SAQA

All qualifications and part qualifications registered on the National Qualifications Framework are public property. Thus the only payment that can be made for them is for service and reproduction. It is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source.

SOUTH AFRICAN QUALIFICATIONS AUTHORITY

REGISTERED UNIT STANDARD THAT HAS PASSED THE END DATE:

Describe funeral insurance

SAQA US ID	UNIT STANDARD TITLE
8995	Describe funeral insurance
ORIGINATOR
SGB Financial Services
PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY
-
FIELD			SUBFIELD
Field 03 - Business, Commerce and Management Studies			Finance, Economics and Accounting
ABET BAND	UNIT STANDARD TYPE	PRE-2009 NQF LEVEL	NQF LEVEL	CREDITS
Undefined	Regular	Level 3	NQF Level 03	2
REGISTRATION STATUS		REGISTRATION START DATE	REGISTRATION END DATE	SAQA DECISION NUMBER
Passed the End Date - Status was "Registered"		2002-02-13	2004-08-11	SAQA 0540/02
LAST DATE FOR ENROLMENT		LAST DATE FOR ACHIEVEMENT
2005-08-11		2008-08-11

In all of the tables in this document, both the pre-2009 NQF Level and the NQF Level is shown. In the text (purpose statements, qualification rules, etc), any references to NQF Levels are to the pre-2009 levels unless specifically stated otherwise.

This unit standard is replaced by:

US ID	Unit Standard Title	Pre-2009 NQF Level	NQF Level	Credits	Replacement Status
114956	Describe funeral insurance	Level 3	NQF Level 03	2

PURPOSE OF THE UNIT STANDARD

This unit standard provides a broad introduction to funeral policies as part of financial planning.

The qualifying learner is capable of:

Knowing and understanding a funeral plan.

Identifying the benefits provided by a funeral plan/policy.

Explaining why funeral policies/plans are classified as long term insurance.

Comparing the benefits of a funeral policy with the benefits of belonging to a funeral society.

Comparing the funeral policies offered by two different companies in terms of value for money.

LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING

There is open access to this unit standard. Learners should be competent in Communication and Mathematical literacy at NQF Level 2.

UNIT STANDARD RANGE

The typical scope of this unit standard is:

1. Funeral policies and funeral insurance.
2. Procedure after a death includes death certificate, policy paid to date and notification of death in specified time.

Specific Outcomes and Assessment Criteria:

SPECIFIC OUTCOME 1

Know and explain the concept of funeral insurance.

ASSESSMENT CRITERIA

ASSESSMENT CRITERION 1

1. The purpose of having funeral insurance is understood and explained with reference to case studies of people who had/did not have funeral insurance.

ASSESSMENT CRITERION 2

2. The advantages and disadvantages of funeral insurance are listed from the point of view of a family who has lost a provider.

ASSESSMENT CRITERION 3

3. Basic terms associated with funeral insurance such as cover, benefits, contributions, claims and funeral support benefit are understood and explained with reference to a specific policy.

ASSESSMENT CRITERION 4

4. The benefit of a funeral policy being tax-free is explained for three different tax groups and premiums.

ASSESSMENT CRITERION 5

5. The concept of funeral policies being a private/own responsibility is explained with reference to tax regulations.

ASSESSMENT CRITERION 6

6. A table showing the tax-free benefits of a funeral policy is explained for three different monthly premiums.

ASSESSMENT CRITERION 7

7. The role of the intermediary in marketing a funeral policy is outlined with reference to compliance with appropriate legislation when selling a policy.

ASSESSMENT CRITERION 8

8. The effects of a particular event on a funeral insurance company are compared for a scenario with or without reinsurance.

ASSESSMENT CRITERION 9

9. The reason for a waiting period before funeral cover commences is understood and explained and exceptions to the waiting period are named.

ASSESSMENT CRITERION 10

10. The implications of non-disclosure for the individual and the organisation are explained where medical questions are asked of the policy holder.

SPECIFIC OUTCOME 2

Identify different funeral benefits related to funeral insurance and funeral societies.

ASSESSMENT CRITERIA

ASSESSMENT CRITERION 1

1. The costs that have to be considered when someone passes away are listed and an indication is given of the likely cost of each item on the list for own circumstances.

ASSESSMENT CRITERION 2

2. The different benefits offered in funeral policies are named and compared for two different policies.

ASSESSMENT CRITERION 3

3. The benefits of belonging to a funeral society are explained and an indication is given of the role of funeral societies in the community.

ASSESSMENT CRITERION 4

4. The risk attached to having, or not having funeral cover are compared with reference to the consequences for a breadwinner's family.

ASSESSMENT CRITERION 5

5. The role of funeral insurance is compared to the role of a burial society.

SPECIFIC OUTCOME 3

Recognise funeral insurance as part of financial planning.

ASSESSMENT CRITERIA

ASSESSMENT CRITERION 1

1. The impact of age on policy premiums is explained with reference to actual examples.

ASSESSMENT CRITERION 2

2. The concept of dependents and who can be a dependent is explained with reference to an actual policy.

ASSESSMENT CRITERION 3

3. The concept of life expectation is explained using a graph to illustrate the underlying principles.

ASSESSMENT CRITERION 4

4. A premium is calculated for a specific policy using a calculator.

ASSESSMENT CRITERION 5

5. The procedure to be followed by the family when a relative covered by a funeral policy passes away is outlined and an explanation is given of the consequences of not following the correct procedure.

SPECIFIC OUTCOME 4

Apply knowledge of customer profiles and risk to funeral insurance.

ASSESSMENT CRITERIA

ASSESSMENT CRITERION 1

1. Questions are formulated and used to establish a basic customer profile.

ASSESSMENT CRITERION 2

2. The risk category most likely to apply to the customer is identified and matched to the customer profile for two different funeral policies.

ASSESSMENT CRITERION 3

3. Possible funeral funding options are presented for the customer profile.

ASSESSMENT CRITERION 4

4. An explanation is given as to why funeral policies pay out more in the case of the death of an adult than they do for a child.

UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS

This unit standard will be internally assessed by the provider and moderated by a moderator registered by INSQA or a relevant accredited ETQA. The mechanisms and requirements for moderation are contained in the document obtainable from INSQA, INSQA framework for assessment and moderation.

Critical Cross-field Outcomes (CCFO):

UNIT STANDARD CCFO IDENTIFYING

Learners can identify and solve problems by listing potential costs at the time of a death and indicating the likely cost of each item for own circumstances.

UNIT STANDARD CCFO COLLECTING

Learners can collect, organise and evaluate information when naming and comparing the different benefits offered in two different policies.

UNIT STANDARD CCFO COMMUNICATING

Learners can communicate effectively using visual, mathematical and language skills when presenting and explaining a table illustrating the tax free benefits of a funeral policy for three different monthly premiums.

UNIT STANDARD CCFO DEMONSTRATING

Learners can demonstrate an understanding of the world as a set of related systems when outlining the role of the intermediary in marketing a funeral policy with reference to the broker and the broker`s representative selling the policy.

UNIT STANDARD CCFO CONTRIBUTING

A learner is able to participate as a responsible citizen in the work community by understanding the implications of non-disclosure for the individual and the organisation when responding to the medical questions posed to a policyholder.

UNIT STANDARD NOTES

This unit standard has been replaced by unit standard 114956, which is "Describe funeral insurance", Level 3, Credits 2, as from 11 Aug 2004

QUALIFICATIONS UTILISING THIS UNIT STANDARD:

	ID	QUALIFICATION TITLE	PRE-2009 NQF LEVEL	NQF LEVEL	STATUS	END DATE	PRIMARY OR DELEGATED QA FUNCTIONARY
Core	20177	National Certificate: Insurance	Level 3	NQF Level 03	Passed the End Date - Status was "Registered"	2004-10-10	Was INSETA until Last Date for Achievement
Elective	48493	National Certificate: Financial Services: Wealth Management	Level 4	NQF Level 04	Passed the End Date - Status was "Registered"	2007-02-11	Was INSETA until Last Date for Achievement
Elective	20774	National Certificate: Insurance: Long Term: Risk Assessment	Level 4	NQF Level 04	Passed the End Date - Status was "Registered"	2004-12-05	Was INSETA until Last Date for Achievement
Elective	20773	National Certificate: Long Term Insurance	Level 4	NQF Level 04	Passed the End Date - Status was "Registered"	2004-12-05	INSETA
Elective	21796	National Certificate: Short Term Insurance	Level 4	NQF Level 04	Passed the End Date - Status was "Registered"	2005-06-12	Was INSETA until Last Date for Achievement

PROVIDERS CURRENTLY ACCREDITED TO OFFER THIS UNIT STANDARD:

This information shows the current accreditations (i.e. those not past their accreditation end dates), and is the most complete record available to SAQA as of today. Some Primary or Delegated Quality Assurance Functionaries have a lag in their recording systems for provider accreditation, in turn leading to a lag in notifying SAQA of all the providers that they have accredited to offer qualifications and unit standards, as well as any extensions to accreditation end dates. The relevant Primary or Delegated Quality Assurance Functionary should be notified if a record appears to be missing from here.

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