Modification History
Release |
Comments |
Release 2 |
This version released with FNS10 Financial Services Training Package version 5.0. Identified prerequisites in the packaging rules. |
Release 1 |
This Qualification first released with FNS10 Financial Services Training Package version 3.0.Replaces FNS41510 Diploma of Life Insurance. |
Description
This qualification is designed to reflect team leadership, supervisory and advanced technical roles in life insurance in a range of organisations.
Pathways Information
Pathways into the qualification
Preferred pathways for candidates entering this qualification include:
- Certificate IV in Life Insurance
Pathways from the qualification
A further learning pathway could be study in relevant higher education programs.
Licensing/Regulatory Information
Work functions in the occupational areas where this qualification may be used are subject to regulatory requirements. You should refer to the IBSA website (www.ibsa.org.au) or the relevant regulator for specific guidance on requirements.
Entry Requirements
There are no entry requirements for this qualification.
Employability Skills Summary
The following table contains a summary of the Employability Skills required by industry for this qualification. The Employability Skills facets described here are broad industry requirements that may vary depending on qualification packaging options.
Employability Skill |
Industry/enterprise requirements for this qualification include: |
Communication |
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Teamwork |
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Problem-solving |
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Initiative and enterprise |
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Planning and organising |
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Self-management |
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Learning |
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Technology |
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Packaging Rules
Total number of units = 12
1 core units plus
11 elective units
The elective units consist of:
- 9 from the elective units listed below
of the remaining 2 units:
- up to 2 may be from the elective units listed below
- up to 2 may be from Certificate IV, Diploma or Advanced Diploma any currently endorsed Training Package or accredited course
The elective units chosen must be relevant to the work outcome and meet local industry needs.
Core Units
- FNSILF403A Develop and maintain in-depth knowledge of products and services used by the Life Insurance sector
Elective Units
- FNSASICM503A Provide Tier 1 personal advice in life insurance
- FNSASICX503A Provide advice in Life Insurance
- FNSCMP501A Comply with financial services legislation
- FNSCUS505A Determine client requirements and expectations
- FNSCUS506A Record and implement client instructions
- FNSINC501A Conduct product research to support recommendations
- FNSIAD501A Provide appropriate services, advice and products to clients
- FNSILD501A Prepare a distribution plan
- FNSILD502A Resource a distribution plan
- FNSILD503A Establish services to provide advice
- FNSILD504A Implement and manage the distribution plan
- FNSILF502A Underwrite complex medical life risks
- FNSILF503A Underwrite complex non-medical risks
- FNSILF504A Manage complex life insurance claims
- FNSILF505A Manage ongoing disability claims
- FNSILF506A Manage group life insurance claims
- FNSILF507A Manage group life insurance policy administration
- FNSINC501A Conduct product research to support recommendations
- FNSISV406A Use specialist terminology in insurance claims
- FNSISV407A Use medical terminology in an insurance context
- FNSISV502A Review operational performance of the portfolio
- FNSISV503A Undertake post-loss risk management
- FNSISV504A Negotiate treaty reinsurance
- FNSISV505A Determine risk rating for investment and insurance products
- FNSISV506A Investigate claims
- FNSISV509A Analyse financial, medical and psychological claims assessments
- FNSISV512A Work with legal teams to resolve complex claims
- FNSISV513A Provide decisions on legal liability and indemnity of a claim
- FNSISV514A Review and update claim reserves in portfolio
- FNSISV515A Evaluate and report on status of claims portfolio
- FNSISV517A Review claims settlement policies and procedures
Prerequisite Units
Code and title |
Pre-requisite units required |
FNSASICX503A Provide advice in Life Insurance |
FNSINC501A Conduct product research to support recommendations |