Application
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.
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. 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 Performance
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.
Evidence of Knowledge
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 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 | 1.1-1.3, 2.1-2.4, 3.1, 3.6 | Gathers, analyses and validates numeric and textual data from a range of sources and consolidates relevant information to achieve desired outcomes |
Writing | 1.3, 2.3, 3.5, 3.6, 4.1-4.2 | Produces texts in a logical sequence using appropriate language and correct spelling, grammar, terminology and format Accurately records and completes organisational documents |
Oral Communication | 1.2, 1.3, 2.1, 2.2, 2.3, 3.4, 3.7, 4.1-4.3 | Uses appropriate language and correct terminology to convey and share information to diverse audience Uses active listening, questioning and summarising techniques to gather, confirm and validate information |
Numeracy | 2.3, 2.4, 2.5, 2.6, 3.3, 3.4 | Uses mathematical equations to perform calculations |
Navigate the world of work | 2.5, 3.6, 3.7 | Takes full responsibility for adherence to legislative requirements, explicit and implicit protocols, policies and procedures, and meets expectations associated with own role |
Interact with others | 1.3, 2.2, 3.1, 3.7, 4.1-4.3 | Establishes and uses appropriate conventions and protocols when conferring with various stakeholders to gather or share information, or resolve disputes Adjusts personal communication style in response to the values, beliefs and cultural expectations of others |
Get the work done | 1.1-1.3, 2.1-2.4, 3.1-3.7 | Takes responsibility for planning, sequencing and prioritising tasks and own workload for efficiency and effectiveness Makes decisions regarding claims based on systematic analysis of all information, taking into account organisational requirements and the regulatory environment Uses the main features and functions of digital tools to complete work tasks |
Sectors
Life insurance