Code- ACCT2263 assignment help
Subject- Accounting assignment help
Question:
Task 1
Your task is to take the role of an adviser and to interview a family member, friend or colleague and complete an application for insurance with them. You are to assume they require the following levels of insurance:
?Life $700,000
?TDP $200,000
(Disability)?Income protection $5,000 per month (Monthly disability)
? Trauma protection $100,000 (Critical illness)
You are to use the MLC Protectionfirst insurance product and the application form commencing on page 87 of the MLC Product Disclosure Statement. (Accessed via /media/05ec19f95b11485ba9500076ed572218.ashx ) You will need to find someone who is prepared to share personal information with you. However, as this is an exercise only, it is acceptable for them to withhold information they are not comfortable disclosing (it would be prudent to read the application questions before you decide who you will approach to assist you). You should use a fictitious name and address as it is important that the ‘applicant’ cannot be identified. Where signatures are required, the applicant should mark with an ‘X’. (Your experience is often more interesting if you choose a ‘client’ who is over age 50.)
You are required to explain to the applicant what the different types of insurance are and what is covered by each. You are also required to explain their duty of disclosure when applying for insurance. You are to write a reflection piece of your experience of completing the application. A reflection piece is a written report of what you did, how you went about it, how successful you were, what went well, what didn’t go well, what you would do differently next time. The purpose is to get you to think about what you have done and what you have learned. You are not required to write about the explanations you gave about the different insurance types.
You should begin by writing an overview of the process and steps you undertook with your ‘client’, eg how did you approach them, prepare for the interview, etc. (These are not the steps you would have undertaken if you were an adviser – just what you actually did.)
You must submit the completed application form. (If there are parts of the form which you are unable to complete, write ‘unable to complete’ in the space – only complete relevant sections). Your ‘client’ is required to provide feedback to you on their experience (a feedback sheet is provided for this purpose). The feedback sheet must be included with your submission but will not be used to determine your final mark. You may consider contacting a financial planner to provide feedback on your process and application completion.
Task 2
Explain to your client why it is necessary for the insurance company to collect such detailed information on the application form. Explain how the insurance company uses the information and why it is important that it can rely on the information provided.
Task 3
Write a letter to your client outlining the process that you (their adviser) will follow when you are providing them with advice on insurance products, including the various compliance documents they will receive, what is included in those documents and their purpose. Explain how this process is important in providing consumer protection. (You are advised to complete Topic on Selling Life Insurance prior to completing this task.)
Task 4
Go the Financial Ombudsman website: www.fos.org.au. Outline the role the Financial Ombudsman provides in financial planning. The case is provided under ‘Assignments’ on Canvas. This case has been taken from the FOS website.
Answer the following questions regarding the case:
- Provide an outline of the key aspects of this case
b. Explain why the Financial Services Provider’s (FSP) wished to deny the claim.
c. Explain why the Applicant believed they should have been paid?
d. What are your thoughts: on the conduct of the FSP, the conduct of the applicant and the determination?
ACCT2263- Risk, insurance & social security accounting assignment help
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