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 QUALIFICATION THAT HAS PASSED THE END DATE: |
National Certificate: Long Term Insurance |
SAQA QUAL ID | QUALIFICATION TITLE | |||
20773 | National Certificate: Long Term Insurance | |||
ORIGINATOR | ||||
SGB Financial Services | ||||
PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY | NQF SUB-FRAMEWORK | |||
INSETA - Insurance Sector Education and Training Authority | OQSF - Occupational Qualifications Sub-framework | |||
QUALIFICATION TYPE | FIELD | SUBFIELD | ||
National Certificate | Field 03 - Business, Commerce and Management Studies | Finance, Economics and Accounting | ||
ABET BAND | MINIMUM CREDITS | PRE-2009 NQF LEVEL | NQF LEVEL | QUAL CLASS |
Undefined | 120 | Level 4 | NQF Level 04 | Regular-Unit Stds Based |
REGISTRATION STATUS | SAQA DECISION NUMBER | REGISTRATION START DATE | REGISTRATION END DATE | |
Passed the End Date - Status was "Registered" |
SAQA 0639/01 | 2001-12-05 | 2004-12-05 | |
LAST DATE FOR ENROLMENT | LAST DATE FOR ACHIEVEMENT | |||
2005-12-05 | 2008-12-05 |
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 qualification does not replace any other qualification and is not replaced by any other qualification. |
PURPOSE AND RATIONALE OF THE QUALIFICATION |
The purpose of the qualification is to build knowledge and skill required by employees in long term insurance who have had schooling at or below NQF level 4. It is intended to empower learners to acquire knowledge, skills, attitudes and values required to operate confidently as individuals in the South African community and to respond to the challenges of the economic environment and changing world of work in the financial services industry. It should add value to the qualifying learner in terms of enrichment of the person, status and recognition.
As a qualification that covers long term insurance related learning, it provides a framework for learners to develop competencies that will give them insight into the Long Term Insurance sub sector which includes life, healthcare benefits administration and employee benefits. It introduces a basic understanding of the key terms, rules, concepts and principles of the field that will enable learners to be informed workers in the industry. It provides a balanced learning experience that allows flexible access to life long learning, higher education and to productive employment in long term insurance. It provides an opportunity for learners to learn and apply academic skills in relation to the workplace and will allow for multi-skilling. The National Certificate in Long Term Insurance: Level 4 is intended for personnel employed in long term insurance. The focus is on basic information gathering, analysis, presentation and the ability to apply knowledge of the field to solve routine problems within given frameworks. Qualifying learners are capable of Depending on the unit standards selected as electives, the learner will become competent in basic skills relating to These unit standards are intended as building blocks for the further development of skills that will make the learner a more fulfilled, informed, efficient and cost effective worker in the industry. This should result, in turn, in more effective and efficient service to the consumer and should make the industry more competitive in the global market. Rationale for the qualification: The National Certificate in Long Term Insurance: Level 4 is designed to meet the needs of learners in a variety of positions in the long term insurance sub sector. It is a generic qualification with specialisation in a selected career path in the long term insurance industry. It is first step for learners who: The National Certificate in Long Term Insurance: Level 4, allows the individual to work towards a nationally recognised qualification. It is flexible enough to accommodate both learners in formal education and learners already employed in the Long Term Insurance sub sector. It aims to develop informed and skilled learners in the Long Term Insurance sector. The qualification at this level is the start of a career path in one of the areas of specialisation in long term insurance, but is still generic enough to allow maximum mobility within the industry. Skills, knowledge, values and attitudes reflected in the qualification are building blocks that will be developed further in Level 5. The intention is: Learners already employed in the long term insurance industry at this level do work that requires a well developed knowledge of appropriate legislation and the industry in general, and a range of skills. The work roles include but are not limited to: The National Certificate in Long Term Insurance: Level 4 should produce knowledgeable, multi-skilled workers who are able to contribute to improved productivity and efficiency within the long term insurance industry. It should provide the means for current workers to receive recognition of prior learning, to upgrade their skills and achieve a nationally recognised qualification. It should also assist new entrants to the industry. The qualification is structured in a way that exposes learners to different aspects of long term insurance so that there is scope for multi-skilling within the sub sector. It is anticipated that this qualification will promote the notion of life long learning. |
LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING |
The unit standards that make up the certificate are the building blocks of knowledge and skill that are necessary for a proposed level 5 diploma. For the most part only communication, mathematical literacy and financial literacy at level 3 are assumed. Learners who have not previously received credit in the following unit standards, which are regarded as essential in all positions in the sub sector, are required to offer the standards as electives for this qualification.
Learners may offer the following unit standards (from NSB 4) as electives in this qualification provided they have not previously received credit for the unit standards as part of Communication at level 3: Recognition of Prior Learning: The National Certificate in Long Term Insurance: Level 4 allows open access. Provision has been made for prior learning to be recognised if a learner is able to demonstrate competence in the knowledge, skills, values and attitudes implicit in this qualification. Application for Recognition of Prior Learning (RPL) should be made to INSQA or a relevant accredited ETQA. |
RECOGNISE PREVIOUS LEARNING? |
Y |
EXIT LEVEL OUTCOMES |
Qualifying learners should be capable of:
The learner is able to demonstrate ability to: In addition this qualification contributes to the full personal development of each learner and the social and economic development of the society at large, by making it the underlying intention of any programme of learning to make the individual aware of the importance of: |
ASSOCIATED ASSESSMENT CRITERIA |
Integrated assessment:
Assessment practices must be fair, transparent, valid, reliable and should ensure that no learner is disadvantaged. Learners who wish to be assessed against this standard should direct enquiries to the Insurance Sector Quality Authority, INSQA. The focus of assessment must be on the assessment of the learning outcomes rather than learning outputs. The specific outcomes guide the learning and training process towards the outcomes on a continuous basis. The purpose is to determine whether the outcomes have been attained. Situations should present a wide range of options. Applications should require significant choices from a wide range of procedures and in a number of contexts. |
INTERNATIONAL COMPARABILITY |
This qualification will be compared to international qualifications in terms of outcomes and assessment criteria, degree of difficulty and notional learning time. It will be benchmarked against:
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ARTICULATION OPTIONS |
Exit points for learners who do not complete a qualification:
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MODERATION OPTIONS |
This qualification will be internally assessed by the provider and moderated by a moderator registered by the Insurance Sector Quality Authority (INSQA) or a relevant accredited ETQA. The mechanisms and requirements for moderation will be contained in the document obtainable from INSQA in 2001, INSQA framework for assessment and moderation.
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CRITERIA FOR THE REGISTRATION OF ASSESSORS |
This qualification will be internally assessed by the provider and moderated by a moderator registered by the Insurance Sector Quality Authority (INSQA) or a relevant accredited ETQA. The mechanisms and requirements for moderation will be contained in the document obtainable from INSQA in 2001, INSQA framework for assessment and moderation.
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NOTES |
Fundamental Unit Standards:
20 credits are required from Communication: An additional South African official language at NQF level 2 or above from the list of official languages other than the language of business provided that: Range: Official languages are Sepedi, Sesotho, Setswana, siSwati, Tshivenda, Xitsonga, Afrikaans, English, isiNdebele, isiXhosa, IsiZulu and sign language. (Unit Standards 8968, 8969 and 8970 are compulsory for this qualification); 16 credits are required from Mathematical literacy; 10 credits are required from Financial literacy. Core Unit Standards: 56 credits are required. Elective Unit Standards: 18 credits are required. |
UNIT STANDARDS: |
ID | UNIT STANDARD TITLE | PRE-2009 NQF LEVEL | NQF LEVEL | CREDITS | |
Core | 8988 | Describe life insurance | Level 3 | NQF Level 03 | 2 |
Core | 8992 | Describe retirement funding in South Africa | Level 3 | NQF Level 03 | 2 |
Core | 8987 | Indicate how different needs lead to the development of different insurance products | Level 3 | NQF Level 03 | 4 |
Core | 8996 | Indicate the scope of life insurance in South Africa | Level 3 | NQF Level 03 | 3 |
Core | 8994 | Manage risk in own life | Level 3 | NQF Level 03 | 3 |
Core | 12326 | Analyse new developments reported in the media that could impact on long term insurance | Level 4 | NQF Level 04 | 10 |
Core | 14314 | Analyse the different products available in the Long Term Insurance Industry and the benefits of each | Level 4 | NQF Level 04 | 10 |
Core | 12168 | Analyse the Financial Services industry and the role of insurance in a business environment | Level 4 | NQF Level 04 | 9 |
Core | 14315 | Demonstrate knowledge and insight into the Income Tax Act (58 of 1962 and the accompanying regulations) as amended as it applies to insurance and investment products | Level 4 | NQF Level 04 | 2 |
Core | 14316 | Demonstrate knowledge and insight into the Long Term Insurance Act (1998) | Level 4 | NQF Level 04 | 2 |
Core | 12332 | Demonstrate knowledge and insight into the Policyholder protection legislation | Level 4 | NQF Level 04 | 2 |
Core | 12164 | Demonstrate knowledge and insight of the Financial Advisory and Intermediary Services Act (FAIS) (Act 37 of 2002) | Level 4 | NQF Level 04 | 2 |
Core | 14318 | Describe the control of fraud in Long Term Insurance | Level 4 | NQF Level 04 | 3 |
Core | 13954 | Manage risk in own work/business environment | Level 4 | NQF Level 04 | 5 |
Fundamental | 8968 | Accommodate audience and context needs in oral communication | Level 3 | NQF Level 03 | 5 |
Fundamental | 8971 | Analyse and respond to a variety of literary texts | Level 3 | NQF Level 03 | 5 |
Fundamental | 8972 | Interpret a variety of literary texts | Level 3 | NQF Level 03 | 5 |
Fundamental | 8969 | Interpret and use information from texts | Level 3 | NQF Level 03 | 5 |
Fundamental | 8973 | Use language and communication in occupational learning programmes | Level 3 | NQF Level 03 | 5 |
Fundamental | 8970 | Write texts for a range of communicative contexts | Level 3 | NQF Level 03 | 5 |
Fundamental | 9015 | Apply knowledge of statistics and probability to critically interrogate and effectively communicate findings on life related problems | Level 4 | NQF Level 04 | 6 |
Fundamental | 10389 | Describe the basic principles of personal income tax | Level 4 | NQF Level 04 | 3 |
Fundamental | 10385 | Develop a business plan for a small business | Level 4 | NQF Level 04 | 5 |
Fundamental | 8974 | Engage in sustained oral communication and evaluate spoken texts | Level 4 | NQF Level 04 | 5 |
Fundamental | 8977 | Evaluate literary texts | Level 4 | NQF Level 04 | 5 |
Fundamental | 10388 | Interpret basic financial statements | Level 4 | NQF Level 04 | 3 |
Fundamental | 10386 | Investigate the possibilities of establishing and running a small business enterprise (SMME) | Level 4 | NQF Level 04 | 3 |
Fundamental | 10387 | Investigate ways of managing financial risk in own lives | Level 4 | NQF Level 04 | 6 |
Fundamental | 8978 | Motivate judgements on selected literary texts | Level 4 | NQF Level 04 | 5 |
Fundamental | 8975 | Read analyse and respond to a variety of texts | Level 4 | NQF Level 04 | 5 |
Fundamental | 9016 | Represent analyse and calculate shape and motion in 2-and 3-dimensional space in different contexts | Level 4 | NQF Level 04 | 4 |
Fundamental | 8979 | Use language and communication in occupational learning programmes | Level 4 | NQF Level 04 | 5 |
Fundamental | 7468 | Use mathematics to investigate and monitor the financial aspects of personal, business, national and international issues | Level 4 | NQF Level 04 | 6 |
Fundamental | 8976 | Write for a wide range of contexts | Level 4 | NQF Level 04 | 5 |
Elective | 7573 | Demonstrate ability to use the World Wide Web | Level 2 | NQF Level 02 | 3 |
Elective | 7571 | Demonstrate the ability to use electronic mail software to send and receive messages | Level 2 | NQF Level 02 | 3 |
Elective | 8103 | Maintain an existing information system in an insurance environment | Level 2 | NQF Level 02 | 3 |
Elective | 9004 | Market a single need insurance policy to a niche market | Level 2 | NQF Level 02 | 2 |
Elective | 9350 | Process numerical data and text information in an insurance environment | Level 2 | NQF Level 02 | 2 |
Elective | 9356 | Recognise the effects of HIV/AIDS in the insurance industry and workplace, and indicate the precautions that are necessary to avoid unnecessary transmission of the HI Virus | Level 2 | NQF Level 02 | 4 |
Elective | 9302 | Access information in order to respond to client enquiries in a financial services environment | Level 3 | NQF Level 03 | 2 |
Elective | 9003 | Administer long term employee benefits and healthcare membership | Level 3 | NQF Level 03 | 2 |
Elective | 9303 | Communicate verbally with clients in a financial environment | Level 3 | NQF Level 03 | 3 |
Elective | 8990 | Describe collective investment schemes | Level 3 | NQF Level 03 | 2 |
Elective | 8995 | Describe funeral insurance | Level 3 | NQF Level 03 | 2 |
Elective | 9002 | Describe healthcare funding in South Africa and the role of intermediaries in the sector | Level 3 | NQF Level 03 | 3 |
Elective | 8998 | Describe the importance of a healthy lifestyle for members of medical schemes and explain the concept of corporate wellness | Level 3 | NQF Level 03 | 2 |
Elective | 9001 | Explain basic transactions in the collective investment industry | Level 3 | NQF Level 03 | 2 |
Elective | 8991 | Explain Healthcare Benefits Administration in South Africa | Level 3 | NQF Level 03 | 2 |
Elective | 9005 | Explain the types of compulsory statutory insurance in South Africa | Level 3 | NQF Level 03 | 2 |
Elective | 9000 | Indicate how collective investment scheme portfolios are reported | Level 3 | NQF Level 03 | 2 |
Elective | 7567 | Produce and use spreadsheets for business | Level 3 | NQF Level 03 | 5 |
Elective | 7575 | Produce presentation documents for business | Level 3 | NQF Level 03 | 5 |
Elective | 7570 | Produce word processing documents for business | Level 3 | NQF Level 03 | 5 |
Elective | 8986 | Research the history of the Financial Services Industry in South Africa | Level 3 | NQF Level 03 | 10 |
Elective | 12167 | Demonstrate knowledge and insight into the Capital Gains Tax Legislation as it applies to insurance and investment | Level 4 | NQF Level 04 | 2 |
Elective | 12166 | Demonstrate knowledge and insight into the Collective Investment Schemes Act, 45 of 2003 (CICSA) | Level 4 | NQF Level 04 | 2 |
Elective | 12165 | Demonstrate knowledge and insight into the Unit Trust Control Act (1981 amended 1988) | Level 4 | NQF Level 04 | 2 |
Elective | 12181 | Demonstrate knowledge and understanding of basic investment techniques | Level 4 | NQF Level 04 | 2 |
Elective | 12323 | Demonstrate knowledge and understanding of different products marketed by Healthcare Benefits Administrators | Level 4 | NQF Level 04 | 4 |
Elective | 14317 | Demonstrate knowledge and understanding of the sales process in Long Term Insurance | Level 4 | NQF Level 04 | 5 |
Elective | 12170 | Describe different types of equity based investments | Level 4 | NQF Level 04 | 3 |
Elective | 12171 | Describe different types of interest bearing investments and compare these to equities | Level 4 | NQF Level 04 | 3 |
Elective | 14319 | Explore strategies to retain or expand existing business in the insurance/investment industry | Level 4 | NQF Level 04 | 3 |
Elective | 12183 | Indicate how different needs lead to the development of different investment products | Level 4 | NQF Level 04 | 5 |
Elective | 12185 | Demonstrate knowledge and understanding of risk in a financial services environment | Level 5 | Level TBA: Pre-2009 was L5 | 5 |
LEARNING PROGRAMMES RECORDED AGAINST THIS QUALIFICATION: |
NONE |
PROVIDERS CURRENTLY ACCREDITED TO OFFER THIS QUALIFICATION: |
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. |
NONE |
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. |