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: 

Apply technical knowledge and skill to value movable and immovable assets for insurance and risk financing 
SAQA US ID UNIT STANDARD TITLE
15012  Apply technical knowledge and skill to value movable and immovable assets for insurance and risk financing 
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 4  NQF Level 04  3 
REGISTRATION STATUS REGISTRATION START DATE REGISTRATION END DATE SAQA DECISION NUMBER
Passed the End Date -
Status was "Registered" 		 2003-10-08  2006-10-08  SAQA 0150/03 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2007-10-08   2010-10-08  

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
242653  Apply technical knowledge and skill to value movable and immovable assets for insurance and risk financing  Level 4  NQF Level 04  3   

PURPOSE OF THE UNIT STANDARD 
This Unit Standard is intended for learners who manage asset risk in insurance and other organisations. It will be useful for risk management generalists, managers of small businesses, insurance surveyors and loss adjusters.

The qualifying learner is capable of:
  • Describing the different types of valuation that are applied to movable and immovable assets.
  • Determining the inventory of movable and immovable assets of an entity.
  • Conducting a site inspection to value an immovable asset.
  • Examining documentary evidence to valuate movable assets. 
    		•

    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, Mathematical and Financial Literacy at Level 3. 

    UNIT STANDARD RANGE 
    The typical scope of this Unit Standard is:
  • Indemnities offered by insurers include, but are not limited to reinstatement value, agreed value and depreciated value in terms of day 1 and day 365.
  • The nature of the immovable asset includes, but is not limited to volume, capacity, type of construction, location and ancillary services. 
    		•

    Specific Outcomes and Assessment Criteria: 

    SPECIFIC OUTCOME 1 
    Describe the different types of valuation that are applied to movable and immovable assets. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    1. Reasons why it is necessary to value movable and immovable assets are explained and an indication is given of the financial consequences of incorrect valuation. 

    ASSESSMENT CRITERION 2 
    2. The concept of market value is explained with examples. 

    ASSESSMENT CRITERION 3 
    3. The concept of insurable value is explained with examples. 

    ASSESSMENT CRITERION 4 
    4. The concept of book value is explained with examples. 

    ASSESSMENT CRITERION 5 
    5. The relationship between market value and "willing seller-willing buyer" is explained with examples. 

    ASSESSMENT CRITERION 6 
    6. The relationship between insurable value and terms of indemnity offered by the insurer is explained with examples. 

    ASSESSMENT CRITERION 7 
    7. The indemnities offered by insurers are illustrated graphically. 

    SPECIFIC OUTCOME 2 
    Determine the inventory of movable and immovable assets of an entity. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    1. The concepts of movable and immovable assets are explained with examples. 

    ASSESSMENT CRITERION 2 
    2. The information required to value immovable assets is accessed with reference to the category of construction standards or manufacture or production. 

    ASSESSMENT CRITERION 3 
    3. Potential sources of information for valuing immovable assets are identified for three different indices. 

    ASSESSMENT CRITERION 4 
    4. Potential sources of information for valuing movable assets are identified for three different indices. 

    ASSESSMENT CRITERION 5 
    5. The impact of the fluctuation in indices on the value of an inventory is explained with examples. 

    ASSESSMENT CRITERION 6 
    6. The immovable items in an inventory are described and valuated using current trade indices. 

    ASSESSMENT CRITERION 7 
    7. The movable items in an inventory are described and valuated using current trade indices 

    SPECIFIC OUTCOME 3 
    Conduct a site inspection to value an immovable asset. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    1. A site plan is interpreted in order to identify the nature of the immovable asset. 

    ASSESSMENT CRITERION 2 
    2. The inventory is validated on a site and findings are communicated in a report. 

    SPECIFIC OUTCOME 4 
    Examine documentary evidence in order to valuate movable assets. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    1. Potential evidence is identified and scrutinised in order to determine the nature of the asset. 

    ASSESSMENT CRITERION 2 
    2. The movable asset is valued using appropriate indices and the findings are communicated in a report. 


    UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS 
    Accreditation for this Unit Standard shall be obtained from the relevant Education and

    Training Quality Assurance Body, through summative and formative assessment by a registered assessor.
  • Assessors must be registered as an Assessor with the INSQA or with an ETQA that has a Memorandum of Understanding with the INSQA
  • Moderators must be registered as assessors with INSQA, or with an ETQA that has a Memorandum of Agreement with INSQA.
  • Training providers must be accredited by the relevant ETQA.

    Moderation should include both internal and external moderation where applicable 
    		•

    UNIT STANDARD DEVELOPMENTAL OUTCOME 
    N/A 

    UNIT STANDARD LINKAGES 
    N/A 


    Critical Cross-field Outcomes (CCFO): 

    UNIT STANDARD CCFO IDENTIFYING 
    Learners are capable of identifying and solving problems in which responses show that responsible decisions using critical and creative thinking have been made in valuating moveable and immovable assets. 

    UNIT STANDARD CCFO ORGANISING 
    Learners are capable of organising and managing themselves and their activities in accessing the required information, determining an inventory and valuating assets responsibly and effectively. 

    UNIT STANDARD CCFO COLLECTING 
    Learners are capable of collecting, organising and critically evaluating information in determining an inventory, conducting on site visit and examining documentary evidence. 

    UNIT STANDARD CCFO COMMUNICATING 
    Learners are capable of communicating effectively in reporting the findings of valuations of movable and immovable assets. 

    UNIT STANDARD CCFO SCIENCE 
    Learners are capable of use technology effectively and critically in accessing information electronically. 

    UNIT STANDARD CCFO DEMONSTRATING 
    Learners are capable of understanding of the world as a set of related systems by explaining relationships between the different terms of indemnity and the financial consequences of incorrect valuations. 

    UNIT STANDARD ASSESSOR CRITERIA 
    N/A 

    UNIT STANDARD NOTES 
    This unit standard has been replaced by unit standard 242653, which is "Apply technical knowledge and skill to value movable and immovable assets for insurance and risk financing", Level 4, 3 credits. 

    QUALIFICATIONS UTILISING THIS UNIT STANDARD: 
      ID QUALIFICATION TITLE PRE-2009 NQF LEVEL NQF LEVEL STATUS END DATE PRIMARY OR DELEGATED QA FUNCTIONARY
    Elective  24396   National Certificate: Risk Management  Level 4  NQF Level 04  Passed the End Date -
    Status was "Registered"     		 2006-10-08  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.
     
    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.