FETC: SHORT TERM INSURANCE NQF L4

This skills programme is designed to empower individuals with knowledge and skill required by participants in short term or long term insurance dealing with matters relating to financial fundamental literacy.

Duration:
Minimum 120 Notional Hours

In order to register for the skills programme the learner should be competent in grade 11, Mathematical Literacy.

Entry Requirements:

1. Should have over 5 years industry experience.
2. Must be employed.

Individuals who have attained the national certificate in financial services: Level 3 and wish to continue on a path of life-long learning specializing in Short Term Insurance and Long Term Insurance. Individuals who have worked in the short term or long term insurance sub-sector for many years, but have no formal qualifications in their area of specialization. Learners in a learnership agreement in the short term or long term insurance sub-sector. Individuals who have recently taken up a position in short term or long term insurance. Advisors/representatives that deal with short term and long term insurance.

The skills programme will be offered through:
• Direct Facilitation Sessions
• Distance Learning

Financial literacy programme forms part of FETC Short Term Insurance Level 4 and Long Term Insurance Level 4

 A good, thorough knowledge and understanding of this module will ensure competency in the following specific outcomes:

Critique and use techniques for collecting, organising and representing data. Use theoretical and experimental probability to develop models, make predictions and study problems. Critically interrogate and use probability and statistical models in problem solving and decision making in real-world situations. Use mathematics to plan and control financial instruments including insurance and assurance, unit trusts, stock exchange dealings, options, futures and bonds Use simple and compound interest to make sense of and define a variety of situations including mortgage loans, hire purchase, present values, annuities and sinking funds. Investigate various aspects of costs and revenue including marginal costs, marginal revenue and optimisation of profit. Use mathematics to debate aspects of the national and global economy, including tax, productivity and the equitable distribution of resources. Measure, estimate, and calculate physical quantities in practical situations relevant to the adult with increasing responsibilities in life or the workplace. Explore analyse and critique, describe and represent, interpret and justify geometrical relationships and conjectures to solve problems in two and three dimensional geometrical situations.

The three Unit Standards are designed to provide credits towards the mathematical literacy requirement of the NQF at Level 4.