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Evidence Guide: FNSILF303 - Issue a life insurance policy

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

 

FNSILF303 - Issue a life insurance policy

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

Action application

  1. Receive and review application to identify underwriting instructions
  2. Take action according to procedures and underwriting instructions
  3. Communicate declined or deferred underwriting instructions to relevant parties
Receive and review application to identify underwriting instructions

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Take action according to procedures and underwriting instructions

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Communicate declined or deferred underwriting instructions to relevant parties

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Issue life insurance policy

  1. Collect relevant information to enable preparation of life insurance policy
  2. Document life insurance policy with terms and conditions that accurately reflect underwriting instructions
  3. Check that life insurance policy meets procedures and regulatory requirements
  4. Select and apply dispatch method in accordance with procedures and customer request
Collect relevant information to enable preparation of life insurance policy

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Document life insurance policy with terms and conditions that accurately reflect underwriting instructions

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Check that life insurance policy meets procedures and regulatory requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Select and apply dispatch method in accordance with procedures and customer request

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Complete administration

  1. File completed life insurance policy documentation in accordance with procedures and regulatory requirements
  2. Process cancellations of life insurance policies occurring within cooling-off period in accordance with procedures, customer instructions and regulatory requirements
File completed life insurance policy documentation in accordance with procedures and regulatory requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Process cancellations of life insurance policies occurring within cooling-off period in accordance with procedures, customer instructions 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. Action application

1.1 Receive and review application to identify underwriting instructions

1.2 Take action according to procedures and 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 preparation of life insurance policy

2.2 Document life insurance policy with terms and conditions that accurately reflect underwriting instructions

2.3 Check that life insurance policy meets procedures and regulatory requirements

2.4 Select and apply dispatch method in accordance with procedures and customer 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, customer instructions 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. Action application

1.1 Receive and review application to identify underwriting instructions

1.2 Take action according to procedures and 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 preparation of life insurance policy

2.2 Document life insurance policy with terms and conditions that accurately reflect underwriting instructions

2.3 Check that life insurance policy meets procedures and regulatory requirements

2.4 Select and apply dispatch method in accordance with procedures and customer 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, customer instructions and regulatory requirements

Evidence of the ability to:

interpret and follow underwriting instructions accurately

prepare life insurance policies

accurately enter information in systems

perform tasks in accordance with procedures and regulatory requirements.

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:

describe key features of life insurance terms and conditions

identify organisational procedures relevant to issuing of life insurance policies

describe organisational systems for data entry, filing and document registration

describe key features of life insurance product information

list key features of relevant regulatory requirements

describe key underwriting instructions that are relevant to life insurance policies.