NTISthis.com

Evidence Guide: FNSILF404A - 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

 

FNSILF404A - 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 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 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 the outcomes of the assessment of the request
  2. Where the request is accepted by the insurer, advise client of the consequences of processing the request and ensure client is aware of the impacts that may occur
  3. Where the request is deemed unacceptable to the insurer, advise the policyholder of the reasons for declining the request
Advise client of the outcomes of the assessment of the request

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Where the request is deemed unacceptable to the insurer, advise the policyholder of the reasons for declining the request

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

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:

maintain and apply a thorough and up-to-date understanding of life insurance terms and conditions

maintain and apply a thorough and up-to-date understanding of life insurance administrative requirements

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.

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.

Guidance information for assessment

Required Skills and Knowledge

Required skills

communication skills to:

gather and check information

liaise and share information with others

communicate appropriately with people from diverse backgrounds

IT skills to:

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

access and update records electronically

organisational skills to efficiently plan and sequence work

problem solving skills to address errors in life insurance documentation

reading skills to:

read and understand relevant procedures

read and understand product information

read and understand life insurance policies

read and interpret life insurance policy change requests

research and analysis skills to:

identify and interpret relevant information

maintain currency of products and services knowledge

writing skills to:

accurately record information

prepare professional letters and emails.

Required knowledge

the ability to apply and explain as relevant to the changing of life insurance policies:

life insurance administrative requirements

life insurance policy terms and conditions

nature of life insurance policy liabilities

organisational procedures

organisational systems for data entry, filing and document registrations

product information.

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.

Policy request may include:

a request to add or remove a rider benefit

a request to alter the sum insured

a request to assign ownership of a policy

a request to reduce the duration of a policy, for example whole of life or endowment policy

a request to review a past underwriting decision, for example premium loading applied to a smoker’s policy.

For a request to be valid, it must be evident that:

client is authorised

policy exists

policy is current.

Non-routine policy requests may include:

requests outside client authority

requests outside relevant guidelines

unusual requests.

Appropriate authority may include:

supervisor

manager

other levels of management.

Assess request may include evaluating the:

acceptability of changes to the risks that the policy covers

acceptability of changes to the potential policy liability

compliance with organisational guidelines

legality and ethics of complying with the request.

Procedures may include:

organisational complaints handling processes

organisational customer service charter

organisational guidelines

organisational policy

organisational privacy and confidentiality guidelines

organisational procedures.

Regulatory requirements may include:

Australian Securities and Investments Commission (ASIC) regulatory guides

corporations legislation

insurance contracts legislation

life insurance legislation

privacy legislation.

Outcomes may include:

accept request

amend request

defer request

reject request.

Consequences may include:

changes in policy benefits

changes in policy ownership

changes in policy terms and conditions

changes in premiums

changes in term of cover.