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Evidence Guide: FNSILF404 - Process requests for policy alterations and assignments

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

 

FNSILF404 - Process requests for policy alterations and assignments

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

Receive and evaluate policy request

  1. Check policy request documentation is correct and complete
  2. Check request is valid
  3. Identify non-routine policy requests and liability implications, and direct to an appropriate authority for assessment
  4. Assess request against policy terms and conditions within authority levels and in accordance with procedures and regulatory requirements
Check policy request documentation is correct and complete

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Check request is valid

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify non-routine policy requests and liability implications, and direct to an appropriate authority for assessment

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assess request against policy terms and conditions within authority levels and in accordance with procedures and regulatory requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Communicate outcomes of policy request assessments

  1. Advise client of outcomes of assessment of request
  2. Where request is accepted by insurer, advise client of consequences of processing request and ensure client is aware of impacts
  3. Advise policyholder of reasons for declining request, where request is deemed unacceptable to insurer
Advise client of outcomes of assessment of request

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Where request is accepted by insurer, advise client of consequences of processing request and ensure client is aware of impacts

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Advise policyholder of reasons for declining request, where request is deemed unacceptable to insurer

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Complete services in response to policy request

  1. Make authorised policy changes in accordance with procedures and regulatory requirements
  2. Confirm documentation is correct and complete
  3. Dispatch documentation to clients in accordance with procedures and regulatory requirements
  4. Update records and registers in accordance with procedures and regulatory requirements
Make authorised policy changes in accordance with procedures and regulatory requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Confirm documentation is correct and complete

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Dispatch documentation to clients in accordance with procedures and regulatory requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Update records and registers 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 and evaluate policy request

1.1 Check policy request documentation is correct and complete

1.2 Check request is valid

1.3 Identify non-routine policy requests and liability implications, and direct to an appropriate authority for assessment

1.4 Assess request against policy terms and conditions within authority levels and in accordance with procedures and regulatory requirements

2. Communicate outcomes of policy request assessments

2.1 Advise client of outcomes of assessment of request

2.2 Where request is accepted by insurer, advise client of consequences of processing request and ensure client is aware of impacts

2.3 Advise policyholder of reasons for declining request, where request is deemed unacceptable to insurer

3. Complete services in response to policy request

3.1 Make authorised policy changes in accordance with procedures and regulatory requirements

3.2 Confirm documentation is correct and complete

3.3 Dispatch documentation to clients in accordance with procedures and regulatory requirements

3.4 Update records and registers 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 and evaluate policy request

1.1 Check policy request documentation is correct and complete

1.2 Check request is valid

1.3 Identify non-routine policy requests and liability implications, and direct to an appropriate authority for assessment

1.4 Assess request against policy terms and conditions within authority levels and in accordance with procedures and regulatory requirements

2. Communicate outcomes of policy request assessments

2.1 Advise client of outcomes of assessment of request

2.2 Where request is accepted by insurer, advise client of consequences of processing request and ensure client is aware of impacts

2.3 Advise policyholder of reasons for declining request, where request is deemed unacceptable to insurer

3. Complete services in response to policy request

3.1 Make authorised policy changes in accordance with procedures and regulatory requirements

3.2 Confirm documentation is correct and complete

3.3 Dispatch documentation to clients in accordance with procedures and regulatory requirements

3.4 Update records and registers in accordance with procedures and regulatory requirements

Evidence of the ability to:

apply analytical and administrative skills in the assessment and implementation of life insurance policy changes

perform tasks in accordance with relevant procedures and regulatory requirements

identify non-routine policy requests and escalate to the appropriate authority.

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 life insurance policy terms and conditions

explain the nature of life insurance policy liabilities

outline key features of administrative requirements and organisational procedures relevant to policy alterations and assignments

explain organisational systems for data entry, filing and document registrations

describe the possible consequences of changes to policy

outline key features of relevant life insurance product information.