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Evidence Guide: FNSILF303A - 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

 

FNSILF303A - 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 the underwriting instructions
  2. Take action according to procedures and the underwriting instructions
  3. Communicate declined or deferred underwriting instructions to relevant parties
Receive and review application to identify the underwriting instructions

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Check that the life insurance policy meets procedures and regulatory requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Select and apply a dispatch method in accordance with procedures and client 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, client 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, client instructions and regulatory requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

The evidence guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.

Overview of assessment

Critical aspects for assessment and evidence required to demonstrate competency in this unit

Evidence of the ability to:

accurately interpret and follow underwriting instructions

accurately enter information in systems

prepare life insurance policies

perform tasks in accordance with procedures and regulatory requirements.

Context of and specific resources for assessment

Assessment must ensure:

competency is demonstrated in the context of the work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment

access to and the use of a range of common office equipment, technology, software and consumables

access to records

access to organisational policies and procedures.

Method of assessment

A range of assessment methods should be used to assess practical skills and knowledge. The following examples are appropriate for this unit:

evaluating an integrated activity, which combines the elements of competency for the unit, or a cluster of related units of competency

observing processes and procedures in workplaces

verbal or written questioning on underpinning knowledge and skills

evaluating samples of work

accessing and validating third party reports

setting and reviewing workplace projects and business simulations or scenarios.

Guidance information for assessment

Required Skills and Knowledge

Required skills

communication skills to:

use questioning and active listening to gather and check information

liaise and share information with others

communicate appropriately with people from diverse backgrounds

numeracy skills to:

interpret numeric data and relevant statistics and from this perform calculations related to achieving required outcomes

IT skills to:

use computer applications (word processing, spreadsheet, database, specific purpose computer systems)

access and update records electronically

access web-based information services

reading skills to:

read and understand relevant procedures

read and interpret proposals and supporting documentation

writing skills to:

accurately record information

prepare professional letters and emails

prepare life insurance proposals

organisational skills to efficiently plan and sequence work

problem solving skills to address errors in life insurance documentation.

Required knowledge

life insurance terms and conditions

organisational procedures

organisational systems for data entry, filing and document registration

product information

relevant regulatory requirements

underwriting instructions.

Range Statement

The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.

Underwriting instructions may include:

accept at below standard cover

accept at standard cover

decline

defer

Procedures may include:

complaints handling processes

customer service charter

guidelines

general operational policies

privacy and confidentiality guidelines

Relevant parties may include:

client

adviser

internal stakeholders

Relevant information may include:

premium rates

underwriting instructions

Regulatory requirements may include:

Australian Securities and Investments Commission (ASIC) regulatory guides

life insurance legislation

privacy legislation

Dispatch methods may include:

courier

electronic transfer

facsimile

personal collection

postal system

through adviser