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Unit of competency details

FNSILF302A - Process a life insurance application (Release 1)

Summary

Usage recommendation:
Superseded
Mapping:
MappingNotesDate
Supersedes FNSILF301A - Process and issue a life insurance policy"FNSILF301A Process and issues a life insurance policy" deleted - split into two component units FNSILF302A and FNSILF303A which more accurately reflect workplace activity 15/Jan/2012
Is superseded by and equivalent to FNSILF302 - Process a life insurance applicationUpdated to meet Standards for Training Packages. Minor rewording of performance criteria to clarify intent. 24/Mar/2015

Release Status:
Current
Releases:
ReleaseRelease date
1 1 (this release) 16/Jan/2012

Training packages that include this unit

Classifications

SchemeCodeClassification value
ASCED Module/Unit of Competency Field of Education Identifier 081103 Insurance And Actuarial Studies  

Classification history

SchemeCodeClassification valueStart dateEnd date
ASCED Module/Unit of Competency Field of Education Identifier 081103 Insurance And Actuarial Studies  02/Oct/2012 
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Modification History

Release 

Comments 

Release 1

This Unit of Competency first released with FNS10 Financial Services Training Package version 2.0.

Part of FNSILF301A, more accurately reflects workplace activity.

Replaces FNSILF301A Process and issues a life insurance policy.

Unit Descriptor

This unit describes the performance outcomes, skills and knowledge required to process new applications for life insurance. It encompasses checking the proposal, gathering information, entering information and recording details. Regulatory requirements apply to this unit.

Application of the Unit

This unit applies to job roles in the life insurance sector and may be applied within organisations of various sizes and across a range of customer bases.

Licensing/Regulatory Information

Not applicable.

Pre-Requisites

Not applicable.

Employability Skills Information

This unit contains employability skills.

Elements and Performance Criteria Pre-Content

Element 

Performance Criteria 

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

1. Receive applications

1.1 Receive new life insurance applications and compile necessary documentation 

1.2 Check that documentation  is correct and complete

1.3 Gather further information from appropriate information sources  as necessary

1.4 Enter application data in appropriate systems  and verify data input accuracy

2. Process applications

2.1 Determine authority to act and refer application to appropriate authority  as necessary

2.2 Consult with internal stakeholders , as appropriate

2.3 When acceptable, process the application

2.4 Communicate result to all relevant parties  in accordance with procedures  and regulatory requirements 

2.5 Update records and file documentation in accordance with procedures  and regulatory requirements 

Required Skills and Knowledge

This section describes the skills and knowledge required for this unit.

Required skills 

  • communication skills to:
  • use questioning and active listening to gather and check information
  • liaise and share information with others
  • communicate appropriately with people from diverse backgrounds
  • numeracy skills to:
  • interpret numeric data and relevant statistics and from this perform calculations related to achieving required outcomes
  • IT skills to:
  • use computer applications (word processing, spreadsheet, database, specific purpose computer systems)
  • access and update records electronically
  • access web-based information services
  • reading skills to:
  • read and understand relevant procedures
  • read and interpret applications and supporting documentation
  • writing skills to:
  • accurately record information
  • prepare professional letters and emails
  • organisational skills to efficiently plan and sequence work
  • problem solving skills to address inaccuracies and omissions in applications
  • analytical skills to effectively analyse information and data.

Required knowledge 

  • life insurance terms and conditions
  • organisational procedures
  • organisational systems for data entry, filing and document registration
  • product information
  • relevant regulatory requirements.

Evidence Guide

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.

Overview of assessment 

Critical aspects for assessment and evidence required to demonstrate competency in this unit 

Evidence of the ability to:

  • correctly process applications
  • apply procedures and comply with regulatory requirements.

Context of and specific resources for assessment 

Assessment must ensure:

  • competency is demonstrated in the context of the work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment
  • access to and the use of a range of common office equipment, technology, software and consumables
  • access to records
  • access to organisational policies and procedures.

Method of assessment 

A range of assessment methods should be used to assess practical skills and knowledge. The following examples are appropriate for this unit:

  • evaluating an integrated activity, which combines the elements of competency for the unit, or a cluster of related units of competency
  • observing processes and procedures in workplaces
  • verbal or written questioning on underpinning knowledge and skills
  • evaluating samples of work
  • accessing and validating third party reports
  • setting and reviewing workplace projects and business simulations or scenarios.

Guidance information for assessment 

Range Statement

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.

Documentation  may include:

  • birth records
  • health records
  • marriage records
  • other records required for application
  • product disclosure statement (PDS)
  • product documentation

Information sources  may include:

  • adviser
  • client or client agent
  • government records
  • law enforcement agencies
  • medical or related professionals

Appropriate systems  may include:

  • document management system
  • policy administration system

Appropriate authority  may include:

  • manager
  • other levels of management
  • supervisor

Internal stakeholders  may include:

  • chief medical officers
  • claims departments
  • new business team
  • other relevant business teams
  • senior underwriters
  • underwriters

Procedures  may include:

  • complaints handling processes
  • customer service charter
  • guidelines
  • general operational policies
  • privacy and confidentiality guidelines

Relevant parties  may include:

  • adviser
  • client
  • internal stakeholders

Regulatory requirements  may include:

  • Australian Securities and Investments Commission (ASIC) regulatory guides
  • life insurance legislation
  • privacy legislation

Unit Sector(s)

Life insurance