Application
This unit describes the skills and knowledge required to evaluate requests for policy changes, record changes, inform stakeholders and issue appropriate documentation.
It applies to individuals who may be required to assist clients with their policy change requirements while adhering to organisational guidelines.
No licensing, legislative or certification requirements apply to this unit at the time of publication.
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. Receive and evaluate policy request | 1.1 Check policy request documentation is correct and complete 1.2 Check request is valid 1.3 Identify non-routine policy requests and liability implications, and direct to an appropriate authority for assessment 1.4 Assess request against policy terms and conditions within authority levels and in accordance with procedures and regulatory requirements |
2. Communicate outcomes of policy request assessments | 2.1 Advise client of outcomes of assessment of request 2.2 Where request is accepted by insurer, advise client of consequences of processing request and ensure client is aware of impacts 2.3 Advise policyholder of reasons for declining request, where request is deemed unacceptable to insurer |
3. Complete services in response to policy request | 3.1 Make authorised policy changes in accordance with procedures and regulatory requirements 3.2 Confirm documentation is correct and complete 3.3 Dispatch documentation to clients in accordance with procedures and regulatory requirements 3.4 Update records and registers in accordance with procedures and regulatory requirements |
Evidence of Performance
Evidence of the ability to:
apply analytical and administrative skills in the assessment and implementation of life insurance policy changes
perform tasks in accordance with relevant procedures and regulatory requirements
identify non-routine policy requests and escalate to the appropriate authority.
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:
explain life insurance policy terms and conditions
explain the nature of life insurance policy liabilities
outline key features of administrative requirements and organisational procedures relevant to policy alterations and assignments
explain organisational systems for data entry, filing and document registrations
describe the possible consequences of changes to policy
outline key features of relevant life insurance product information.
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 | 1.1-1.4, 3.2 | Gathers, analyses and interprets simple to complex information from a range of sources to identify appropriate actions |
Writing | 2.1-2.3, 3.1, 3.4 | Produces texts of varying complexity using appropriate language and grammar in logical sequence to convey and record information accurately and effectively |
Oral Communication | 2.1-2.3 | Uses clear, specific and culturally sensitive language to convey information |
Navigate the world of work | 1.3, 1.4, 3.1, 3.3, 3.4 | Recognises and follows legislative requirements, explicit and implicit protocols, policies and procedures, and meets expectations associated with own role Researches information to update and maintain knowledge of organisational products and services relevant to own role |
Interact with others | 1.3, 2.1-2.3 | Selects and uses appropriate communication conventions and protocols to liaise with others Adjusts personal communication style in response to the values, beliefs and cultural expectations of others |
Get the work done | 1.1-1.4, 3.1-3.4 | Takes responsibility for planning, sequencing and prioritising tasks and own workload for efficiency and effectiveness Makes decisions regarding claim validity based on implementation of standard procedures or criteria Uses the main features and functions of digital tools to complete work tasks |
Sectors
Life insurance