NTISthis.com

Evidence Guide: FNSASIC304 - Provide Tier 2 general advice in general insurance

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!

From the Wiki University

 

FNSASIC304 - Provide Tier 2 general advice in general insurance

What evidence can you provide to prove your understanding of each of the following citeria?

Deal with initial client enquiry for general insurance

  1. Attend to client enquiries in timely and courteous manner
  2. Demonstrate active listening skills when dealing with client enquiries and provide help and assistance to ensure full and accurate completion of initial documentation where required
  3. Communicate clearly and unambiguously with clients to determine and clarify product of interest to them
  4. Analyse range of products of interest to clients to determine their categorisation as areas of general advice in line with legislation and organisational policy
  5. 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
  6. Refer clients to suitable specialist personnel where required advice is deemed to fall outside category of general advice
Attend to client enquiries in timely and courteous manner

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Demonstrate active listening skills when dealing with client enquiries and provide help and assistance to ensure full and accurate completion of initial documentation where required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Communicate clearly and unambiguously with clients to determine and clarify product of interest to them

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Analyse range of products of interest to clients to determine their categorisation as areas of general advice in line with legislation and organisational policy

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Refer clients to suitable specialist personnel where required advice is deemed to fall outside category of general advice

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare general advice to client

  1. Provide correct disclosure documentation in accordance with legislation and organisational policy
  2. Ensure that general advice warning is given to client in line with legislative and organisational policy
  3. Consider special communication needs of clients or client when delivering general advice warning
Provide correct disclosure documentation in accordance with legislation and organisational policy

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Ensure that general advice warning is given to client in line with legislative and organisational policy

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Consider special communication needs of clients or client when delivering general advice warning

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Provide general advice

  1. Ensure that product advice is given to client in clear and unambiguous way, avoiding jargon, in language appropriate to receiver and using organisational tools
  2. Demonstrate appropriate product and industry knowledge when providing advice to client
  3. Explain and discuss product advice with client in language that avoids giving impression adviser has considered client’s personal circumstances in providing advice
  4. Ensure that client is asked to consider appropriateness of advice for own circumstances
  5. Advise client to read product disclosure statement before making decision
Ensure that product advice is given to client in clear and unambiguous way, avoiding jargon, in language appropriate to receiver and using organisational tools

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Demonstrate appropriate product and industry knowledge when providing advice to client

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Explain and discuss product advice with client in language that avoids giving impression adviser has considered client’s personal circumstances in providing advice

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Ensure that client is asked to consider appropriateness of advice for own circumstances

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Advise client to read product disclosure statement before making decision

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Deal with initial client enquiry for general insurance

1.1 Attend to client enquiries in timely and courteous manner

1.2 Demonstrate active listening skills when dealing with client enquiries and provide help and assistance to ensure full and accurate completion of initial documentation where required

1.3 Communicate clearly and unambiguously with clients to determine and clarify product of interest to them

1.4 Analyse range of products of interest to clients to determine their categorisation as areas of general advice in line with legislation and organisational policy

1.5 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

1.6 Refer clients to suitable specialist personnel where required advice is deemed to fall outside category of general advice

2. Prepare general advice to client

2.1 Provide correct disclosure documentation in accordance with legislation and organisational policy

2.2 Ensure that general advice warning is given to client in line with legislative and organisational policy

2.3 Consider special communication needs of clients or client when delivering general advice warning

3. Provide general advice

3.1 Ensure that product advice is given to client in clear and unambiguous way, avoiding jargon, in language appropriate to receiver and using organisational tools

3.2 Demonstrate appropriate product and industry knowledge when providing advice to client

3.3 Explain and discuss product advice with client in language that avoids giving impression adviser has considered client’s personal circumstances in providing advice

3.4 Ensure that client is asked to consider appropriateness of advice for own circumstances

3.5 Advise client to read product disclosure statement before making decision

Required Skills and Knowledge

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Deal with initial client enquiry for general insurance

1.1 Attend to client enquiries in timely and courteous manner

1.2 Demonstrate active listening skills when dealing with client enquiries and provide help and assistance to ensure full and accurate completion of initial documentation where required

1.3 Communicate clearly and unambiguously with clients to determine and clarify product of interest to them

1.4 Analyse range of products of interest to clients to determine their categorisation as areas of general advice in line with legislation and organisational policy

1.5 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

1.6 Refer clients to suitable specialist personnel where required advice is deemed to fall outside category of general advice

2. Prepare general advice to client

2.1 Provide correct disclosure documentation in accordance with legislation and organisational policy

2.2 Ensure that general advice warning is given to client in line with legislative and organisational policy

2.3 Consider special communication needs of clients or client when delivering general advice warning

3. Provide general advice

3.1 Ensure that product advice is given to client in clear and unambiguous way, avoiding jargon, in language appropriate to receiver and using organisational tools

3.2 Demonstrate appropriate product and industry knowledge when providing advice to client

3.3 Explain and discuss product advice with client in language that avoids giving impression adviser has considered client’s personal circumstances in providing advice

3.4 Ensure that client is asked to consider appropriateness of advice for own circumstances

3.5 Advise client to read product disclosure statement before making decision

Evidence of the ability to:

respond to client enquiries and prepare relevant general advice

provide accurate general insurance advice, complying with organisational procedures and industry regulations.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

To complete the unit requirements safely and effectively, the individual must satisfy knowledge requirements relevant to the products and activities in which advice is given. They must:

explain the legal environment including disclosure and compliance covering:

role of the broker, representative and/or adviser

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

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

full disclosure of remuneration and fees and any other conflicts of interest which may influence the adviser's recommendation

general insurance industry code of practice and organisational codes of conduct

complaints resolution procedures (internal and external)

ASIC guidelines on adviser conduct and training

summarise the characteristics and participants of Australian insurance markets and the roles played by intermediaries

describe insurance products including:

definition of an insurance product

conditions, exclusions and level of coverage of risk transfer products

types of insurance products

pricing of risk products

discuss taxation issues relating to insurance products

explain advisory functions including:

role of the representative, broker or adviser

participants in the insurance advisory services market

range of services provided

profile and financial information of the client

appropriateness of a risk assessment

identify legislative and organisational compliance requirements in relation to advice:

relevant legislation affecting the provision of general and personal advice including ASIC Regulatory Guide 175 on conduct and disclosure

role of different advisers within the organisation

organisational policy and guidelines related to the provision of general advice

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

summarise the specific product knowledge for the general insurance products in which advice is given including:

types of general insurance products and policies

standard cover and deviations

policy wordings

taxes and charges

insurance claims

premium rating and risk selection

reporting

product development

underwriting

explain terms and conditions of retail general insurance products used by the adviser.