RFC404 - Risk Management and Estate Planning

Subject Title
Risk Management and Estate Planning

Subject Description
The average life expectancy of Canadians has increased exponentially over the decades as such estate planning and risk management are also moving to the forefront of overall financial planning. The Risk Management and Estate Planning course will provide learners with an in-depth understanding of risk management issues including disability, death, property and liability. It will also prepare learners in respect to estate planning issues pertaining to property interests, family law, will preparation and taxation upon death.

This subject is intended for students pursuing a CFP designation. This subject provides students with a detailed understanding of risk management. Students will acquire an understanding of the risks of disability, death, property and liability losses as well as the legal requirements of insurance policies. A detailed examination of the various aspects of estate planning will also be covered in this subject.

Credit Status
One credit.

Learning Outcomes
Upon successful completion of this subject the student will be able to:

1. Describe the features of disability income insurance; evaluate a policy and the providers; and discuss the tax implications of disability premiums.

2. Describe the features of health and long-term care insurance plans.

3. Describe the application of the risk management process to devise life insurance strategies.

4. Describe universal life policies, segregated funds and the relationship of insurance policies to beneficiaries, taxation, and contract law.

5. Discuss the risks of property and liability losses and how they can be managed.

6. Apply knowledge of insurance contracts to prepare a risk management plan.

7. Describe estate planning issues and the estate planning process.

8. Discuss the types of family property and its division upon a family breakdown.

9. Describe how a will can be used to control the disposition of estate assets.

10. Discuss living wills, property interests, intestacy, and probate as they relate to estate planning.

11. Describe the use of trusts to distribute property and income to beneficiaries.

12. Describe the taxation of property after death and the impact of taxation on estate planning.

13. Discuss the legal and ethical responsibilities of financial planners.

Academic Integrity
Seneca upholds a learning community that values academic integrity, honesty, fairness, trust, respect, responsibility and courage. These values enhance Seneca's commitment to deliver high-quality education and teaching excellence, while supporting a positive learning environment. Ensure that you are aware of Seneca's Academic Integrity Policy which can be found at: http://www.senecapolytechnic.ca/about/policies/academic-integrity-policy.html Review section 2 of the policy for details regarding approaches to supporting integrity. Section 2.3 and Appendix B of the policy describe various sanctions that can be applied, if there is suspected academic misconduct (e.g., contract cheating, cheating, falsification, impersonation or plagiarism).

Please visit the Academic Integrity website http://open2.senecac.on.ca/sites/academic-integrity/for-students to understand and learn more about how to prepare and submit work so that it supports academic integrity, and to avoid academic misconduct.

Discrimination/Harassment
All students and employees have the right to study and work in an environment that is free from discrimination and/or harassment. Language or activities that defeat this objective violate the College Policy on Discrimination/Harassment and shall not be tolerated. Information and assistance are available from the Student Conduct Office at student.conduct@senecapolytechnic.ca.

Accommodation for Students with Disabilities
The College will provide reasonable accommodation to students with disabilities in order to promote academic success. If you require accommodation, contact the Counselling and Accessibility Services Office at ext. 22900 to initiate the process for documenting, assessing and implementing your individual accommodation needs.

Camera Use and Recordings - Synchronous (Live) Classes
Synchronous (live) classes may be delivered in person, in a Flexible Learning space, or online through a Seneca web conferencing platform such as MS Teams or Zoom. Flexible Learning spaces are equipped with cameras, microphones, monitors and speakers that capture and stream instructor and student interactions, providing an in-person experience for students choosing to study online.

Students joining a live class online may be required to have a working camera in order to participate, or for certain activities (e.g. group work, assessments), and high-speed broadband access (e.g. Cable, DSL) is highly recommended. In the event students encounter circumstances that impact their ability to join the platform with their camera on, they should reach out to the professor to discuss. Live classes may be recorded and made available to students to support access to course content and promote student learning and success.

By attending live classes, students are consenting to the collection and use of their personal information for the purposes of administering the class and associated coursework. To learn more about Seneca's privacy practices, visit Privacy Notice.