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Unit of competency details

FNSILF303 - Issue a life insurance policy (Release 1)

Summary

Usage recommendation:
Current
Mapping:
MappingNotesDate
Supersedes and is equivalent to FNSILF303A - Issue a life insurance policyUpdated to meet Standards for Training Packages 24/Mar/2015

Release Status:
Current
Releases:
ReleaseRelease date
1 1 (this release) 25/Mar/2015


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  30/Jul/2015 
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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

  • Gathers, analyses and interprets simple to complex information from a range of sources and identifies relevant information

Writing

1.3, 2.1, 2.2

  • Records key information relevant to requirements using appropriate text and correct spelling
  • Produces texts of varying complexity using appropriate language and grammar in logical sequence to convey information effectively

Oral Communication

1.3, 2.1

  • Uses appropriate language, terminology and concepts when participating in verbal exchanges
  • Uses active listening and questioning techniques to clarify information and confirm understanding of requirements

Numeracy

2.1

  • Interprets numeric data and relevant statistics, and performs calculations related to achieving required outcomes

Navigate the world of work

1.2, 2.3, 2.4, 3.1, 3.2

  • Follows legislative requirements and organisational policy and procedures relevant to own role

Interact with others

1.3, 2.1

  • Follows accepted communication practices and protocols, adjusting personal communication style in response to the values, beliefs and cultural expectations of others

Get the work done

1.2, 2.1, 2.4, 3.1, 3.2

  • Plans, organises and implements routine tasks, aiming to achieve them efficiently
  • Responds to predictable routine problems and implements standard or logical solutions
  • Uses the main features and functions of digital tools to complete work tasks

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

 

Assessment requirements

Modification History

Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 1.0.

Performance Evidence

Evidence of the ability to:

  • interpret and follow underwriting instructions accurately
  • prepare life insurance policies
  • accurately enter information in systems
  • perform tasks in accordance with procedures and regulatory requirements.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

Knowledge Evidence

To complete the unit requirements safely and effectively, the individual must:

  • describe key features of life insurance terms and conditions
  • identify organisational procedures relevant to issuing of life insurance policies
  • describe organisational systems for data entry, filing and document registration
  • describe key features of life insurance product information
  • list key features of relevant regulatory requirements
  • describe key underwriting instructions that are relevant to life insurance policies.

Assessment Conditions

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the life insurance field of work and include access to:

  • office equipment, technology, software and consumables
  • organisational records, policy and procedures.

Assessors must satisfy NVR/AQTF assessor requirements.

Links

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