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Evidence Guide: FNSILF507 - Manage group life insurance policy administration

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

 

FNSILF507 - Manage group life insurance policy administration

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

Recognise and apply relevant policy guidelines

  1. Identify relevant group policy ownership structure and associated rules of administration
  2. Verify party’s authority to act in relation to group life insurance policy
  3. Use inter-organisational relationships to collect information and authorisations
Identify relevant group policy ownership structure and associated rules of administration

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Verify party’s authority to act in relation to group life insurance policy

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Use inter-organisational relationships to collect information and authorisations

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Review group life insurance policy

  1. Verify that group meets automatic acceptance eligibility criteria
  2. Review member schedule and verify members’ eligibility for group
  3. Review member changes that have occurred in period under review and make necessary adjustments to premiums and/or sums insured
  4. Reconcile details of policy to calculate premiums
  5. Calculate and remit stamp duty payable on benefits as required in each state and territory
  6. Calculate and apply group life profit share as per terms of policy, as necessary
Verify that group meets automatic acceptance eligibility criteria

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Review member schedule and verify members’ eligibility for group

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Review member changes that have occurred in period under review and make necessary adjustments to premiums and/or sums insured

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Reconcile details of policy to calculate premiums

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Calculate and remit stamp duty payable on benefits as required in each state and territory

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Calculate and apply group life profit share as per terms of policy, as necessary

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Manage ongoing policy administration

  1. Identify requests that exceed automatic acceptance limits and refer for individual underwriting
  2. Manage medical information collection as necessary
  3. Make payments to maintain distribution and administration agreements, and reinsurance treaties
  4. Collect premiums in accordance with policy terms
  5. Manage cancellation of cover where necessary
  6. Update and issue documentation and records in accordance with procedures and regulatory requirements
  7. Work with relevant parties to maintain organisational compliance
Identify requests that exceed automatic acceptance limits and refer for individual underwriting

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Manage medical information collection as necessary

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Make payments to maintain distribution and administration agreements, and reinsurance treaties

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Collect premiums in accordance with policy terms

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Manage cancellation of cover where necessary

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Update and issue documentation and records in accordance with procedures and regulatory requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Work with relevant parties to maintain organisational compliance

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Manage complaints and disputes

  1. Advise clients of dispute resolution procedures
  2. Use inter-organisational relationships to seek resolution of complaints and disputes
  3. Refer clients to relevant external dispute resolution body as appropriate
Advise clients of dispute resolution procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Use inter-organisational relationships to seek resolution of complaints and disputes

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Refer clients to relevant external dispute resolution body 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. Recognise and apply relevant policy guidelines

1.1 Identify relevant group policy ownership structure and associated rules of administration

1.2 Verify party’s authority to act in relation to group life insurance policy

1.3 Use inter-organisational relationships to collect information and authorisations

2. Review group life insurance policy

2.1 Verify that group meets automatic acceptance eligibility criteria

2.2 Review member schedule and verify members’ eligibility for group

2.3 Review member changes that have occurred in period under review and make necessary adjustments to premiums and/or sums insured

2.4 Reconcile details of policy to calculate premiums

2.5 Calculate and remit stamp duty payable on benefits as required in each state and territory

2.6 Calculate and apply group life profit share as per terms of policy, as necessary

3. Manage ongoing policy administration

3.1 Identify requests that exceed automatic acceptance limits and refer for individual underwriting

3.2 Manage medical information collection as necessary

3.3 Make payments to maintain distribution and administration agreements, and reinsurance treaties

3.4 Collect premiums in accordance with policy terms

3.5 Manage cancellation of cover where necessary

3.6 Update and issue documentation and records in accordance with procedures and regulatory requirements

3.7 Work with relevant parties to maintain organisational compliance

4. Manage complaints and disputes

4.1 Advise clients of dispute resolution procedures

4.2 Use inter-organisational relationships to seek resolution of complaints and disputes

4.3 Refer clients to relevant external dispute resolution body 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. Recognise and apply relevant policy guidelines

1.1 Identify relevant group policy ownership structure and associated rules of administration

1.2 Verify party’s authority to act in relation to group life insurance policy

1.3 Use inter-organisational relationships to collect information and authorisations

2. Review group life insurance policy

2.1 Verify that group meets automatic acceptance eligibility criteria

2.2 Review member schedule and verify members’ eligibility for group

2.3 Review member changes that have occurred in period under review and make necessary adjustments to premiums and/or sums insured

2.4 Reconcile details of policy to calculate premiums

2.5 Calculate and remit stamp duty payable on benefits as required in each state and territory

2.6 Calculate and apply group life profit share as per terms of policy, as necessary

3. Manage ongoing policy administration

3.1 Identify requests that exceed automatic acceptance limits and refer for individual underwriting

3.2 Manage medical information collection as necessary

3.3 Make payments to maintain distribution and administration agreements, and reinsurance treaties

3.4 Collect premiums in accordance with policy terms

3.5 Manage cancellation of cover where necessary

3.6 Update and issue documentation and records in accordance with procedures and regulatory requirements

3.7 Work with relevant parties to maintain organisational compliance

4. Manage complaints and disputes

4.1 Advise clients of dispute resolution procedures

4.2 Use inter-organisational relationships to seek resolution of complaints and disputes

4.3 Refer clients to relevant external dispute resolution body as appropriate

Evidence of the ability to:

effectively administer group life insurance policies by:

interpreting requirements, collecting relevant information and reviewing group life policies

calculating premium calculations and adjustments, and managing cancellations

updating relevant documentation

handling complaints and disputes in accordance with relevant procedures and in line with regulatory requirements.

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 the group life insurance industry and types of products available

outline key features of group life insurance policy terms and conditions

identify the relevant organisational procedures associated with life insurance policy administration

explain the internal and external dispute resolution processes

outline the group life insurance policy payment criteria

explain the organisational guidelines relating to automatic acceptance under group life insurance policies

explain the procedural fairness requirements in management of group life policies

describe relevant regulatory requirements

explain the group life profit sharing systems and the provisions for collection of stamp duty

list the stakeholders in the management of a group life policy.