Assessor Resource

FNSILF404
Process requests for policy alterations and assignments

Assessment tool

Version 1.0
Issue Date: May 2024


This unit describes the skills and knowledge required to evaluate requests for policy changes, record changes, inform stakeholders and issue appropriate documentation.

It applies to individuals who may be required to assist clients with their policy change requirements while adhering to organisational guidelines.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

You may want to include more information here about the target group and the purpose of the assessments (eg formative, summative, recognition)


Evidence Required

List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.

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.

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the life insurance field of work and include access to:

office equipment, technology, software and consumables

organisational records, policy and procedures.

Assessors must satisfy NVR/AQTF assessor requirements.

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assingnment, checklist) and due date here

Assessment task 1: [title]      Due date:

(add new lines for each of the assessment tasks)

Assessment Tasks

Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.

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.

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the life insurance field of work and include access to:

office equipment, technology, software and consumables

organisational records, policy and procedures.

Assessors must satisfy NVR/AQTF assessor requirements.
Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.

Observation Checklist

Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice Yes No Comments/feedback
Check policy request documentation is correct and complete 
Check request is valid 
Identify non-routine policy requests and liability implications, and direct to an appropriate authority for assessment 
Assess request against policy terms and conditions within authority levels and in accordance with procedures and regulatory requirements 
Advise client of outcomes of assessment of request 
Where request is accepted by insurer, advise client of consequences of processing request and ensure client is aware of impacts 
Advise policyholder of reasons for declining request, where request is deemed unacceptable to insurer 
Make authorised policy changes in accordance with procedures and regulatory requirements 
Confirm documentation is correct and complete 
Dispatch documentation to clients in accordance with procedures and regulatory requirements 
Update records and registers in accordance with procedures and regulatory requirements 

Forms

Assessment Cover Sheet

FNSILF404 - Process requests for policy alterations and assignments
Assessment task 1: [title]

Student name:

Student ID:

I declare that the assessment tasks submitted for this unit are my own work.

Student signature:

Result: Competent Not yet competent

Feedback to student

 

 

 

 

 

 

 

 

Assessor name:

Signature:

Date:

Assessment Record Sheet

FNSILF404 - Process requests for policy alterations and assignments

Student name:

Student ID:

Assessment task 1: [title] Result: Competent Not yet competent

(add lines for each task)

Feedback to student:

 

 

 

 

 

 

 

 

Overall assessment result: Competent Not yet competent

Assessor name:

Signature:

Date:

Student signature:

Date: