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Evidence Guide: FNSILF408 - Process life insurance contract maturity and surrender payment requests

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

 

FNSILF408 - Process life insurance contract maturity and surrender payment requests

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

Receive and validate notification

  1. Receive request for surrender or notification of maturity of relevant life insurance contract
  2. Check that documentation is correct and complete
  3. Check request is valid
  4. Determine organisational authority level required to process request and refer it to appropriately authorised individual or department as necessary
Receive request for surrender or notification of maturity of relevant life insurance contract

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Check that documentation is correct and complete

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Check request is valid

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Determine organisational authority level required to process request and refer it to appropriately authorised individual or department as necessary

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Provide advice to claimant

  1. Advise claimant of consequences of proceeding with settlement
  2. Inform client of alternatives to surrender where appropriate
  3. Obtain discharge as appropriate
Advise claimant of consequences of proceeding with settlement

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Inform client of alternatives to surrender where appropriate

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Obtain discharge as appropriate

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Calculate payment

  1. Verify entitlements on basis of supplied evidence, and terms and conditions of life insurance policy
  2. Calculate and check entitlements in accordance with procedures and regulatory requirements
Verify entitlements on basis of supplied evidence, and terms and conditions of life insurance policy

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Calculate and check entitlements in accordance with procedures and regulatory requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Finalise settlement

  1. Confirm method of payment with client
  2. Enter and confirm payment information on appropriate systems to make payment
  3. Communicate settlement details to relevant stakeholders, as required, in accordance with procedures and regulatory requirements
  4. Update records and file documentation in accordance with procedures and regulatory requirements
Confirm method of payment with client

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Enter and confirm payment information on appropriate systems to make payment

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Communicate settlement details to relevant stakeholders, as required, 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. Receive and validate notification

1.1 Receive request for surrender or notification of maturity of relevant life insurance contract

1.2 Check that documentation is correct and complete

1.3 Check request is valid

1.4 Determine organisational authority level required to process request and refer it to appropriately authorised individual or department as necessary

2. Provide advice to claimant

2.1 Advise claimant of consequences of proceeding with settlement

2.2 Inform client of alternatives to surrender where appropriate

2.3 Obtain discharge as appropriate

3. Calculate payment

3.1 Verify entitlements on basis of supplied evidence, and terms and conditions of life insurance policy

3.2 Calculate and check entitlements in accordance with procedures and regulatory requirements

4. Finalise settlement

4.1 Confirm method of payment with client

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

4.3 Communicate settlement details to relevant stakeholders, as required, in accordance with procedures and regulatory requirements

4.4 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. Receive and validate notification

1.1 Receive request for surrender or notification of maturity of relevant life insurance contract

1.2 Check that documentation is correct and complete

1.3 Check request is valid

1.4 Determine organisational authority level required to process request and refer it to appropriately authorised individual or department as necessary

2. Provide advice to claimant

2.1 Advise claimant of consequences of proceeding with settlement

2.2 Inform client of alternatives to surrender where appropriate

2.3 Obtain discharge as appropriate

3. Calculate payment

3.1 Verify entitlements on basis of supplied evidence, and terms and conditions of life insurance policy

3.2 Calculate and check entitlements in accordance with procedures and regulatory requirements

4. Finalise settlement

4.1 Confirm method of payment with client

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

4.3 Communicate settlement details to relevant stakeholders, as required, in accordance with procedures and regulatory requirements

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

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.

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.