Modification History
Not applicable.
Unit Descriptor
Unit descriptor |
This unit is applicable to individuals working within enterprises and job roles subject to licensing, legislative, regulatory or certification requirements including legislation administered by the Australian Securities and Investments Commission (ASIC). This unit covers the functions undertaken by non-broker insurance advisers providing general advice in Tier 1 life insurance to a consumer or current client. Conditions relating to ASIC training requirements and accreditation should be obtained from ASIC. General advice is defined by ASIC in its regulatory guides relating to the conduct and training of financial service product advisers. This unit requires the application of skills and knowledge to identify where the consumer is seeking general rather than personal product advice and to follow the appropriate steps to provide this level of advice. There is a substantial component of generic, core and specialist life insurance knowledge that must be developed by the adviser as part of this unit in order to meet the ASIC training standards for Tier 1 general advice. |
Application of the Unit
Application of the unit |
This unit is specifically designed to assist advisers dealing with retail clients but it may have wider application to wholesale clients. The unit may be applied within organisations of various sizes and across a range of customer bases. |
Licensing/Regulatory Information
Not applicable.
Pre-Requisites
Prerequisite units |
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Employability Skills Information
Employability skills |
This unit contains employability skills. |
Elements and Performance Criteria Pre-Content
Elements describe the essential outcomes of a unit of competency. |
Performance criteria describe the performance needed to demonstrate achievement of the element. Where bold italicised text is used, further information is detailed in the required skills and knowledge section and the range statement. Assessment of performance is to be consistent with the evidence guide. |
Elements and Performance Criteria
ELEMENT |
PERFORMANCE CRITERIA |
1. Deal with initial client enquiry for general insurance |
1.1. Client enquiries are attended to in a timely and courteous manner 1.2. Active listening skills are demonstrated in dealing with consumer enquiries and help and assistance is provided to ensure the full and accurate completion of initial documentation where required 1.3. Clear and unambiguous communication is undertaken with the consumer to determine and clarify the product of interest to them 1.4. The range of products of interest to the consumer are analysed to determine their categorisation as areas of general advice in line with legislation and organisational policy 1.5. Consumers are informed that general advice will be provided to them in relation to the products of interest and that only personal information for underwriting and calculating the cost of the product will be sought 1.6. The consumer is referred to appropriate specialist personnel where required advice is deemed to fall outside the category of general advice |
2. Prepare general advice to client |
2.1. The correct disclosure documentation is provided in accordance with legislation and organisational policy 2.2. A general advice warning is given to the consumer in line with legislative and organisation policy 2.3. Special communication needs of clients or consumers are considered in delivering general advice warning |
3. Provide general advice |
3.1. The product advice is given to the consumer in a clear and unambiguous way avoiding jargon and in a language appropriate to the receiver and using organisational tools 3.2. Product and industry knowledge appropriate for advice offered is demonstrated when providing advice to the client 3.3. Product advice is explained and discussed with the client in language that avoids giving the impression the adviser has considered the consumer's personal circumstances in providing the advice 3.4. Client is requested to consider the appropriateness of the advice in the light of their own circumstances 3.5. Client is advised to read the product disclosure statement before making a decision |
Required Skills and Knowledge
REQUIRED SKILLS AND KNOWLEDGE |
This section describes the skills and knowledge required for this unit. |
Required skills |
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Required knowledge |
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Evidence Guide
EVIDENCE GUIDE |
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The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package. |
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Overview of assessment |
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Critical aspects for assessment and evidence required to demonstrate competency in this unit |
Evidence of the ability to:
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Context of and specific resources for assessment |
Assessment must ensure:
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Method of assessment |
A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:
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Guidance information for assessment |
Range Statement
RANGE STATEMENT |
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The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included. |
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Consumer enquiries may include: |
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Initial documentation may include: |
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Legislation and organisation policy may include: |
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Disclosure documentation may include: |
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General advice warning : |
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Special communication needs include: |
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Organisational tools may include: |
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Product and industry knowledge may include: |
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Unit Sector(s)
Unit sector |
Insurance life/general ASIC |
Competency field
Competency field |
Co-requisite units
Co-requisite units |
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