Unit of competency Outline

Date retreived
22/07/2026 1:34 PM AWST

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Settle life insurance claims

Settle life insurance claims

Unit of competency
National Code
FNSILF417
State Code
ODR81
TGA Status
Current
DTWD Status
Approved
Current Release Number
1.00
Current Release Date
27/01/2022
View on TGA
State Implementation and Classification
Approved Date
08/04/2022
Field of Education
081103 - Insurance And Actuarial Studies
Original Release Date
08/04/2022
Nominal Hours
40
Description
This unit describes the skills and knowledge required to calculate benefits and settle claims made under risk-based life insurance policies.The unit applies to individuals who use specialised knowledge and systematic approaches to settle life insurance claims.No licensing, legislative or certification requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
1. Review settlement advice for claim against life insurance policy
  • 1.1 Receive settlement advice for claim
  • 1.2 Confirm documentation is accurate and complete, according to organisational policies and procedures
  • 1.3 Resolve discrepancies identified between claim and settlement advice, as required
  • 1.4 Confirm that organisational referral processes and authority levels have been observed
2. Calculate settlement details
  • 2.1 Identify extent of liability on basis of collected evidence and terms and conditions of life insurance policy
  • 2.2 Determine settlement amount according to collected evidence
  • 2.3 Calculate and check benefits payable according to organisational policies and procedures
3. Finalise claim settlement
  • 3.1 Advise claimant of outcome of proceeding with payment according to organisational policies and procedures and legislative and regulatory requirements
  • 3.2 Obtain policy discharge according to organisational policies and procedures
  • 3.3 Confirm method of payment with claimant
  • 3.4 Enter and confirm information on required systems and complete payment
  • 3.5 Communicate settlement details to required stakeholders according to organisational policies and procedures
  • 3.6 Update records and file documentation according to organisational policies and procedures
No information
No information
Replaces
State Code National Code Title Type
AUR72 FNSILF407 Settle life insurance claims Unit of competency
State Code National Code Title Type
BHK4 FNS41521 Certificate IV in Life Insurance Qualification
AE665 FNSSS00019 Life Insurance Claims Handling Skill Set Skill set