This unit applies to job roles in the life insurance sector and may be applied within organisations of various sizes and across a range of customer bases.
Not applicable.
1. Action application | 1.1 Receive and review application to identify the underwriting instructions 1.2 Take action according to procedures and the 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 the preparation of a life insurance policy 2.2 Document the life insurance policy with terms and conditions that accurately reflect the underwriting instructions 2.3 Check that the life insurance policy meets procedures and regulatory requirements 2.4 Select and apply a dispatch method in accordance with procedures and client 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, client instructions and regulatory requirements |
Required skills
communication skills to:
use questioning and active listening to gather and check information
liaise and share information with others
communicate appropriately with people from diverse backgrounds
numeracy skills to:
interpret numeric data and relevant statistics and from this perform calculations related to achieving required outcomes
IT skills to:
use computer applications (word processing, spreadsheet, database, specific purpose computer systems)
access and update records electronically
access web-based information services
reading skills to:
read and understand relevant procedures
read and interpret proposals and supporting documentation
writing skills to:
accurately record information
prepare professional letters and emails
prepare life insurance proposals
organisational skills to efficiently plan and sequence work
problem solving skills to address errors in life insurance documentation.
Required knowledge
life insurance terms and conditions
organisational procedures
organisational systems for data entry, filing and document registration
product information
relevant regulatory requirements
underwriting instructions.
The evidence guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.
Overview of assessment | |
Critical aspects for assessment and evidence required to demonstrate competency in this unit | Evidence of the ability to: accurately interpret and follow underwriting instructions accurately enter information in systems prepare life insurance policies perform tasks in accordance with procedures and regulatory requirements. |
Context of and specific resources for assessment | Assessment must ensure: competency is demonstrated in the context of the work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment access to and the use of a range of common office equipment, technology, software and consumables access to records access to organisational policies and procedures. |
Method of assessment | A range of assessment methods should be used to assess practical skills and knowledge. The following examples are appropriate for this unit: evaluating an integrated activity, which combines the elements of competency for the unit, or a cluster of related units of competency observing processes and procedures in workplaces verbal or written questioning on underpinning knowledge and skills evaluating samples of work accessing and validating third party reports setting and reviewing workplace projects and business simulations or scenarios. |
Guidance information for assessment |
The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.
Underwriting instructions may include: | accept at below standard cover accept at standard cover decline defer |
Procedures may include: | complaints handling processes customer service charter guidelines general operational policies privacy and confidentiality guidelines |
Relevant parties may include: | client adviser internal stakeholders |
Relevant information may include: | premium rates underwriting instructions |
Regulatory requirements may include: | Australian Securities and Investments Commission (ASIC) regulatory guides life insurance legislation privacy legislation |
Dispatch methods may include: | courier electronic transfer facsimile personal collection postal system through adviser |
Life insurance - Insurance
This unit contains employability skills.
Not applicable.