Unit of Competency Mapping – Information for Teachers/Assessors – Information for Learners

FNSILF301A Mapping and Delivery Guide
Process and issue a life insurance policy

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency FNSILF301A - Process and issue a life insurance policy
Description This unit describes the performance outcomes, skills and knowledge required to process new business applications for life insurance and issue customers with a life insurance policy. It encompasses all aspects of processing including checking the proposal, gathering information, preparing documentation, recording details and issuing the policy.This unit is applicable to individuals working within enterprises and job roles subject to licensing, legislative, regulatory or certification requirements including legislation administered by the Australian Securities and Investments Commission (ASIC).
Employability Skills This unit contains employability skills.
Learning Outcomes and Application This unit applies to job roles in the life insurance sector and may be applied within organisations of various sizes and across a range of customer bases.
Duration and Setting X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting.
Prerequisites/co-requisites
Competency Field
Development and validation strategy and guide for assessors and learners Student Learning Resources Handouts
Activities 		Slides
PPT 		Assessment 1 Assessment 2 Assessment 3 Assessment 4
Elements of Competency Performance Criteria              
Element: Check proposal against validation criteria
  • Proposal is thoroughly matched against the relevant validation criteria according to organisation procedures
  • Further requirements are determined and addressed according to organisation procedures and within authorities
       
Element: Obtain additional specialist information
  • Appropriate sources of further information are identified to enable the efficient collection of further data
  • Confidentiality of the parties involved from which further information is obtained is protected
  • All further information to satisfy outstanding validation criteria is obtained within specified timeframes
       
Element: Assign validity to proposal
  • Proposal is reviewed to ensure it meets validation criteria and is within authorities' responsibility
  • Proposals for clients with adverse experience or which fall outside validation criteria are referred to underwriter as appropriate and according to organisation procedures
  • Proposal is actioned according to underwriter instructions and organisation procedures
  • Decisions are promptly communicated to all relevant parties
       
Element: Update appropriate register
  • Proposals and supporting documentation are collected and collated according to organisation procedures
  • Proposal information is accurately cross checked to verify input data
  • Proposal information is clearly and accurately recorded on register following organisation procedures and within legislative requirements
  • Policy information is sent to relevant parties within timeframes to comply with legislation and organisation communication procedures
       
Element: Prepare policy documentation
  • All relevant information is collated to prepare policy documents without errors or omissions
  • Policy documents are assembled to ensure the terms and conditions reflect the accepted proposal
  • Documentation that meets all legislative and organisation standards and procedures is authorised
  • Completed policy records are filed in accordance with organisation procedures
       
Element: Issue and dispatch policy documentation
  • Data on insurance proposals is accurately captured without omissions and within organisation timelines
  • Policy documentation is completed and reviewed to ensure it complies with legislative requirements
  • Dispatch method is selected in line with organisation procedures and documentation is dispatched promptly and in a manner that will protect the confidentiality of affected parties
  • Intermediaries are notified on date of dispatch to ensure quality customer relations are maintained
  • Policy documentation is accurately filed in accordance with organisation procedures
  • Cancellations of policies occurring within cooling-off period are processed in accordance with client instructions
       


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.

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:

interpret and follow instructions

accurately record information into systems

accurately complete policy documentation.

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 organisation 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, in combination, 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.

Guidance information for assessment

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assignment, 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.

Required skills

communication skills to:

determine and confirm information, using questioning and active listening as required

liaise with others, share information, listen and understand

write clear letters

use language and concepts appropriate to cultural differences

numeracy and IT skills to:

perform calculations related to achieving required outcomes

use computer applications (word processing, spreadsheet, database, specific purpose computer systems) to assist in achieving required outcomes

access and update records electronically

access web-based information services

literacy skills to read and interpret documentation from a variety of sources and record and consolidate relevant related information

organisational skills, including the ability to plan and sequence work

Required knowledge

organisation policy and procedures

product information relevant to the organisation

relevant legislative requirements, in particular those within the Financial Services Reform Act (FSRA)

role and function of complaints handling bodies, including the Financial Industry Complaints System (FICS)

role and function of regulatory bodies, including the Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA)

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.

Validation criteria may include:

life insured

moral hazard

occupation

selection against office.

Documents may be sent to:

accountants

actuaries

agencies

financial institutions

general management

insurance commission

product department.

Legislative requirements may include:

Corporations law

Financial Service Reform Act (FSRA)

Privacy Act

Stamp Duties Act

trust law.

Dispatch methods may include:

by courier

electronic transfer

facsimile

personal collection

postal system

through an intermediary.

Filing systems may include:

archival systems

CD

imaging systems

magnetic tape

manual systems

microfilm

policy jacket systems.

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
Proposal is thoroughly matched against the relevant validation criteria according to organisation procedures 
Further requirements are determined and addressed according to organisation procedures and within authorities 
Appropriate sources of further information are identified to enable the efficient collection of further data 
Confidentiality of the parties involved from which further information is obtained is protected 
All further information to satisfy outstanding validation criteria is obtained within specified timeframes 
Proposal is reviewed to ensure it meets validation criteria and is within authorities' responsibility 
Proposals for clients with adverse experience or which fall outside validation criteria are referred to underwriter as appropriate and according to organisation procedures 
Proposal is actioned according to underwriter instructions and organisation procedures 
Decisions are promptly communicated to all relevant parties 
Proposals and supporting documentation are collected and collated according to organisation procedures 
Proposal information is accurately cross checked to verify input data 
Proposal information is clearly and accurately recorded on register following organisation procedures and within legislative requirements 
Policy information is sent to relevant parties within timeframes to comply with legislation and organisation communication procedures 
All relevant information is collated to prepare policy documents without errors or omissions 
Policy documents are assembled to ensure the terms and conditions reflect the accepted proposal 
Documentation that meets all legislative and organisation standards and procedures is authorised 
Completed policy records are filed in accordance with organisation procedures 
Data on insurance proposals is accurately captured without omissions and within organisation timelines 
Policy documentation is completed and reviewed to ensure it complies with legislative requirements 
Dispatch method is selected in line with organisation procedures and documentation is dispatched promptly and in a manner that will protect the confidentiality of affected parties 
Intermediaries are notified on date of dispatch to ensure quality customer relations are maintained 
Policy documentation is accurately filed in accordance with organisation procedures 
Cancellations of policies occurring within cooling-off period are processed in accordance with client instructions 

Forms

Assessment Cover Sheet

FNSILF301A - Process and issue a life insurance policy
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

FNSILF301A - Process and issue a life insurance policy

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: