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Evidence Guide: FNSILF407 - Settle life insurance claims

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

 

FNSILF407 - Settle life insurance claims

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

Review claim settlement advice

  1. Receive settlement advice for claim against risk based life insurance policy
  2. Check that documentation is correct and complete in accordance with procedures
  3. Resolve any discrepancies identified between claim and settlement advice
  4. Confirm that organisational authority levels have been observed
Receive settlement advice for claim against risk based life insurance policy

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Check that documentation is correct and complete in accordance with procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Resolve any discrepancies identified between claim and settlement advice

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Confirm that organisational authority levels have been observed

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Calculate benefits

  1. Identify extent of liability on basis of collected evidence, and terms and conditions of life insurance policy
  2. Calculate and check benefits payable in accordance with procedures
Identify extent of liability on basis of collected evidence, and terms and conditions of life insurance policy

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Calculate and check benefits payable in accordance with procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Finalise claim settlement

  1. Advise client of consequences of proceeding with payment in accordance with procedures
  2. Obtain policy discharge as appropriate
  3. Confirm method of payment with claimant
  4. Enter and confirm payment information on appropriate systems to make payment
  5. Communicate settlement details to appropriate stakeholders in accordance with procedures and regulatory requirements
  6. Update records and file documentation in accordance with procedures and regulatory requirements
Advise client of consequences of proceeding with payment in accordance with procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Obtain policy discharge as appropriate

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Confirm method of payment with claimant

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Enter and confirm payment information on appropriate systems to make payment

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Communicate settlement details to appropriate stakeholders in accordance with procedures and regulatory requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

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. Review claim settlement advice

1.1 Receive settlement advice for claim against risk based life insurance policy

1.2 Check that documentation is correct and complete in accordance with procedures

1.3 Resolve any discrepancies identified between claim and settlement advice

1.4 Confirm that organisational authority levels have been observed

2. Calculate benefits

2.1 Identify extent of liability on basis of collected evidence, and terms and conditions of life insurance policy

2.2 Calculate and check benefits payable in accordance with procedures

3. Finalise claim settlement

3.1 Advise client of consequences of proceeding with payment in accordance with procedures

3.2 Obtain policy discharge as appropriate

3.3 Confirm method of payment with claimant

3.4 Enter and confirm payment information on appropriate systems to make payment

3.5 Communicate settlement details to appropriate stakeholders in accordance with procedures and regulatory requirements

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

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. Review claim settlement advice

1.1 Receive settlement advice for claim against risk based life insurance policy

1.2 Check that documentation is correct and complete in accordance with procedures

1.3 Resolve any discrepancies identified between claim and settlement advice

1.4 Confirm that organisational authority levels have been observed

2. Calculate benefits

2.1 Identify extent of liability on basis of collected evidence, and terms and conditions of life insurance policy

2.2 Calculate and check benefits payable in accordance with procedures

3. Finalise claim settlement

3.1 Advise client of consequences of proceeding with payment in accordance with procedures

3.2 Obtain policy discharge as appropriate

3.3 Confirm method of payment with claimant

3.4 Enter and confirm payment information on appropriate systems to make payment

3.5 Communicate settlement details to appropriate stakeholders in accordance with procedures and regulatory requirements

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

Evidence of the ability to:

perform claims settlement tasks in accordance with relevant procedures and regulatory requirements including:

checking claims settlement advice against claims to identify and resolve variations

calculating benefits

communicating settlement details

updating documentation.

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:

outline life insurance administrative requirements relating to life insurance claims settlement

explain life insurance policy payment criteria

outline key features of life insurance policy terms and conditions, and claims settlement

outline organisational procedures relating to life insurance claims processing and settlement

explain organisational systems for data entry and filing

outline the various types of life insurance policies

outline relevant regulatory requirements relating to life insurance claims settlement

outline the various stakeholders in the life insurance claims process.