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%
