FAIS Forward Academy’s Retail Insurance Qualification is a distance learning programme designed to meet the needs of learners who work as representatives in the finance and insurance industries or who would like to delve into the dynamic world of a professional F&I. This qualification is ideal for any individual who would like to start a new career, upskill themselves and to obtain the required amount of FAIS Credits. Even if you haven’t completed matric, any individual who would like to start their F&I journey is eligible to complete this NQF 4 qualification.
The qualification introduces a fundamental understanding of the key terms, rules, concepts and principles of insurance that will enable learners to be informed workers in the Retail Insurance industry. It provides a balanced learning experience that allows flexible access to life-long learning, higher education and to productive employment.
The focus is on basic information gathering, analysis, evaluation, presentation and the ability to apply knowledge of the subfield to solve common problems within given a familiar context.
The knowledge and skills learnt towards the Qualification should make learners who sell insurance policies in the Retail Sector more informed, efficient and cost effective workers who meet the Fit and Proper Qualification requirements.
The Retail Insurance Qualification is divided into four skills programmes:
FAIS 1 (29 credits)
Module 1 consists of a combination of core and elective unit standards. These unit standards are mostly related to the legislation applicable to the insurance industry. The first module includes the following unit standards:
- US 14991/120128 Apply the law of contract to insurance (2 credits)
- US 120017 Demonstrate knowledge and understanding of aspects of the regulatory framework relating to consumer credit agreements in Retail Insurance in South Africa (2 credits)
- US 14506/242593 Explain the Finance Intelligence Centre Act, Act 38 of 2001 (3 credits)
- US 12164/242584 Demonstrate knowledge and insight of the Financial Advisory and Intermediary Services (FAIS) Act 37 of 2002 (2 credits)
- US 117129 Apply the regulations for disclosure that are required as part of the financial sales process (2 credits)
- US 14979/120127 Describe issues of compliance or non-activity that could result in civil or criminal liability in terms of business law (2 credits)
- US 13940/242655 Demonstrate knowledge and application of ethical conduct in a business environment (4 credits)
- US 120019 Analyse new developments reported in the media that could impact on Short-Term insurance (10 credits)
- US 120027 Apply financial knowledge and skill to compile a finance agreement (2 credits)
FAIS 2 (28 credits)
Module 2 consists of a combination of core and elective unit standards. These unit standards are mostly related to the insurance products that you will deal with in your work environment.
- US 117132 Explain basic economics (3 credits)
- US 114964 Describe short term insurance (3 credits)
- US 114983 Describe life insurance (3 credits)
- US 117134 Indicate the scope of short term insurance in South Africa (3 credits)
- US 117146 Indicate the scope of life insurance in South Africa (4 credits)
- US 117117 Describe standard insurance cover in terms of SASRIA (4 credits)
- US 119260 Explain credit life insurance (2 credits)
- US 120005 Demonstrate knowledge and understanding of personal motor insurance (4 credits)
- US 114979 Operate a computer workstation in a business environment (2 credits)
FAIS 3 (27 credits)
Module 3 is focused on your personal development, and includes the compulsory Financial Literacy unit standards.
- US 113903 Demonstrate skills and techniques required to build a relationship with a client in a financial services environment (3 credits)
- US 119676 Apply the skills of customer care in a specific work environment (4 credits)
- US 114943 Describe how to manage workplace relationships (2 credits)
- US 117133 Manage own work performance in relation to an organisation’s performance management system (2 credits)
- US 117171 Manage time effectively to enhance productivity and enable a balanced lifestyle (2 credits)
- US 119265 Manage risk in own work environment (2 credits)
- US 117127/252143 Describe and apply the basic principles of personal income tax (3 credits)
- US 117156 Interpret basic financial statements (4 credits)
- US 117158 Investigate ways of managing financial risk in own lives (5 credits)
FAIS 4 The Fundamentals (56 credits)
Learners who did not pass Mathematics, English and a second language on grade 12 or equivalent level, must do the applicable fundamental unit standards (Fundamentals).
Mathematics: (16 credits)
- US 7468 Use mathematics to investigate and monitor the financial aspects of personal, business, national and international issues (6 credits)
- US 9015 Apply knowledge of statistics and probability to critically interrogate and effectively communicate findings on life related problems (6 credits)
- US 9016 Represent analyse and calculate shape and motion in 2-and 3-dimensional space in different contexts (4 credits)
English: (20 credits)
- US 8974 Engage in sustained oral communication and evaluate spoken texts (5 credits)
- US 8975 Read analyse and respond to a variety of texts (5 credits)
- US 8976 Write for a wide range of contexts (5 credits)
- US 8979 Use language and communication in occupational learning programmes (5 credits)
Afrikaans: (20 credits)
- US 8968 Accommodate audience and context needs in oral communication (5 credits)
- US 8969 Interpret and use information from texts (5 credits)
- US 8970 Write texts for a range of communicative contexts (5 credits)
- US 8973 Use language and communication in occupational learning programmes (5 credits)
FAIS Forward Consulting Services (Pty) Ltd (Trading as FAIS Forward Academy) is a duly accredited Inseta training provider.