zealand Qualifications Authority 2015