NZQA Assessment Support Material
Unit standard 28096 Title Evaluate and select insurance product types in relation to events for personal finances Level 2 Credits 3 Version 2
Note The following guidelines are supplied to enable assessors to carry out valid and consistent assessment using this internal assessment resource. Assessors must manage authenticity for any assessment from a public source, because learners may have access to the assessment schedule or student exemplar material. Use of this assessment resource without modification may mean that learners’ work is not authentic. The assessor will need to change figures, measurements or data sources or set a different context or topic. While this resource exemplifies written assessment, there are other assessment activities and approaches that could be taken. See Generic Resources and Guidelines at http://www.nzqa.govt.nz/providers-partners/assessment- and-moderation/assessment-of-standards/generic-resources/.
Assessor guidelines
Assessors need to be very familiar with the outcome being assessed by the unit standard. The evidence requirements and the explanatory notes contain information, definitions, and requirements that are crucial when interpreting the standard and assessing learners against it.
Over the weeks prior to this assessment, learners should have had sufficient teaching and learning opportunities to be familiar with the following: Insurance product types: income protection, personal liability, travel, house, vehicle, contents, mortgage or loan repayment, health, life; Suitability of insurance product types to life events such as flatting, travel, loss of income, serious accident, serious illness, loss of or damage to tangible assets, death.
A W A R D O F G R A D E S
For award with Achieved, learners must: evaluate and select insurance product types relating to four different events; for insurance
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Page 1 of 11 Assessor guidelines June 2015 New Zealand Qualifications Authority 2016 product types compare two insurance product options in terms of their advantages and disadvantages; for each insurance product type select the preferred product option suitable for the personal financial cover needed for the event. For award with Merit, learners must: provide a detailed comparison of the advantages and disadvantages of the insurance product options for the insurance product types and give reasons why the preferred insurance product options are appropriate to the events. For award with Excellence, learners must: provide a comprehensive comparison of the advantages and disadvantages of the insurance product options for the product types and a justification for selection of preferred insurance product options in terms of their suitability to the events.
C O N D I T I O N S O F A S S E S S M E N T
This assessment is an open book activity that will take place over a timeframe set by the assessor. Learners can use any information to help them complete the tasks. Answers must be in their own words.
Assessment activity
This assessment activity has one task.
The task requires the learner to: Evaluate appropriate insurance product types for four (4) different possible events. For each event, evaluate and select from a given list the relevant insurance product type(s) Select two insurance product options (policies) offered by different providers for each of the insurance product types and compare in terms of advantages and disadvantages. For each insurance product type select a preferred insurance product option (policy) that is suitable for the personal financial cover needed for the event. Give reasons and a justification for the selection of each of the preferred insurance product options (policies).
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Page 1 of 11 Assessor guidelines June 2015 New Zealand Qualifications Authority 2016 Resources
Resources that may help with this are: Sorted Your independent money guide https://www.sorted.org.nz/; Insurance Council http://www.icnz.org.nz; Insurance Ombudsman http://www.iombudsman.org.nz/; Financial Services Complaints Ltd (FSCL) http://www.fscl.org.nz/aboutfscl.php; Financial Disputes Resolution (FDR) http://www.fdr.org.nz/; Bamzonia Personal Financial Education, http://www.bamzonia.co.nz.
Additional information
The assessment schedule does not provide all the specific information on individual insurance policies that the learner may include or refer to in their answers.
Insurance policies are continuously being updated so it is therefore not helpful to include specific information which may quickly be outdated. Learners need to include hard copy or internet evidence to support their answers.
Assessment Schedule
Unit standard 28096 Title Evaluate and select insurance product types in relation to events for personal finances Level 2 Credits 3 Version
Task Evidence/Judgements for achievement Evidence/Judgements for achievement with merit Outcome 1 Learner selects and describes possible Learner selects and describes possible ER 1.1 insurance product types for 4 events. insurance product types for 4 events. Question 1 Product type(s) described are relevant Product type(s) described are relevant to the to the event. event.
See partial sample answers for question 1. See partial sample answers for question 1.
Outcome 1 For each event described in question 1 For each event described in question 1 one ER 1.1 one product type is chosen and two product type is chosen and two insurance Question 2 insurance product options (policies) product options (policies) offered by two offered by two different providers different providers compared in detail in terms compared in terms of advantages and of advantages and disadvantages.
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Page 1 of 11 Assessor guidelines June 2015 New Zealand Qualifications Authority 2016 disadvantages. At least 4 different insurance product types are At least 4 different insurance product covered. types are covered. See partial sample answer for question 2. See partial sample answer for question 2.
Outcome 1 For each of the four events and relevant For each of the four events and relevant ER 1.2 product type used at question 2, learner product type used at question 2, learner selects Question 3 selects a preferred product option that is a preferred product option and gives reasons suitable for the personal financial cover why it is appropriate to the event. needed for the event. See partial sample answers for question 3. See partial sample answers for question 3.
Final grades will be decided using professional judgement based on a holistic examination of the evidence provided against the criteria in the unit standard.
Task
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Page 1 of 11 Assessor guidelines June 2015 New Zealand Qualifications Authority 2016