RFC404 - Risk Management and Estate Planning

Outline info
Last revision date 2018-07-20 13:30:31.493
Last review date 2018-07-20 13:30:48.588

Subject Title
Risk Management and Estate Planning

Subject Description
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.

Cheating and Plagiarism
Each student should be aware of the College's policy regarding Cheating and Plagiarism. Seneca's Academic Policy will be strictly enforced.

To support academic honesty at Seneca College, all work submitted by students may be reviewed for authenticity and originality, utilizing software tools and third party services. Please visit the Academic Honesty site on http://library.senecacollege.ca for further information regarding cheating and plagiarism policies and procedures.

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@senecacollege.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 Disabilities Services Office at ext. 22900 to initiate the process for documenting, assessing and implementing your individual accommodation needs.

This subject focuses on the academic content required to write the first CFP examination (PCE1). Students should have strong English language skills. Familiarity with fundamental accounting principles and completion of Grade XII English and mathematics are strongly recommended.

Students with a general interest in financial planning should refer to the Personal Wealth Management subject.

Topic Outline

  • The risks of disability 
  • The risks of death 
  • Risks of property and liability losses 
  • The legal requirements of insurance policies 
  • The application of the risk management process 
  • The tools of estate planning 
  • Property interests 
  • Family law 
  • Intestacy, probate, wills and powers of attorney 
  • Taxation upon death, trusts, and estate freezes 
  • Professional duties and responsibilities  

Mode of Instruction
A combination of teaching methods such as lectures, small group work and case studies using online materials provided by CIFP (Canadian Institute of Financial Planning).  

Prescribed Texts
Materials are provided online through the Canadian Institute of Financial Planning (CIFP). Students must register directly with the CIFP in order to access the materials. Students are required to access the online materials on a regular basis.

Reference Material

Required Supplies

Promotion Policy

Grading Policy
A+ 90%  to  100%
A 80%  to  89%
B+ 75%  to  79%
B 70%  to  74%
C+ 65%  to  69%
C 60%  to  64%
D+ 55%  to  59%
D 50%  to  54%
F 0%    to  49% (Not a Pass)
EXC Excellent
SAT Satisfactory
UNSAT Unsatisfactory

For further information, see a copy of the Academic Policy, available online (http://www.senecacollege.ca/academic-policy) or at Seneca's Registrar's Offices.

Modes of Evaluation
Assignments are due on the dates specified. Should extenuating circumstances arise, please contact your instructor immediately, prior to when your assignment is due, so an appropriate course of action can be established. Late assignments may be subject to a penalty of up to 10% per week and will not generally be accepted beyond two weeks after the assignment due date.

In cases of cheating or plagiarism, the College Academic Policy will prevail.  Please ensure that all assignments and reports are properly documented.

Students are referred to the following web site for the Seneca College Library MLA Style Guides, Academic Honesty Policy and Copyright guidelines:  


Dates for evaluations are specified in the weekly schedule addendum to this outline. The evaluation process may include, but is not limited to, tests, exams, assignments or presentations. Any absences or missed submissions due to medical or other reasons must be supported by medical or other appropriate documentation within one (1) week of the due date. The faculty and program area must be notified immediately in the even of a missed evaluation. Upon acceptance of the documentation, the weighting of the missed deliverable will normally be applied to the final exam.

English Competency:

The ability to communicate effectively is essential for success in business. Therefore, you must demonstrate English competency in this subject in both oral and written work. Ensure your written work includes correct sentence structure, spelling and punctuation. Always spell check, edit and proofread your work.

Students must pass the final exam with a grade of 60% and achieve an overall grade of 60% in order to pass the subject and obtain a credit with the Canadian Institute of Financial Planning.

Grading is based on the following marking scheme:    

Term Work 30%
Final Exam 70%

Please retain this subject outline document for future educational and/or employment use. 

Academic Program Manager:
Emiliano Introcaso

Approved by: Academic Program Manager Emiliano Introcaso