FIN 355 Final Project Guidelines and Rubric

Overview The final project for this course is the creation of an insurance plan.

Financial planning is all about determining short-term and long-term goals and budgeting to meet those goals. In this course, you will focus specifically on identifying risk and working to mitigate against risks through the use of appropriate insurance policies. Doing so ensures that financial goals are not unexpectedly derailed. The types of insurance that are used for mitigating against common risks are personal liability insurance, life insurance, health, disability, and long-term care insurance, as well as Social Security, Medicare, and Medicaid. Additionally, within all types of insurance, there are general contract provisions and risk principles that all clients must consider. Throughout the course, you will analyze the types of insurance highlighted above and determine how clients can utilize them to mitigate against their risks.

This course also provides you with a key component of the qualification criteria for taking the CFP (Certified Financial Planner) examination. This certification is a powerful tool that can provide you with the foundation for a successful career as a financial planning professional.

For the final project, you will create an insurance plan for fictitious clients described in the provided scenarios. This plan will include analyses of the clients’ current coverage, recommendations to improve their coverage, and recommendations on future insurance options. To do this, you will review and analyze the clients’ information and goals. Upon completing this assessment, you will have demonstrated your expertise in general insurance planning and social benefit programs and the role these products and benefits play in financial planning.

The project is divided into two milestones, which will be submitted at various points throughout the course to scaffold learning and ensure quality final submissions. These milestones will be submitted in Modules Three and Five. The final submission is due in Module Seven.

In this assignment, you will demonstrate your mastery of the following course outcomes:

 Analyze principles of risk and general contract provisions of insurance policies for determining the insurance needs of clients  Differentiate between the various types of individual life insurance for explaining policy details to potential clients  Differentiate between health, disability, and long-term care insurance options for making appropriate insurance recommendations to clients  Analyze common eligibility requirements for Social Security, Medicare, and Medicaid for determining how they integrate with clients’ financial standing

and insurance needs

 Assess clients’ personal liability insurance for making appropriate recommendations that suit the clients’ needs

Prompt The clients in the scenario are looking for a financial planner to assist with insurance and financial planning throughout the course of their lives. You will write an insurance plan for the clients that includes recommendations for life insurance policies, health, disability, and long-term care insurance policies, Social Security, Medicare and Medicaid, and personal liability insurance policies. As you follow the clients through their lives, you will utilize the provided scenarios that highlight basic information about the clients in regard to the types of coverage you are working with.

Specifically, the following critical elements must be addressed:

I. Principles of Risk and General Contract Provisions: In this section, you will analyze the clients’ principles of risk and general contract provisions and make insurance recommendations based on your analysis. To effectively address the critical elements in this section, you must use the client information in the first scenario.

A. Identify risks to the clients for which they should have insurance coverage by analyzing the clients’ information. Support your identification with relevant client information.

B. Based on your identified risks, recommend general contract provisions the clients should include in their auto and home insurance policies. C. Determine considerations the clients should make when selecting an insurance company with which they will work. Support your discussion

with relevant principles of risk.

II. Personal Liability Insurance: In this section, you will review the clients’ auto and homeowners insurance and recommend any necessary changes. You must consider the effects that certain purchases may have on the clients’ insurance coverage. To effectively address the critical elements in this section, you must use the client information in the first scenario.

A. Determine the clients’ auto insurance needs by analyzing the clients’ information. Support your determination with relevant client information. B. Discuss the ability of the clients’ current auto coverage to meet their insurance needs, and make recommendations to improve coverage where

necessary. Support your response with relevant client information. C. Determine the clients’ homeowners insurance needs by analyzing the clients’ information. Support your determination with relevant client

information. D. Discuss the ability of the clients’ current homeowners policy to meet their insurance needs, and make recommendations to improve coverage

where necessary. Support your response with relevant client information. E. Describe the impact the purchase of a trampoline and a dog would have on the clients’ homeowners insurance, and make appropriate

recommendations for additional riders the clients should consider.

III. Life Insurance Policy: In this section, you will analyze the clients’ life insurance policies and needs and make appropriate recommendations by utilizing tools, such as the needs analysis model. To effectively address the critical elements in this section, you must use the client information in the first scenario.

A. Conduct a life insurance needs analysis for the clients using an appropriate needs analysis model. Determine the clients’ life insurance needs using the needs analysis model.

B. Discuss the ability of the clients’ current life insurance policies to meet their coverage needs. Support your discussion with relevant client information.

C. Recommend appropriate changes for the clients regarding their life insurance based on your needs analysis. Support your recommendations with specific examples.

IV. Health, Disability, and Long-Term Care Insurance: In this section, you will evaluate the clients’ current health, disability, and long-term care insurance coverage and make appropriate recommendations for their needs. To effectively address the critical elements in this section, you must use the client information in the first scenario.

A. Analyze potential health insurance options for the clients, and recommend a health insurance option that best meets the clients’ needs. Support your recommendation with relevant client information.

B. Discuss the ability of the clients’ disability insurance to meet their coverage needs, making recommendations where appropriate. Support your response with relevant client information.

C. Analyze the clients’ health information and determine at what age the clients should purchase long-term care insurance. Support your determination with relevant client information.

V. Social Security, Medicare, and Medicaid: In this section, you will analyze the eligibility requirements for and benefits of Social Security, Medicare, and Medicaid and make recommendations to the clients about the age at which they should retire to maximize their retirement benefits. To effectively address the critical elements in this section, you must use the client information in the second scenario.

A. Summarize common eligibility requirements for Social Security, and explain how the clients can maximize their Social Security benefits. B. Differentiate between Medicare and Medicaid, and explain how and why the clients will or will not benefit from the programs. Support your

explanation with relevant client information. C. Recommend a retirement age for each client that will allow them to take full advantage of all retirement benefits. Support your

recommendation with relevant client information.

Milestones Milestone One: Draft of General Contract Provisions, Personal Liability, and Life Insurance Plans In Module Three, you will submit a draft of the general contract provisions, personal liability, and life insurance sections of the insurance plan. John and Jenny Smith have requested your help in evaluating both their insurance needs and the insurance coverage they already have. Review the case notes and background of your new clients, and address the assigned critical elements regarding principles of risk and general contract revisions, life insurance, and personal liability insurance. Responses should be thoughtful and professional and include detailed recommendations that you would make to John and Jenny based upon your findings and analysis of their situation. This milestone is graded with the Milestone One Rubric.

Milestone Two: Draft of Health, Disability, and Long-Term Care Insurance and Social Security, Medicare, and Medicaid Plans In Module Five, you will submit a draft of the health, disability, and long-term care insurance, and Social Security, Medicare, and Medicaid sections of the insurance plan. There are two parts of Milestone Two. In the first part of Milestone Two, you meet with your clients John and Jenny Smith to discuss questions they have about health insurance and disability insurance. They want your help in evaluating both their insurance needs and the insurance coverage they already

have. The Smiths have also decided they would like to start planning for retirement and would like some information on long-term care insurance. Review the case notes and background of your clients, and address the assigned critical elements regarding health, disability, and long-term care insurance.

In the second part of Milestone Two, 20 years have passed, and John and Jenny now have some new questions, concerns, and needs regarding Social Security, Medicaid, and Medicare. Review the case notes and background of your clients, and address the assigned critical elements regarding Social Security, Medicare, and Medicaid. This milestone is graded with the Milestone Two Rubric.

Final Submission: Insurance Plan In Module Seven, you will submit your insurance plan. It should be a complete, polished artifact containing all of the critical elements of the final product. It should reflect the incorporation of feedback gained throughout the course. This final submission will be graded using the Final Project Rubric.

Final Project Rubric Guidelines for Submission: Your insurance plan should adhere to the following formatting requirements: 6–8 pages, double-spaced, using 12-point Times New Roman font, one-inch margins, and APA format.

Critical Elements Exemplary (100%) Proficient (85%) Needs Improvement (55%) Not Evident (0%) Value

Principles of Risk and General Contract

Provisions: Risks to the Clients

Meets “Proficient” criteria, and response demonstrates a sophisticated awareness of what constitutes an insurance risk

Identifies risks to the clients for which they should have insurance coverage by analyzing the clients’ information, and supports identification with relevant client information

Identifies risks to the clients for which they should have insurance coverage by analyzing the clients’ information, but response is cursory or illogical or contains inaccuracies, or supporting client information is irrelevant or nonexistent

Does not identify risks to the clients for which they should have insurance coverage

6.4

Principles of Risk and General Contract

Provisions: General Contract Provisions

Meets “Proficient” criteria, and response makes cogent connections between the recommended general contract provisions and the identified risks

Recommends general contract provisions the clients should include in their auto and home insurance policies based on the identified risks

Recommends general contract provisions the clients should include in their auto and home insurance policies, but recommendations are cursory, illogical, or not based on the identified risks

Does not recommend general contract provisions the clients should include in their auto and home insurance policies

6.4

Principles of Risk and General Contract

Provisions: Considerations

Meets “Proficient” criteria, and determination makes cogent connections between the client considerations and the relevant principles of risk

Determines considerations the clients should make when selecting an insurance company and supports discussion with relevant principles of risk

Determines considerations the clients should make when selecting an insurance company, but determination is cursory or illogical, or supporting principles of risk are not relevant or are nonexistent

Does not determine considerations the clients should make when selecting an insurance company

6.4

Personal Liability Insurance: Auto Insurance Needs

Meets “Proficient” criteria, and response demonstrates a nuanced understanding of the clients’ auto insurance needs

Determines the clients’ auto insurance needs by analyzing the clients’ information and supports determination with relevant client information

Determines the clients’ auto insurance needs by analyzing the clients’ information, but determination is cursory or illogical, or supporting client information is irrelevant or nonexistent

Does not determine the clients’ auto insurance needs

3.84

Personal Liability Insurance: Current

Auto Coverage

Meets “Proficient” criteria, and response makes cogent connections between the clients’ information and the details of their current auto insurance

Discusses the ability of the clients’ current auto coverage to meet their insurance needs, making recommendations to improve coverage where necessary, and supports response with relevant client information

Discusses the ability of the clients’ current auto coverage to meet their insurance needs, making recommendations to improve coverage where necessary, but response is cursory or illogical or contains inaccuracies, or supporting client information is irrelevant or nonexistent

Does not discuss the ability of the clients’ current auto coverage to meet their insurance needs

3.84

Personal Liability Insurance:

Homeowners Insurance Needs

Meets “Proficient” criteria, and response demonstrates a nuanced understanding of the clients’ homeowners insurance needs

Determines the clients’ homeowners insurance needs by analyzing the clients’ information and supports determination with relevant client information

Determines the clients’ homeowners insurance needs by analyzing the clients’ information, but determination is cursory or illogical, or supporting client information is irrelevant or nonexistent

Does not determine the clients’ homeowners insurance needs

3.84

Personal Liability Insurance: Current

Homeowners Policy

Meets “Proficient” criteria, and response makes cogent connections between the clients’ information and the details of their current homeowners policy

Discusses the ability of the clients’ current homeowners policy to meet their insurance needs, making recommendations to improve coverage where necessary, and supports response with relevant client information

Discusses the ability of the clients’ current homeowners policy to meet their insurance needs, making recommendations to improve coverage where necessary, but response is cursory or illogical or contains inaccuracies, or supporting client information is irrelevant or nonexistent

Does not discuss the ability of the clients’ current homeowners policy to meet their insurance needs

3.84

Personal Liability Insurance: Impact

Meets “Proficient” criteria, and recommendations demonstrate a nuanced approach in altering clients’ homeowners insurance to meet their evolving needs

Describes the impact the purchase of a trampoline and a dog would have on the clients’ homeowners insurance, making appropriate recommendations for additional riders the clients should consider

Describes the impact the purchase of a trampoline and a dog would have on the clients’ homeowners insurance, making recommendations for additional riders the clients should consider, but description is cursory or contains inaccuracies, or recommendations for additional riders are inappropriate or illogical

Does not describe the impact the purchase of a trampoline and a dog would have on the clients’ homeowners insurance

3.84

Life Insurance Policy: Life Insurance Needs

Analysis

Meets “Proficient” criteria, and response demonstrates a nuanced understanding of the clients’ life insurance needs

Determines the clients’ life insurance needs by conducting a needs analysis using an appropriate needs analysis model

Determines the clients’ life insurance needs by conducting a needs analysis, but determination is illogical or contains inaccuracies, or model used is inappropriate

Does not determine the clients’ life insurance needs by conducting a needs analysis

6.4

Life Insurance Policy: Current Life Insurance

Meets “Proficient” criteria, and discussion makes cogent connections between the clients’ information and the details of their current life insurance policies

Discusses the ability of the clients’ current life insurance policies to meet their coverage needs and supports discussion with relevant client information

Discusses the ability of the clients’ current life insurance policies to meet their coverage needs, but discussion is cursory or illogical or contains inaccuracies, or supporting client information is irrelevant or nonexistent

Does not discuss the ability of the clients’ current life insurance policies to meet their coverage needs

6.4

Life Insurance Policy: Appropriate Changes

Meets “Proficient” criteria and makes cogent connections between the recommended changes, specific results from the needs analysis, and client information

Recommends appropriate changes for the clients regarding their life insurance based on the results of the needs analysis and supports recommendations with relevant client information

Recommends changes for the clients regarding their life insurance, but recommendations are illogical, not appropriate, or not based on the results of the needs analysis, or supporting client information is irrelevant or nonexistent

Does not recommend changes for the clients regarding their life insurance

6.4

Health, Disability, and Long-Term Care

Insurance: Potential Health Insurance

Options

Meets “Proficient” criteria and makes cogent connections between the recommended health insurance option and relevant client information

Analyzes potential health insurance options for the clients, recommending a health insurance option that best meet the clients’ needs, and supports recommendation with relevant client information

Analyzes potential health insurance options for the clients, recommending a health insurance option to the clients, but analysis is cursory or contains inaccuracies, or recommended insurance option is not appropriate, or supporting client information is irrelevant or nonexistent

Does not analyze potential health insurance options for the clients, recommending a health insurance option to the clients

6.4

Health, Disability, and Long-Term Care

Insurance: Disability Insurance

Meets “Proficient” criteria, and discussion makes cogent connections between the clients’ information and the details of their disability insurance

Discusses the ability of the clients’ disability insurance to meet their coverage needs, making recommendations where appropriate, and supports response with relevant client information

Discusses the ability of the clients’ disability insurance to meet their coverage needs, making recommendations where appropriate, but response is cursory or illogical or contains inaccuracies, or supporting client information is irrelevant or nonexistent

Does not discuss the ability of the clients’ disability insurance to meet their coverage needs, making recommendations where appropriate

6.4

Health, Disability, and Long-Term Care

Insurance: Long-Term Care Insurance

Meets “Proficient” criteria, and response demonstrates a complex grasp of the clients’ long-term needs

Analyzes the clients’ health information, determining at what age the clients should purchase long-term care insurance, and supports determination with relevant client information

Analyzes the clients’ health information, determining at what age the clients should purchase long-term care insurance, but response is cursory or illogical or contains inaccuracies, or supporting client information is irrelevant or nonexistent

Does not analyze the clients’ health information, determining at what age the clients should purchase long-term care insurance

6.4

Social Security, Medicare, and

Medicaid: Common Eligibility

Requirements

Meets “Proficient” criteria, and response demonstrates a sophisticated awareness of how the clients can take advantage of Social Security’s eligibility requirements to maximize their benefits

Summarizes common eligibility requirements for Social Security and explains how the clients can maximize their Social Security benefits

Summarizes common eligibility requirements for Social Security and explains how the clients can maximize their Social Security benefits, but response is cursory or illogical or contains inaccuracies

Does not summarize common eligibility requirements for Social Security and explain how the clients can maximize their Social Security benefits

6.4

Social Security, Medicare, and

Medicaid: Medicare and Medicaid

Meets “Proficient” criteria, and response demonstrates a sophisticated awareness of how the clients’ information will impact their Medicare and Medicaid benefits

Differentiates between Medicare and Medicaid, explaining how and why the clients will or will not benefit from the programs, and supports explanation with relevant client information

Differentiates between Medicare and Medicaid, explaining how and why the clients will or will not benefit from the programs, but response is cursory or illogical or contains inaccuracies, or supporting client information is irrelevant or nonexistent

Does not differentiate between Medicare and Medicaid, explaining how and why the clients will or will not benefit from the programs

6.4

Social Security, Medicare, and

Medicaid: Retirement Age

Meets “Proficient” criteria, and recommendation makes cogent connections between all retirement benefits and specific client information

Recommends a retirement age for each client that will allow them to take full advantage of all retirement benefits, and supports recommendation with relevant client information

Recommends a retirement age for each client that will allow them to take advantage of retirement benefits, but recommendation is illogical or does not allow clients to take full advantage of all benefits, or supporting client information is irrelevant or nonexistent

Does not recommend a retirement age for each client that will allow them to take advantage of retirement benefits

6.4

Articulation of Response

Submission is free of errors related to citations, grammar, spelling, syntax, and organization and is presented in a professional and easy-to-read format

Submission has no major errors related to citations, grammar, spelling, syntax, or organization

Submission has major errors related to citations, grammar, spelling, syntax, or organization that negatively impact readability and articulation of main ideas

Submission has critical errors related to citations, grammar, spelling, syntax, or organization that prevent understanding of ideas

4

Total 100%

  • FIN 355 Final Project Guidelines and Rubric
    • Overview
    • Prompt
    • Milestones
      • Milestone One: Draft of General Contract Provisions, Personal Liability, and Life Insurance Plans
      • Milestone Two: Draft of Health, Disability, and Long-Term Care Insurance and Social Security, Medicare, and Medicaid Plans
      • Final Submission: Insurance Plan
    • Final Project Rubric

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