Unit of competency
Modification History
Release |
Comments |
Release 1 |
This version first released with FNS Financial Services Training Package Version 1.0. |
Application
This unit describes the skills and knowledge required to issue customers with a life insurance policy.
It applies to individuals who use organisational skills and specialised knowledge to undertake administrative services, including preparing documentation, entering information and dispatching the policy to customers.
Work functions in the occupational areas where this unit 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.
Unit Sector
Life insurance
Elements and Performance Criteria
ELEMENT |
PERFORMANCE CRITERIA |
Elements describe the essential outcomes. |
Performance criteria describe the performance needed to demonstrate achievement of the element. |
1. Action application |
1.1 Receive and review application to identify underwriting instructions 1.2 Take action according to procedures and underwriting instructions 1.3 Communicate declined or deferred underwriting instructions to relevant parties |
2. Issue life insurance policy |
2.1 Collect relevant information to enable preparation of life insurance policy 2.2 Document life insurance policy with terms and conditions that accurately reflect underwriting instructions 2.3 Check that life insurance policy meets procedures and regulatory requirements 2.4 Select and apply dispatch method in accordance with procedures and customer request |
3. Complete administration |
3.1 File completed life insurance policy documentation in accordance with procedures and regulatory requirements 3.2 Process cancellations of life insurance policies occurring within cooling-off period in accordance with procedures, customer instructions and regulatory requirements |
Foundation Skills
This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.
Skill |
Performance Criteria |
Description |
Reading |
1.1, 2.1, 2.3 |
|
Writing |
1.3, 2.1, 2.2 |
|
Oral Communication |
1.3, 2.1 |
|
Numeracy |
2.1 |
|
Navigate the world of work |
1.2, 2.3, 2.4, 3.1, 3.2 |
|
Interact with others |
1.3, 2.1 |
|
Get the work done |
1.2, 2.1, 2.4, 3.1, 3.2 |
|
Unit Mapping Information
Code and title current version |
Code and title previous version |
Comments |
Equivalence status |
FNSILF303 Issue a life insurance policy |
FNSILF303A Issue a life insurance policy |
Updated to meet Standards for Training Packages |
Equivalent unit |
Links
Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe