Unit of competency Outline
Date retreived
22/07/2026 8:03 PM AWST
22/07/2026 8:03 PM AWST
Whilst all efforts are made to provide accurate and timely information from the relevant source/documentation, please be aware that the information supplied may not be the most current version. The accuracy of the detail has not been confirmed by the Department and therefore should not be relied upon without first confirming the contents.
Develop and maintain in-depth knowledge of products and services used by the Life Insurance sector
Develop and maintain in-depth knowledge of products and services used by the Life Insurance sector
Unit of competency
National Code
FNSILF403A
FNSILF403A
State Code
WC236
WC236
TGA Status
Replaced
Replaced
DTWD Status
Replaced
Replaced
State Implementation and Classification
Approved Date
29/07/2014
Field of Education
081103 - Insurance And Actuarial Studies
Original Release Date
29/07/2014
Nominal Hours
50
Description
This unit covers the development of an in-depth knowledge of the products and services provided by the Life Insurance sector and where they may be applied to address customers’ needs.
Notes
Elements and Performance Criteria
1. Identify the products and services used by the organisation
- 1.1 Company products and services used by organisation are identified and the purpose of each determined
- 1.2 Product and service characteristics are identified and their strengths, weaknesses, terms, and conditions understood and communicated to clients, where applicable
- 1.3 Organisation’s promotional strategy for products and services is accessed and applied in business activities
2. Identify compliance implications of product
- 2.1 Compliance implications are established and documented
- 2.2 Client is provided with all necessary information and documentation as per compliance requirements
3. Determine the appropriate users for products and services
- 3.1 Function of each product and service and the customer needs it satisfies are identified and documented
- 3.2 Customer characteristics that best suit each product are researched
- 3.3 Products and services used by the organisation are compared with the products of competitors as a basis for selecting the most effective approach to matching the products to customer needs
- 3.4 Approaches to selling the products and services, keeping in mind competitors, are evaluated and useful approaches to meeting customer needs are determined
4. Maintain product knowledge
- 4.1 Relevant products and services are reviewed regularly and any changes to terms and conditions identified and applied in daily work
- 4.2 Systems for keeping up with changes and maintaining up-to-date knowledge about relevant products and services are put in place
- 4.3 Emerging trends affecting the financial industry are continuously reviewed and applied to product and service knowledge
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.
Product and service characteristics may include:
interest rates
flexibility
time limits
fees
transferability.
Promotional strategy may include:
marketing and promotional plans
strategic plans.
Compliance implications may include:
Financial Services Reform Act (FSRA) requirements
product disclosure statements
industry code of practice requirements
relevant acts and legislation.
Customer characteristics may include:
age
marital status
income
profession
geographic location.
Emerging trends may include:
changes in the economic climate
changes in the political/international climate
new technologies
financial market changes
interest rate changes
valuation of currency.
Product and service characteristics may include:
interest rates
flexibility
time limits
fees
transferability.
Promotional strategy may include:
marketing and promotional plans
strategic plans.
Compliance implications may include:
Financial Services Reform Act (FSRA) requirements
product disclosure statements
industry code of practice requirements
relevant acts and legislation.
Customer characteristics may include:
age
marital status
income
profession
geographic location.
Emerging trends may include:
changes in the economic climate
changes in the political/international climate
new technologies
financial market changes
interest rate changes
valuation of currency.
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:
demonstrate understand and maintain knowledge of the features and benefits of a range of life insurance products
apply product knowledge to a range of client groups and situations
access sources of information in relation to life insurance products
explain features and benefits of life insurance products.
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 organisational 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 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
simulated tasks involving preparation of reports from supplied data
verbal or written questioning on underpinning knowledge and skills
evaluating samples of work.
Guidance information for assessment
Overview of assessment
Critical aspects for assessment and evidence required to demonstrate competency in this unit
Evidence of the ability to:
demonstrate understand and maintain knowledge of the features and benefits of a range of life insurance products
apply product knowledge to a range of client groups and situations
access sources of information in relation to life insurance products
explain features and benefits of life insurance products.
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 organisational 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 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
simulated tasks involving preparation of reports from supplied data
verbal or written questioning on underpinning knowledge and skills
evaluating samples of work.
Guidance information for assessment
Replaced By
| State Code | National Code | Title | Type |
|---|---|---|---|
| AUW99 | FNSILF403 | Develop and maintain in-depth knowledge of products and services used by the life insurance sector | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| D775 | FNS41512 | Certificate IV in Life Insurance | Qualification |
| D776 | FNS51312 | Diploma of Life Insurance | Qualification |