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Evidence Guide: FNSILF402 - Settle policy payments and terminations

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

 

FNSILF402 - Settle policy payments and terminations

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

Establish validation criteria

  1. Identify product type to determine payment criteria and facilitate processing of payment or termination
  2. Establish payment criteria to ensure compliance with terms and conditions of contract
Identify product type to determine payment criteria and facilitate processing of payment or termination

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish payment criteria to ensure compliance with terms and conditions of contract

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Compile necessary documentation

  1. Classify requests according to established payment criteria and obtain required evidence from appropriate parties to confirm that request complies with terms and conditions of policy
  2. Complete and distribute forms and documents in accordance with legislation, and organisational policy and procedures
Classify requests according to established payment criteria and obtain required evidence from appropriate parties to confirm that request complies with terms and conditions of policy

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Complete and distribute forms and documents in accordance with legislation, and organisational policy and procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Advise client of the consequences of processing settlement

  1. Identify consequences relevant to policy type
  2. Communicate information clearly and concisely to ensure client understands consequences
  3. Record and file result of communication according to organisational procedures to ensure record is complete
Identify consequences relevant to policy type

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Communicate information clearly and concisely to ensure client understands consequences

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Record and file result of communication according to organisational procedures to ensure record is complete

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assign validity of request

  1. Validate request within limits of delegated authority
  2. Communicate decision to proceed with payment or termination of contract to relevant parties
Validate request within limits of delegated authority

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Communicate decision to proceed with payment or termination of contract to relevant parties

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Review evidence available in support of payment request

  1. Establish payment criteria to enable compliance to be determined within terms and conditions of policy, legislation and regulations
  2. Review available information on payment request against criteria to ensure compliance
  3. Assess request to determine whether terms and conditions of policy have been met
  4. Seek additional opinion from relevant parties on validity of request
Establish payment criteria to enable compliance to be determined within terms and conditions of policy, legislation and regulations

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Review available information on payment request against criteria to ensure compliance

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assess request to determine whether terms and conditions of policy have been met

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Seek additional opinion from relevant parties on validity of request

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish liability for payment under policy

  1. Identify liability in accordance with terms and conditions of policy
  2. Review evidence against policy to determine benefits payable
  3. Accurately calculate and cross-check benefits payable according to organisational procedures
  4. Update register and record payment liability and, if appropriate, initiate reinsurance recovery
Identify liability in accordance with terms and conditions of policy

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Review evidence against policy to determine benefits payable

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Accurately calculate and cross-check benefits payable according to organisational procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Update register and record payment liability and, if appropriate, initiate reinsurance recovery

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Facilitate payment where required and communicate decision

  1. Promptly advise all relevant parties of decision on liability
  2. Identify level of payment authority from organisational standards and procedures
  3. Check that payment details are within delegated authority and compliant with legislative and organisational requirements
  4. Confirm authorisation and obtain discharge as appropriate
Promptly advise all relevant parties of decision on liability

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify level of payment authority from organisational standards and procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Check that payment details are within delegated authority and compliant with legislative and organisational requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Confirm authorisation and obtain discharge as appropriate

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. Establish validation criteria

1.1 Identify product type to determine payment criteria and facilitate processing of payment or termination

1.2 Establish payment criteria to ensure compliance with terms and conditions of contract

2. Compile necessary documentation

2.1 Classify requests according to established payment criteria and obtain required evidence from appropriate parties to confirm that request complies with terms and conditions of policy

2.2 Complete and distribute forms and documents in accordance with legislation, and organisational policy and procedures

3. Advise client of the consequences of processing settlement

3.1 Identify consequences relevant to policy type

3.2 Communicate information clearly and concisely to ensure client understands consequences

3.3 Record and file result of communication according to organisational procedures to ensure record is complete

4. Assign validity of request

4.1 Validate request within limits of delegated authority

4.2 Communicate decision to proceed with payment or termination of contract to relevant parties

5. Review evidence available in support of payment request

5.1 Establish payment criteria to enable compliance to be determined within terms and conditions of policy, legislation and regulations

5.2 Review available information on payment request against criteria to ensure compliance

5.3 Assess request to determine whether terms and conditions of policy have been met

5.4 Seek additional opinion from relevant parties on validity of request

6. Establish liability for payment under policy

6.1 Identify liability in accordance with terms and conditions of policy

6.2 Review evidence against policy to determine benefits payable

6.3 Accurately calculate and cross-check benefits payable according to organisational procedures

6.4 Update register and record payment liability and, if appropriate, initiate reinsurance recovery

7. Facilitate payment where required and communicate decision

7.1 Promptly advise all relevant parties of decision on liability

7.2 Identify level of payment authority from organisational standards and procedures

7.3 Check that payment details are within delegated authority and compliant with legislative and organisational requirements

7.4 Confirm authorisation and obtain discharge as appropriate

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. Establish validation criteria

1.1 Identify product type to determine payment criteria and facilitate processing of payment or termination

1.2 Establish payment criteria to ensure compliance with terms and conditions of contract

2. Compile necessary documentation

2.1 Classify requests according to established payment criteria and obtain required evidence from appropriate parties to confirm that request complies with terms and conditions of policy

2.2 Complete and distribute forms and documents in accordance with legislation, and organisational policy and procedures

3. Advise client of the consequences of processing settlement

3.1 Identify consequences relevant to policy type

3.2 Communicate information clearly and concisely to ensure client understands consequences

3.3 Record and file result of communication according to organisational procedures to ensure record is complete

4. Assign validity of request

4.1 Validate request within limits of delegated authority

4.2 Communicate decision to proceed with payment or termination of contract to relevant parties

5. Review evidence available in support of payment request

5.1 Establish payment criteria to enable compliance to be determined within terms and conditions of policy, legislation and regulations

5.2 Review available information on payment request against criteria to ensure compliance

5.3 Assess request to determine whether terms and conditions of policy have been met

5.4 Seek additional opinion from relevant parties on validity of request

6. Establish liability for payment under policy

6.1 Identify liability in accordance with terms and conditions of policy

6.2 Review evidence against policy to determine benefits payable

6.3 Accurately calculate and cross-check benefits payable according to organisational procedures

6.4 Update register and record payment liability and, if appropriate, initiate reinsurance recovery

7. Facilitate payment where required and communicate decision

7.1 Promptly advise all relevant parties of decision on liability

7.2 Identify level of payment authority from organisational standards and procedures

7.3 Check that payment details are within delegated authority and compliant with legislative and organisational requirements

7.4 Confirm authorisation and obtain discharge as appropriate

Evidence of the ability to:

distinguish between different life insurance product types to classify requests and determine payment types

review entitlements and conditions to be met and complied with, to approve payments within level of authority

calculate benefits payable in accordance with life insurance policy guidelines

review life insurance policies to determine payments or terminations.

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:

explain key features of organisation policy, procedures, guidelines and authorities relevant to policy payments and terminations

outline the industry sector compliance requirements including the Australian Securities and Investments Commission (ASIC), Australian Prudential Regulation Authority (APRA) and Life Insurance Act

outline the industry sector product terms and conditions

outline relevant medical terminology to assess claims

describe a range of situations that can impact on benefits payable

explain key underwriting principles relevant to life insurance policies.