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: 

Administer instructions to instate or cancel insurance cover on a moveable asset based account in a banking environment 
SAQA US ID UNIT STANDARD TITLE
7164  Administer instructions to instate or cancel insurance cover on a moveable asset based account in a banking environment 
ORIGINATOR
SGB Banking and Micro Finance 
PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY
BANKSETA - Banking Sector Education and Training Authority 
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  21 
REGISTRATION STATUS REGISTRATION START DATE REGISTRATION END DATE SAQA DECISION NUMBER
Passed the End Date -
Status was "Reregistered" 		 2018-07-01  2023-06-30  SAQA 06120/18 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2024-06-30   2027-06-30  

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 does not replace any other unit standard and is not replaced by any other unit standard. 

PURPOSE OF THE UNIT STANDARD 
This unit standard is intended for people who are responsible for assuring that financed articles are insured at all times. People credited with this unit standard are able to effectively handle instructions to instate and/or cancel insurance cover on a moveable asset based account and to confirm the accuracy of effected transactions. 

LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
Open. 

Specific Outcomes and Assessment Criteria: 

SPECIFIC OUTCOME 1 
Handle instructions to instate insurance cover 
OUTCOME RANGE 
Insurance premiums and detail regarding; new finance contracts, replacement of existing policy with updated or alternative insurance cover. 

ASSESSMENT CRITERIA 

ASSESSMENT CRITERION 1 
1. Instruction and supporting documentation are received and recorded according to company specifications. 
ASSESSMENT CRITERION RANGE 
Supporting documentation includes, but is not limited to policy document, letter from insurance company, instructions regarding the payment method and cycle of premiums.
 

ASSESSMENT CRITERION 2 
2. Customer's current insurance record is verified. 

ASSESSMENT CRITERION 3 
3. Cause of action is determined as per instruction and current insurance record. 

ASSESSMENT CRITERION 4 
4. Entries to instate the insurance cover are generated and submitted for processing according to company specifications. 
ASSESSMENT CRITERION RANGE 
Entries include, but are not limited to financial transactions regarding premium and commission payable; details of cover e.g. type of insurance, term and name of insurance company.
 

ASSESSMENT CRITERION 5 
5. Authorisation to effect the entries is obtained according to company specifications. 

SPECIFIC OUTCOME 2 
Handle instructions to cancel insurance cover 
OUTCOME RANGE 
Cancellation of insurance cover in full, pro rata and/or premiums. 

ASSESSMENT CRITERIA 

ASSESSMENT CRITERION 1 
1. Instruction to cancel insurance cover and supporting documentation are obtained and recorded according to company specifications. 
ASSESSMENT CRITERION RANGE 
Supporting documentation includes, but is not limited to authorised consent from customer and letter of approval from insurance company.
 

ASSESSMENT CRITERION 2 
2. The feasibility of the instruction is determined according to company specifications. 
ASSESSMENT CRITERION RANGE 
Feasibility depends on current status of the account, Calculation of interest rates, commission payable and instalments paid/payable.
 

ASSESSMENT CRITERION 3 
3. Cause of action is determined as per instruction and feasibility study. 

ASSESSMENT CRITERION 4 
4. Entries to cancel the insurance cover are generated and submitted for processing according to company specifications. 

ASSESSMENT CRITERION 5 
5. Authorisation to effect the cancellation is obtained according to company specifications. 

SPECIFIC OUTCOME 3 
Confirm the accuracy of effected transactions 
OUTCOME RANGE 
All transactions relating to instating and/or canceling insurance cover. 

ASSESSMENT CRITERIA 

ASSESSMENT CRITERION 1 
1. Proof of processed entries is obtained according to company specifications. 

ASSESSMENT CRITERION 2 
2. Processed result is verified with entries and nonconformance is addressed according to company regulations. 

ASSESSMENT CRITERION 3 
3. Updated insurance cover status is compared and corresponds with insurance policy and instructions. 

ASSESSMENT CRITERION 4 
4. Customer is advised on insurance cover status and obligations according to company specifications. 
ASSESSMENT CRITERION RANGE 
Include, but not limited to new repayment amount, commencement date of new payments and premiums.
 

ASSESSMENT CRITERION 5 
5. Documentation is filed according to company specifications. 


UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS 
Accreditation process (including moderation):
  • Anyone assessing a learner against this unit standard must be registered as an assessor with the relevant ETQA.
  • Any institution offering learning that will enable achievement of this unit standard or assessing this unit standard must be accredited as a provider with the relevant ETQA.
  • Moderation of assessment will be overseen by the relevant ETQA according to the moderation guidelines in the relevant qualification and the agreed ETQA procedures.

    Therefore anyone wishing to be assessed against this unit standard may apply to be assessed by any assessment agency, assessor or provider institution which is accredited by the relevant ETQA. 
    		•

    UNIT STANDARD ESSENTIAL EMBEDDED KNOWLEDGE 
    Learners are able to:
  • Discuss the procedures and policies regarding various insurance products
  • Interpret instructions and to determine cause of action
  • Collate and integrate information from various resources and evaluate the correctness of the information
  • Calculate financial figures regarding insurance premiums
  • Complete company specific financial transactions
  • Operate company specific data systems to capture, locate, update and extract information to complete the task at hand
  • Value the importance of assuring that financed articles are insured at all times 
    		•


    Critical Cross-field Outcomes (CCFO): 

    UNIT STANDARD CCFO IDENTIFYING 
    The learner is able to identify and solve problems when determining the feasibility of cancellation instructions, ensuring decisions regarding acceptability are only taken once the accuracy and feasibility of the instructions had been confirmed. 

    UNIT STANDARD CCFO WORKING 
    The learner is able to work effectively with others when obtaining and verifying instructions to instate and/or cancel insurance cover from internal departments, insurance companies and/or clients, ensuring completeness and accuracy of instructions. 

    UNIT STANDARD CCFO ORGANISING 
    The learner is able to organise and manage his/her activities responsibly and effectively, ensuring that all financed articles are insured accurately and timeously. 

    UNIT STANDARD CCFO COLLECTING 
    The learner is able to collect, organise and critically evaluate information when verifying documentation and interpreting information, ensuring accurate determination of causes of actions. 

    UNIT STANDARD CCFO COMMUNICATING 
    The learner is able to communicate both verbally and in writing when advising client and internal departments on new insurance cover status. 

    UNIT STANDARD CCFO SCIENCE 
    The learner is able to use science and technology effectively when capturing, updating and extracting information, ensuring complete and accurate information is available on systems. 

    UNIT STANDARD CCFO DEMONSTRATING 
    The learner is able to demonstrate an understanding of the relationship between internal departments, insurance companies and clients and the importance of networking to effectively administer instructions to instate or cancel insurance cover on a moveable asset based account. 

    REREGISTRATION HISTORY 
    As per the SAQA Board decision/s at that time, this unit standard was Reregistered in 2012; 2015. 

    UNIT STANDARD NOTES 
    Legal requirements:

    All procedures must meet recognised codes of practice as well as obligations required under current legislation.

    Assessment against unit standard:

    Assessment practices against this unit standard should meet the requirements of established assessment principles, such as validity, reliability and fairness. Assessment activities and tools, which are appropriate to the context in which learners are working, should be used. The assessment should ensure that all the specific outcomes, critical cross-field outcomes, and essential embedded knowledge are assessed. Learners are required to demonstrate that they can perform the specific outcomes with understanding and reflexivity and, where applicable, within all the situations and circumstances defined by the range statement(s). 

    QUALIFICATIONS UTILISING THIS UNIT STANDARD: 
      ID QUALIFICATION TITLE PRE-2009 NQF LEVEL NQF LEVEL STATUS END DATE PRIMARY OR DELEGATED QA FUNCTIONARY
    Elective  20184   National Certificate: Banking  Level 3  NQF Level 03  Passed the End Date -
    Status was "Reregistered"     		 2023-06-30  BANKSETA 


    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.
     
    1. Absa Learning & Development 
    2. Fachs Business Consulting and Training 
    3. Octomate Education Pty Ltd 
    4. SIGNA ACADEMY (PTY) LTD 
    5. Standard Bank Personal and Business Banking 
    6. Trainers Without Borders 


    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.