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Evidence Guide: FNSILF302 - Process a life insurance application

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

 

FNSILF302 - Process a life insurance application

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

Receive applications

  1. Receive new life insurance applications and compile necessary documentation
  2. Check that documentation is correct and complete in accordance with organisational procedures and regulatory requirements
  3. Gather further information from appropriate information sources as necessary
  4. Enter application data in appropriate systems and verify data input accuracy
Receive new life insurance applications and compile necessary documentation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Check that documentation is correct and complete in accordance with organisational procedures and regulatory requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Gather further information from appropriate information sources as necessary

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Enter application data in appropriate systems and verify data input accuracy

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Process applications

  1. Establish delegation authority in accordance with organisational procedures and refer application to appropriate authority as necessary
  2. Consult with internal stakeholders about processing issues or concerns, as appropriate
  3. Process application, once information is verified, in accordance with organisational procedures and regulatory requirements
  4. Communicate result to all relevant parties in accordance with procedures and regulatory requirements
  5. Update records and file documentation in accordance with procedures and regulatory requirements
Establish delegation authority in accordance with organisational procedures and refer application to appropriate authority as necessary

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Consult with internal stakeholders about processing issues or concerns, as appropriate

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Process application, once information is verified, in accordance with organisational procedures and regulatory requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Communicate result to all relevant parties in accordance with procedures and regulatory requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Update records and file documentation in accordance with procedures and regulatory requirements

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. Receive applications

1.1 Receive new life insurance applications and compile necessary documentation

1.2 Check that documentation is correct and complete in accordance with organisational procedures and regulatory requirements

1.3 Gather further information from appropriate information sources as necessary

1.4 Enter application data in appropriate systems and verify data input accuracy

2. Process applications

2.1 Establish delegation authority in accordance with organisational procedures and refer application to appropriate authority as necessary

2.2 Consult with internal stakeholders about processing issues or concerns, as appropriate

2.3 Process application, once information is verified, in accordance with organisational procedures and regulatory requirements

2.4 Communicate result to all relevant parties in accordance with procedures and regulatory requirements

2.5 Update records and file documentation in accordance with procedures and regulatory requirements

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. Receive applications

1.1 Receive new life insurance applications and compile necessary documentation

1.2 Check that documentation is correct and complete in accordance with organisational procedures and regulatory requirements

1.3 Gather further information from appropriate information sources as necessary

1.4 Enter application data in appropriate systems and verify data input accuracy

2. Process applications

2.1 Establish delegation authority in accordance with organisational procedures and refer application to appropriate authority as necessary

2.2 Consult with internal stakeholders about processing issues or concerns, as appropriate

2.3 Process application, once information is verified, in accordance with organisational procedures and regulatory requirements

2.4 Communicate result to all relevant parties in accordance with procedures and regulatory requirements

2.5 Update records and file documentation in accordance with procedures and regulatory requirements

Evidence of the ability to:

check documentation and review new insurance applications within delegation authority

process applications correctly and in accordance with organisational procedures.

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:

define life insurance terms and conditions

outline organisational procedures in line with life insurance requirements

explain organisational systems for data entry, filing and document registration

explain life insurance product information

identify relevant regulatory requirements for life insurance

explain when to escalate issues to the next level of authority.