FSC414 Introduction to Insurance Level 4 Assignment Sample

This is the assignment sample of FSC414 Introduction to Insurance Level 4 Assignment. This online course will provide you with the skills and knowledge needed to enter or advance in a career within insurance. It is designed for individuals who have little experience but are looking to learn about this complicated industry from scratch, as well as those people with some previous background working in any sector of the trade they wish to find out more about.

This online program also provides an introduction into entry-level employment opportunities that exist specifically inside of insurance companies worldwide; such positions might involve management, sales team memberships, compliance specialists which regulate company practices by government standards and regulations set forth by regulatory bodies like state governments agencies overseeing.

Assignment Solutions of FSC414 Introduction to Insurance Level 4

Assignment Activity 1. Outline standard risk management concepts and typical approaches to familiar client risk situations, including asset, wealth & health protection.

Employees are the most valuable assets of an organization. Investing in them is investing in your business. Saving for retirement, buying a house, saving for college all depend on money saved by businesses. Your employee’s work should and will continue to be more important than their retirement savings or children’s education.

Studies show that happiness at work leads to improved productivity and higher levels of customer service which then results in increased efficiency among employees while making customers more comfortable with doing business with you creating a win-win situation all around as your company becomes more profitable and the quality of life for everyone improves.

Assignment Activity 2. Explain the roles, responsibilities and key services offered by a range of industry participants.

A person who invests in the shares of a company (the stock market investor). The stockholder is often an individual or a corporation. When this person or corporation has enough shares to control running the company, it is called being a major shareholders. These type of investors are also known as concerned with shareholder activism.

This responsibility means holding companies accountable for their actions and investments when they refuse to make changes that better serve the environment and communities, not just profits.

Key services involved may include telling management that you will be either boycotting their products if they don’t change or educating customer about why such behavior is unacceptable- especially given that most people have tenuous relationships with corporations and rely on them in one way shape another at some point.

If you are a concerned about shareholder activist, then the most important thing to do is educate yourself.  This means becoming knowledgeable about environmental and social issues that need addressing, such as climate change and deforestation risk, water pollution via fracking or contamination from factory farms, etc.

Assignment Activity 3. Outline the characteristics of a range of services and products in the insurance industry.

The insurance industry includes a variety of products and services including life, health, auto, homeowners insurance and more.

Underwriters analyze the risk or potential losses from a client’s activities in order to mitigate those risks. Policies combine several types of coverage to address different types of loss exposures such as property damage and liability. They are typically offered in conjunction with companies that provide financing for clients needing homes or vehicles.

The decision to purchase an insurance policy depends on the assessment of risk versus the cost of purchase relative to benefit provided by that coverage vs amount paid into the system (premium).

Assignment Activity 4. Consider specific influences on availability and pricing of insurance products and services including their terms and conditions.

Insurance companies are regulated by the government to make sure that they treat all customers fairly and sell insurance products at fair prices. There isn’t one nationwide law that controls every aspect of the industry, so some differences might arise between states.

This is because each state (and sometimes even different counties within a state) has it’s own rules for what insurers can do and how much they are allowed to charge.

These precise regulations depend on many different aspects of an area, including other existing industry practices, coverage needs, health care facilities in town, number of sick people in area or percentage with pre-existing conditions etc.

Assignment Activity 5. Apply the six step process to a range of standard risk situations to identify appropriate products and services to meet client’ needs in either a claim or product sale context.

1) Collect the facts about the insured person, property or risks to which coverage applies.

2) Understand what has happened and any outside influences.

3) Evaluate whether there is a problem with past service that might require a lawsuit.

4) Prepare for an emergency meeting of company management.

5) Confer with your client to get their input on the type of coverages they want and identify needs not met by your company’s offerings so you may offer analyses, comparisons of other companies’ policies against yours; negotiation skills as well as marketing research findings on emerging markets in the industry and deliver recommendations to solve problems.

Assignment Activity 6. Complete the insurance application process.

The first step in the insurance application process is to determine what type of products and services your client needs. For example, with this question, it’s not said whether the inquiry was about auto, home, health or life insurance. A professional would know best which company would be a good fit for that person.

The next step of an individual’s journey through the insurance application process is to choose their desired plan. This can take some time as certain plans may have limitations and restrictions on what they will cover based on age or state where they reside.

Once you’ve chosen your preferred plan, complete your purchase and submit your payment details as well as email address so that you can receive relevant communications from the company.

The last step in purchasing your insurance from a comparison site is to wait for the policy to be approved. After submitting all information, your application will go through a careful and extensive review process.

Once approved (which can take up to two weeks), you will be notified by email as well as with an update on the status of your purchase.

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