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.
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 |
Evidence of Performance
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.
Evidence of Knowledge
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.
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 |
Sectors
Life insurance