FPC004 Insurance Advice - Assignment 1

Section A

Question 1(a) (9 marks | Word limit: 300 words)

Consider the purpose or objective of each of the following key pieces of legislation that regulate the insurance industry:

• Insurance Act 1973 (Cth)
• Insurance Contracts Act 1984 (Cth)
• Life Insurance Act 1995 (Cth).

Evaluate and discuss the relevance of each Act to the behaviour of a financial adviser providing insurance advice. (9 marks)

Question 1(b) (6 marks | Word limit: 200 words)

Outline a list of steps in the insurance advice process up until the issue of a life insurance policy, indicating at each step, if an adviser should take the opportunity to remind a client of their duty of disclosure, and the reasons why it is important to do so. 

You can set out your answer in table format or diagrammatically.