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

Elements and Performance Criteria

1. Receive and validate notification
   • Receive request for surrender or notification of maturity of relevant life insurance contract
   • Check that documentation is correct and complete
   • Check request is valid
   • Determine organisational authority level required to process request and refer it to appropriately authorised individual or department as necessary
2. Provide advice to claimant
   • Advise claimant of consequences of proceeding with settlement
   • Inform client of alternatives to surrender where appropriate
   • Obtain discharge as appropriate
3. Calculate payment
   • Verify entitlements on basis of supplied evidence, and terms and conditions of life insurance policy
   • Calculate and check entitlements in accordance with procedures and regulatory requirements
4. Finalise settlement
   • Confirm method of payment with client
   • Enter and confirm payment information on appropriate systems to make payment
   • Communicate settlement details to relevant stakeholders, as required, in accordance with procedures and regulatory requirements
   • Update records and file documentation in accordance with procedures and regulatory requirements

Performance Evidence

Evidence of the ability to:

perform contract maturity and surrender payment requests in accordance with relevant procedures and regulatory requirements including:

checking and validating notifications

calculating benefits

communicating settlement advice and details

updating documentation.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

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Knowledge Evidence

To complete the unit requirements safely and effectively, the individual must:

outline administrative requirements for non-risk based life insurance policies

list the life insurance policy payment criteria

describe life insurance policy terms and conditions

outline organisational procedures applicable to processing payment requests

list the organisational systems for data entry and filing

compare and contrast risk based life insurance policies and non-risk based life insurance policies

identify the relevant regulatory requirements

outline alternatives to surrender of claims.

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