Google Links

Follow the links below to find material targeted to the unit's elements, performance criteria, required skills and knowledge

Elements and Performance Criteria

Identify the products and services used by the organisation
Identify compliance implications of product
- Compliance implications are established and documented
- Client is provided with all necessary information and documentation as per compliance requirements
Determine the appropriate users for products and services
Maintain product knowledge

Required Skills

Required skills

communication skills to

determine and confirm customer requirements

liaise with others share information listen and understand

use language and concepts appropriate to cultural differences

communicating the benefits of products and services in a way that informs the market

prepare responses to meet client enquiries

literacy skills to read documents and complete forms and transaction records accurately

numeracy and IT skills to

access and use computerbased service systems

access and use internet information

organisational skills including the ability to plan and sequence work

problem solving skills to address customer service issues

research and analysis skills to

understand market and consumer trends matching relevant products that meet these needs

identify different types of customers in the relevant market

reading skills to

read and understand product information documents

read and interpret compliance guidance

teamwork skills to work cooperatively with others

technology skills to

utilise customer management and recording systems

undertake market and consumer research

writing skills to

accurately record information

document compliance related information

Required knowledge

compliance implications of legislation and regulation in Life Insurance

life insurance products including

basic term life insurance death cover

total and permanent disablement cover

disability income cover

life insurance annuities

life insurance investments

endowment policies

whole of life policies

life insurance organisations and other competitive products and services

sources of current information on products including

company websites

industry seminars

professional membership bodies

professional development and learning management systems

consumer reports

financial reviews

promotional events

Evidence Required

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

demonstrate understand and maintain knowledge of the features and benefits of a range of life insurance products

apply product knowledge to a range of client groups and situations

access sources of information in relation to life insurance products

explain features and benefits of life insurance products

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 organisational 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

simulated tasks involving preparation of reports from supplied data

verbal or written questioning on underpinning knowledge and skills

evaluating samples of work

Guidance information for assessment

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.

Product and service characteristics may include:	interest rates flexibility time limits fees transferability.
Promotional strategy may include:	marketing and promotional plans strategic plans.
Compliance implications may include:	Financial Services Reform Act (FSRA) requirements product disclosure statements industry code of practice requirements relevant acts and legislation.
Customer characteristics may include:	age marital status income profession geographic location.
Emerging trends may include:	changes in the economic climate changes in the political/international climate new technologies financial market changes interest rate changes valuation of currency.