Assessor Resource

FNSILF507
Manage group life insurance policy administration

Assessment tool

Version 1.0
Issue Date: May 2024


This unit describes the skills and knowledge required to effectively administer group life insurance policies.

It applies to those responsible for the management and administration of group life insurance policies.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

You may want to include more information here about the target group and the purpose of the assessments (eg formative, summative, recognition)


Evidence Required

List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Recognise and apply relevant policy guidelines

1.1 Identify relevant group policy ownership structure and associated rules of administration

1.2 Verify party’s authority to act in relation to group life insurance policy

1.3 Use inter-organisational relationships to collect information and authorisations

2. Review group life insurance policy

2.1 Verify that group meets automatic acceptance eligibility criteria

2.2 Review member schedule and verify members’ eligibility for group

2.3 Review member changes that have occurred in period under review and make necessary adjustments to premiums and/or sums insured

2.4 Reconcile details of policy to calculate premiums

2.5 Calculate and remit stamp duty payable on benefits as required in each state and territory

2.6 Calculate and apply group life profit share as per terms of policy, as necessary

3. Manage ongoing policy administration

3.1 Identify requests that exceed automatic acceptance limits and refer for individual underwriting

3.2 Manage medical information collection as necessary

3.3 Make payments to maintain distribution and administration agreements, and reinsurance treaties

3.4 Collect premiums in accordance with policy terms

3.5 Manage cancellation of cover where necessary

3.6 Update and issue documentation and records in accordance with procedures and regulatory requirements

3.7 Work with relevant parties to maintain organisational compliance

4. Manage complaints and disputes

4.1 Advise clients of dispute resolution procedures

4.2 Use inter-organisational relationships to seek resolution of complaints and disputes

4.3 Refer clients to relevant external dispute resolution body as appropriate

Evidence of the ability to:

effectively administer group life insurance policies by:

interpreting requirements, collecting relevant information and reviewing group life policies

calculating premium calculations and adjustments, and managing cancellations

updating relevant documentation

handling complaints and disputes in accordance with relevant procedures and in line with regulatory requirements.

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

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

explain the group life insurance industry and types of products available

outline key features of group life insurance policy terms and conditions

identify the relevant organisational procedures associated with life insurance policy administration

explain the internal and external dispute resolution processes

outline the group life insurance policy payment criteria

explain the organisational guidelines relating to automatic acceptance under group life insurance policies

explain the procedural fairness requirements in management of group life policies

describe relevant regulatory requirements

explain the group life profit sharing systems and the provisions for collection of stamp duty

list the stakeholders in the management of a group life policy.

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.

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assingnment, checklist) and due date here

Assessment task 1: [title]      Due date:

(add new lines for each of the assessment tasks)

Assessment Tasks

Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Recognise and apply relevant policy guidelines

1.1 Identify relevant group policy ownership structure and associated rules of administration

1.2 Verify party’s authority to act in relation to group life insurance policy

1.3 Use inter-organisational relationships to collect information and authorisations

2. Review group life insurance policy

2.1 Verify that group meets automatic acceptance eligibility criteria

2.2 Review member schedule and verify members’ eligibility for group

2.3 Review member changes that have occurred in period under review and make necessary adjustments to premiums and/or sums insured

2.4 Reconcile details of policy to calculate premiums

2.5 Calculate and remit stamp duty payable on benefits as required in each state and territory

2.6 Calculate and apply group life profit share as per terms of policy, as necessary

3. Manage ongoing policy administration

3.1 Identify requests that exceed automatic acceptance limits and refer for individual underwriting

3.2 Manage medical information collection as necessary

3.3 Make payments to maintain distribution and administration agreements, and reinsurance treaties

3.4 Collect premiums in accordance with policy terms

3.5 Manage cancellation of cover where necessary

3.6 Update and issue documentation and records in accordance with procedures and regulatory requirements

3.7 Work with relevant parties to maintain organisational compliance

4. Manage complaints and disputes

4.1 Advise clients of dispute resolution procedures

4.2 Use inter-organisational relationships to seek resolution of complaints and disputes

4.3 Refer clients to relevant external dispute resolution body as appropriate

Evidence of the ability to:

effectively administer group life insurance policies by:

interpreting requirements, collecting relevant information and reviewing group life policies

calculating premium calculations and adjustments, and managing cancellations

updating relevant documentation

handling complaints and disputes in accordance with relevant procedures and in line with regulatory requirements.

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

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

explain the group life insurance industry and types of products available

outline key features of group life insurance policy terms and conditions

identify the relevant organisational procedures associated with life insurance policy administration

explain the internal and external dispute resolution processes

outline the group life insurance policy payment criteria

explain the organisational guidelines relating to automatic acceptance under group life insurance policies

explain the procedural fairness requirements in management of group life policies

describe relevant regulatory requirements

explain the group life profit sharing systems and the provisions for collection of stamp duty

list the stakeholders in the management of a group life policy.

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.
Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.

Observation Checklist

Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice Yes No Comments/feedback
Identify relevant group policy ownership structure and associated rules of administration 
Verify party’s authority to act in relation to group life insurance policy 
Use inter-organisational relationships to collect information and authorisations 
Verify that group meets automatic acceptance eligibility criteria 
Review member schedule and verify members’ eligibility for group 
Review member changes that have occurred in period under review and make necessary adjustments to premiums and/or sums insured 
Reconcile details of policy to calculate premiums 
Calculate and remit stamp duty payable on benefits as required in each state and territory 
Calculate and apply group life profit share as per terms of policy, as necessary 
Identify requests that exceed automatic acceptance limits and refer for individual underwriting 
Manage medical information collection as necessary 
Make payments to maintain distribution and administration agreements, and reinsurance treaties 
Collect premiums in accordance with policy terms 
Manage cancellation of cover where necessary 
Update and issue documentation and records in accordance with procedures and regulatory requirements 
Work with relevant parties to maintain organisational compliance 
Advise clients of dispute resolution procedures 
Use inter-organisational relationships to seek resolution of complaints and disputes 
Refer clients to relevant external dispute resolution body as appropriate 

Forms

Assessment Cover Sheet

FNSILF507 - Manage group life insurance policy administration
Assessment task 1: [title]

Student name:

Student ID:

I declare that the assessment tasks submitted for this unit are my own work.

Student signature:

Result: Competent Not yet competent

Feedback to student

 

 

 

 

 

 

 

 

Assessor name:

Signature:

Date:

Assessment Record Sheet

FNSILF507 - Manage group life insurance policy administration

Student name:

Student ID:

Assessment task 1: [title] Result: Competent Not yet competent

(add lines for each task)

Feedback to student:

 

 

 

 

 

 

 

 

Overall assessment result: Competent Not yet competent

Assessor name:

Signature:

Date:

Student signature:

Date: