Unit of competency Outline

Date retreived
22/07/2026 12:12 PM AWST

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Manage group life insurance policy administration

Manage group life insurance policy administration

Unit of competency
National Code
FNSILF507
State Code
AUS04
TGA Status
Current
DTWD Status
Approved
Current Release Number
1.00
Current Release Date
25/03/2015
View on TGA
State Implementation and Classification
Approved Date
16/09/2015
Field of Education
081103 - Insurance And Actuarial Studies
Original Release Date
16/09/2015
Nominal Hours
45
Description
This unit describes the skills and knowledge required to effectively administer group life insurance policies.It applies to those responsible for the management and administration of group life insurance policies.No licensing, legislative or certification requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
1. Recognise and apply relevant policy guidelines
  • 1.1 Identify relevant group policy ownership structure and associated rules of administration
  • 1.2 Verify party’s authority to act in relation to group life insurance policy
  • 1.3 Use inter-organisational relationships to collect information and authorisations
2. Review group life insurance policy
  • 2.1 Verify that group meets automatic acceptance eligibility criteria
  • 2.2 Review member schedule and verify members’ eligibility for group
  • 2.3 Review member changes that have occurred in period under review and make necessary adjustments to premiums and/or sums insured
  • 2.4 Reconcile details of policy to calculate premiums
  • 2.5 Calculate and remit stamp duty payable on benefits as required in each state and territory
  • 2.6 Calculate and apply group life profit share as per terms of policy, as necessary
3. Manage ongoing policy administration
  • 3.1 Identify requests that exceed automatic acceptance limits and refer for individual underwriting
  • 3.2 Manage medical information collection as necessary
  • 3.3 Make payments to maintain distribution and administration agreements, and reinsurance treaties
  • 3.4 Collect premiums in accordance with policy terms
  • 3.5 Manage cancellation of cover where necessary
  • 3.6 Update and issue documentation and records in accordance with procedures and regulatory requirements
  • 3.7 Work with relevant parties to maintain organisational compliance
4. Manage complaints and disputes
  • 4.1 Advise clients of dispute resolution procedures
  • 4.2 Use inter-organisational relationships to seek resolution of complaints and disputes
  • 4.3 Refer clients to relevant external dispute resolution body as appropriate
No information
No information
Replaces
State Code National Code Title Type
WC247 FNSILF507A Manage group life insurance policy administration Unit of competency
State Code National Code Title Type
BHU8 FNS51822 Diploma of Financial Services Qualification
AWB9 FNS51315 Diploma of Life Insurance Qualification