Modification History
|
Release |
Comments |
|
Release 5 |
This version released with FNS Financial Services Training Package version 6.2. The following elective units of competency have been reinstated as directed by the AISC:
|
|
Release 4 |
This version released with FNS Financial Services Training Package version 6.1. The following elective units of competency have been deleted as directed by the AISC:
The above training products were identified as having zero enrolments over a three year period. |
|
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
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
FNSISV525 Evaluate and report on status of insurance claims portfolios
FNSISV535 Determine risk rating for investment and insurance products
FNSISV537 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
