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: |
Demonstrate knowledge and understanding of engineering insurance |
SAQA US ID | UNIT STANDARD TITLE | |||
242683 | Demonstrate knowledge and understanding of engineering insurance | |||
ORIGINATOR | ||||
SGB Insurance and Investment | ||||
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 | 5 |
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 replaces: |
US ID | Unit Standard Title | Pre-2009 NQF Level | NQF Level | Credits | Replacement Status |
14984 | Demonstrate knowledge and understanding of engineering insurance | Level 4 | NQF Level 04 | 5 |
PURPOSE OF THE UNIT STANDARD |
This Unit Standard is intended for learners who manage risk in insurance and other organisations. It will be useful for risk Management Generalists, Loss Adjusters and learners in short term insurance.
The qualifying learner is capable of: |
LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING |
It is assumed that learners are competent in Communication and Mathematical Literacy at Level 3. |
UNIT STANDARD RANGE |
The typical scope of this Unit Standard is:
|
Specific Outcomes and Assessment Criteria: |
SPECIFIC OUTCOME 1 |
Explain the subject matter of engineering risk. |
ASSESSMENT CRITERIA |
ASSESSMENT CRITERION 1 |
The concept of engineering insurance is explained with reference to the different types of insurance. |
ASSESSMENT CRITERION 2 |
The concept of construction or erection risk is explained with reference to the type and term of the cover and the implications if the term is exceeded. |
ASSESSMENT CRITERION 3 |
The concept of operational risk is explained with reference to the term of the cover and the insured's type of business. |
ASSESSMENT CRITERION 4 |
A site is surveyed in order to evaluate the type of policy required in terms of the risk. |
ASSESSMENT CRITERION 5 |
External factors that could affect the subject matter insured are investigated to determine appropriate policy cover. |
SPECIFIC OUTCOME 2 |
Explain the concept of the insured in an engineering insurance contract. |
ASSESSMENT CRITERIA |
ASSESSMENT CRITERION 1 |
The difference between the insured in a regular insurance policy and the insured in an engineering insurance policy is explained with examples. |
ASSESSMENT CRITERION 2 |
The contractual relationship between the insured and sub-contractors is investigated and an indication is given of the extent of cover required by the contract. |
ASSESSMENT CRITERION 3 |
The contractual relationship between the insured and other parties is investigated and an indication is given of the extent of cover required by the contract. |
SPECIFIC OUTCOME 3 |
Interpret legislation that impacts on engineering insurance. |
ASSESSMENT CRITERIA |
ASSESSMENT CRITERION 1 |
Legislation that impacts on the subject matter of engineering insurance is identified and an indication is given of how the legislation affects the insured's business. |
ASSESSMENT CRITERION 2 |
Policy wordings are analysed in terms of non-compliance with legislation. |
ASSESSMENT CRITERION 3 |
The influence of standard conditions of trading in different sectors on cover required for the insured's operation is explained with examples relevant to a specific contract. |
SPECIFIC OUTCOME 4 |
Apply a policy wording to engineering risk. |
ASSESSMENT CRITERIA |
ASSESSMENT CRITERION 1 |
The basic types of cover in engineering insurance are identified in a policy wording. |
ASSESSMENT CRITERION 2 |
Appropriate policy wordings for different subject matter/risks are sourced for a specific application. |
ASSESSMENT CRITERION 3 |
Possible extensions to a contract are suggested to modify a contract of insurance. |
ASSESSMENT CRITERION 4 |
The concept of sudden and unforeseen as opposed to gradual deterioration is explained with examples. |
ASSESSMENT CRITERION 5 |
Different ways of defining the sum insured are explained and an indication is given of the practical application of each and the consequences of under insuring. |
UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS |
UNIT STANDARD ESSENTIAL EMBEDDED KNOWLEDGE |
N/A |
UNIT STANDARD DEVELOPMENTAL OUTCOME |
N/A |
UNIT STANDARD LINKAGES |
N/A |
Critical Cross-field Outcomes (CCFO): |
UNIT STANDARD CCFO COLLECTING |
Learners are able to collect, organise and critically evaluate information in surveying a site. |
UNIT STANDARD CCFO COMMUNICATING |
Learners are able to communicate clearly in explaining aspects of engineering insurance. |
UNIT STANDARD ASSESSOR CRITERIA |
N/A |
REREGISTRATION HISTORY |
As per the SAQA Board decision/s at that time, this unit standard was Reregistered in 2012; 2015. |
UNIT STANDARD NOTES |
This unit standard replaces unit standard 14984, ' Demonstrate knowledge and understanding of engineering insurance ', Level 4, 5 credits.
Search words: engineering risk, insurance. |
QUALIFICATIONS UTILISING THIS UNIT STANDARD: |
ID | QUALIFICATION TITLE | PRE-2009 NQF LEVEL | NQF LEVEL | STATUS | END DATE | PRIMARY OR DELEGATED QA FUNCTIONARY | |
Elective | 57613 | Further Education and Training Certificate: Short-Term Risk Management | Level 4 | NQF Level 04 | Passed the End Date - Status was "Reregistered" |
2012-06-30 | INSETA |
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. |