NTISthis.com

Evidence Guide: FNSILF408A - Process life insurance contract maturity and surrender payment requests

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

 

FNSILF408A - Process life insurance contract maturity and surrender payment requests

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

Receive notification

  1. Receive request for surrender or notification of maturity of a relevant life insurance contract
  2. Check that documentation is correct and complete
  3. Check request is valid
  4. Determine organisational authority level required to process the request and refer it to an appropriately authorised individual or department as necessary
Receive request for surrender or notification of maturity of a relevant life insurance contract

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Check that documentation is correct and complete

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Check request is valid

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Determine organisational authority level required to process the request and refer it to an appropriately authorised individual or department as necessary

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Advise claimant of the consequences of processing the settlement

  1. Advise claimant of the consequences of proceeding with settlement
  2. Inform the client of alternatives to surrender where appropriate
  3. Obtain discharge as appropriate
Advise claimant of the consequences of proceeding with settlement

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Inform the client of alternatives to surrender where appropriate

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Obtain discharge as appropriate

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Calculate payment

  1. Verify entitlements on the basis of supplied evidence and the terms and conditions of the life insurance policy
  2. Calculate and check entitlements in accordance with procedures and regulatory requirements
Verify entitlements on the basis of supplied evidence and the terms and conditions of the life insurance policy

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Calculate and check entitlements in accordance with procedures and regulatory requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Finalise settlement

  1. Confirm method of payment with client
  2. Enter and confirm payment information on appropriate systems to make payment
  3. Communicate settlement details to relevant stakeholders, as required, in accordance with procedures and regulatory requirements
  4. Update records and file documentation in accordance with procedures and regulatory requirements
Confirm method of payment with client

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Enter and confirm payment information on appropriate systems to make payment

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Communicate settlement details to relevant stakeholders, as required, in accordance with procedures and regulatory requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Update records and file documentation 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:

apply analytical and administrative skills in the settlement of non-risk-based requests

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

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

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 corporate Privacy Policy

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:

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

access web-based information services

numeracy skills to:

interpret numeric data and relevant statistics

calculate life insurance payments

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 life insurance policies

read and interpret life insurance claims and supporting documentation

research and analysis skills to:

identify and interpret relevant information

analyse information and data

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 settlement of life insurance claims:

life insurance administrative requirements

life insurance policy payment criteria

life insurance policy terms and conditions

organisational procedures

organisational systems for data entry and filing

product information

relevant regulatory requirements.

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.

Relevant life insurance contract may include:

annuities

endowment policies

investment account contracts

investment-linked contracts

whole of life policies.

Valid must include:

policy exists

policy is current

claimant is authorised to deal with the policy.

Consequences may include:

lump sum payment

loss of future benefits

loss of linked insurance cover.

Alternatives to surrender may include:

loan against policy

rollover

partial surrender

non surrender.

Entitlements may include:

sums based on:

cancellation

commutation (for annuities and other income streams)

maturity

surrender

retirement

rollover

satisfying another condition of release.

Evidence may include:

proof of title

proof of survival

proof of age.

Terms and conditions may include:

policy term

policy exclusions.

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:

life insurance legislation

corporations legislation

privacy legislation

Australian Securities and Investments Commission (ASIC) regulatory guides.

Appropriate systems may include:

policy administration systems

document management systems.

Relevant stakeholders may include:

internal parties

administrators

trustees

underwriters

claimant and associated parties

advisers

assignees

beneficiaries

executors

lawyers

life insured

next of kin

policy owners.