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Qualification details

FNS51315 - Diploma of Life Insurance (Release 3)

Summary

Usage recommendation:
Current
Mapping:
MappingNotesDate
Supersedes and is equivalent to FNS51312 - Diploma of Life InsuranceUpdated to meet Standards for Training Packages 24/Mar/2015

Release Status:
Current
Releases:
ReleaseRelease date
3 (this release) 13/Feb/2018
(View details for release 2) 22/Apr/2015
(View details for release 1) 25/Mar/2015


Training packages that include this qualification

Units of competency

CodeSort Table listing Units of Competency by the Code columnTitleEssentialSort Table listing Units of Competency by the Essential column
FNSASICM503 - Provide Tier 1 personal advice in life insuranceProvide Tier 1 personal advice in life insuranceElective
FNSASICX503 - Provide advice in life insuranceProvide advice in life insuranceElective
FNSCMP501 - Comply with financial services legislationComply with financial services legislationElective
FNSCUS505 - Determine client requirements and expectationsDetermine client requirements and expectationsElective
FNSCUS506 - Record and implement client instructionsRecord and implement client instructionsElective
FNSIAD501 - Provide appropriate services, advice and products to clientsProvide appropriate services, advice and products to clientsElective
FNSILD501 - Prepare a distribution planPrepare a distribution planElective
FNSILD502 - Resource a distribution planResource a distribution planElective
FNSILD503 - Establish services to provide adviceEstablish services to provide adviceElective
FNSILD504 - Implement and manage the distribution planImplement and manage the distribution planElective
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Classifications

SchemeCodeClassification value
ANZSCO Identifier 552312 Insurance Consultant 
ASCED Qualification/Course Field of Education Identifier 0811 Banking, Finance And Related Fields 
Qualification/Course Level of Education Identifier 421 Diploma 
Taxonomy - Industry Sector N/A Insurance,Broking 
Taxonomy - Occupation N/A Insurance Broker,Insurance Broking Manager 

Classification history

SchemeCodeClassification valueStart dateEnd date
ANZSCO Identifier 552312 Insurance Consultant 30/Jul/2015 
ASCED Qualification/Course Field of Education Identifier 0811 Banking, Finance And Related Fields 30/Jul/2015 
Qualification/Course Level of Education Identifier 421 Diploma 25/Mar/2015 
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Modification History

Release 

Comments 

Release 3

This version released with FNS Financial Services Training Package version 3.0

Release 3 created to update elective unit list

Release 2

This version released with FNS Financial Services Training Package version 1.1

Release 2 created to correct typographical error

Release 1

This qualification first released with FNS Financial Services Training Package version 1.0

Qualification Description

This qualification is designed to reflect team leadership, supervisory and advanced technical roles in life insurance in a range of organisations. Individuals in these roles have autonomy in performing technical operations, apply solutions to a range of often complex problems, and research, analyse and evaluate information from a variety of sources. They apply initiative to plan, coordinate and evaluate their own work and provide guidance to others.

Licensing/Regulatory Information

Work functions in the occupational areas where this qualification may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.

Entry Requirements

Nil.

Packaging Rules

Total number of units = 12 

1 core units  plus

11 elective  units

The elective units consist of:

  • 9 from the electives below.

Of the remaining 2 units:

  • up to 2 may be from the electives
  • 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  

FNSILF403 Develop and maintain in-depth knowledge of products and services used by the Life Insurance sector

Elective Units 

FNSASICM503 Provide Tier 1 personal advice in life insurance

FNSASICX503* Provide advice in life insurance

FNSCMP501 Comply with financial services legislation

FNSCUS505 Determine client requirements and expectations

FNSCUS506 Record and implement client instructions

FNSIAD501 Provide appropriate services, advice and products to clients

FNSILD501 Prepare a distribution plan

FNSILD502 Resource a distribution plan

FNSILD503 Establish services to provide advice

FNSILD504 Implement and manage the distribution plan

FNSILF502 Underwrite complex medical life risks

FNSILF503 Underwrite complex non-medical risks

FNSILF504 Manage complex life insurance claims

FNSILF505 Manage ongoing disability claims

FNSILF506 Manage group life insurance claims

FNSILF507 Manage group life insurance policy administration

FNSINC501 Conduct product research to support recommendations

FNSINC503 Identify situations requiring complex ethical decision making

FNSINC504 Apply ethical frameworks and principles to make and act upon decisions

FNSISV406 Use specialist terminology in insurance claims

FNSISV407 Use medical terminology in an insurance context

FNSISV502 Review operational performance of the portfolio

FNSISV503 Undertake post-loss risk management

FNSISV504 Negotiate treaty reinsurance

FNSISV505 Determine risk rating for investment and insurance products

FNSISV506 Investigate claims

FNSISV509 Analyse financial, medical and psychological claims assessments

FNSISV512 Work with legal teams to resolve complex claims

FNSISV513 Provide decisions on legal liability and indemnity of a claim

FNSISV514 Review and update claim reserves in portfolio

FNSISV515 Evaluate and report on status of claims portfolio

FNSISV517 Review claims settlement policies and procedures

*Note the following prerequisite unit requirements:

Unit in this qualification

Prerequisite unit

FNSASICX503 Provide advice in life insurance

FSNINC501 Conduct product research to support recommendations

FNSIAD501 Provide appropriate services, advice and products to clients

FNSCUS505 Determine client requirements and expectations

FNSCUS506 Record and implement client instructions

Qualification Mapping Information

Code and title  

current version 

Code and title 

previous version 

Comments 

Equivalence status 

FNS51315 Diploma of Life Insurance (Release 3)

FNS51315 Diploma of Life Insurance (Release 2)

Updates to elective unit list

Equivalent qualification

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe