Unit of Competency Mapping – Information for Teachers/Assessors – Information for Learners

FNSASIC314 Mapping and Delivery Guide
Provide Tier 2 general advice in general insurance

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency FNSASIC314 - Provide Tier 2 general advice in general insurance
Description
Employability Skills
Learning Outcomes and Application This unit describes the skills and knowledge required to assess clients’ insurance needs and accurately advise them about retail general insurance products and services, excluding personal accident and illness at the Australian Services and Investment Commission (ASIC) Tier 2 level.The unit applies to insurance advisers with well-developed communication and interpersonal skills, who apply product knowledge when providing general advice in relation to Tier 2 (retail general insurance) products to clients.At the time of publication, no licensing requirements apply to this unit. However, given potential future changes in the licensing environment, users must check with the relevant licensing body to confirm whether this unit is required to complete a licence.
Duration and Setting X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting.

Skills in this unit must be demonstrated in a workplace or simulated environment where the conditions are typical of those in a working environment in this industry.

This includes access to:

organisational equipment, technology, software and consumables

organisational records

organisational policies and procedures.

Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.
Prerequisites/co-requisites
Competency Field
Development and validation strategy and guide for assessors and learners Student Learning Resources Handouts
Activities 		Slides
PPT 		Assessment 1 Assessment 2 Assessment 3 Assessment 4
Elements of Competency Performance Criteria              
Element: Respond to initial client enquiry for general insurance
  • Establish and respond to client enquiry according to organisational protocols and within required timeframes
  • Provide client with assistance and confirm full and accurate completion of initial documentation, as required
  • Determine and clarify products of interest through interaction with clients
  • Inform clients that general advice will be provided to them in relation to products of interest and that only personal information for underwriting and calculating cost of product will be sought
  • Gather and record information relating to the risk to be insured according to organisational policies and procedures
  • Refer clients to suitable specialist personnel where required advice is deemed to fall outside category of general advice
       
Element: Prepare general advice to client
  • Analyse range of products of interest to clients and options available to determine their categorisation as areas of general advice in line with legislation and organisational policies
  • Provide disclosure documentation according to legislation and organisational policies
  • Confirm general advice warning and other disclosures are given to client in line with legislative and organisational policies and any special communication needs of client
       
Element: Communicate and discuss general advice with client
  • Demonstrate relevant product and industry knowledge when providing advice to client
  • Explain and discuss product advice with client in language that avoids giving impression adviser has considered client’s personal circumstances in providing advice
  • Confirm that client is asked to consider appropriateness of advice for own circumstances
  • Advise client to read product disclosure statement before making decision
       


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.

The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:

respond to client enquiries and prepare relevant Tier 2 general advice with respect to different retail insurance products and for at least two different clients.

The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:

legislative and organisational compliance requirements in relation to advice, including:

legislation affecting the provision of general and personal advice, including relevant regulatory guidelines on conduct and disclosure

roles and responsibilities of different advisers within the organisation

organisational policies and guidelines relating to provision of general advice

legal environment, including disclosure and compliance covering:

role of broker, representative and/or adviser and applicable fiduciary duty obligations and range of services provided

legal principles relating to the Corporations Act, Financial Services Reform Act (FSRA), Competition and Consumer Act, Insurance Contracts Act, and Australian Services and Investment Commission (ASIC) Act

relationship between ethics and regulatory requirements, including good faith, faith and utmost good faith

details of relevant marketing and disclosure documents, including product disclosure statements and marketing brochures on relevant products

full disclosure of remuneration and fees and any other conflicts of interest that may influence adviser’s recommendation

relevant insurance industry codes of practice and organisational codes of conduct

internal and external complaints resolution procedures

ASIC guidelines on adviser conduct and training

insurance products and services delivered by the organisation, including:

purpose of products and services

conditions, exclusions and level of coverage of risk transfer products

insurance product options available

taxation issues relating to insurance products

required content of disclosure statements, including content that:

complies with requirements of current regulations and organisational policies and procedures

includes key aspects of recommendations, including possible risks.

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assignment, 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.
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
Establish and respond to client enquiry according to organisational protocols and within required timeframes 
Provide client with assistance and confirm full and accurate completion of initial documentation, as required 
Determine and clarify products of interest through interaction with clients 
Inform clients that general advice will be provided to them in relation to products of interest and that only personal information for underwriting and calculating cost of product will be sought 
Gather and record information relating to the risk to be insured according to organisational policies and procedures 
Refer clients to suitable specialist personnel where required advice is deemed to fall outside category of general advice 
Analyse range of products of interest to clients and options available to determine their categorisation as areas of general advice in line with legislation and organisational policies 
Provide disclosure documentation according to legislation and organisational policies 
Confirm general advice warning and other disclosures are given to client in line with legislative and organisational policies and any special communication needs of client 
Demonstrate relevant product and industry knowledge when providing advice to client 
Explain and discuss product advice with client in language that avoids giving impression adviser has considered client’s personal circumstances in providing advice 
Confirm that client is asked to consider appropriateness of advice for own circumstances 
Advise client to read product disclosure statement before making decision 

Forms

Assessment Cover Sheet

FNSASIC314 - Provide Tier 2 general advice in general insurance
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

FNSASIC314 - Provide Tier 2 general advice in general insurance

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: