Unit of competency Outline
Date retreived
23/07/2026 7:37 AM AWST
23/07/2026 7:37 AM 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.
Issue a life insurance policy
Issue a life insurance policy
Unit of competency
National Code
FNSILF303A
FNSILF303A
State Code
D9446
D9446
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
20
Description
This unit describes the performance outcomes, skills and knowledge required to issue clients with a life insurance policy. It encompasses aspects of processing including preparing documentation, entering information and dispatching the policy. Regulatory requirements apply to this unit.
Notes
Elements and Performance Criteria
1. Action application
- 1.1 Receive and review application to identify the underwriting instructions
- 1.2 Take action according to procedures and the underwriting instructions
- 1.3 Communicate declined or deferred underwriting instructions to relevant parties
2. Issue life insurance policy
- 2.1 Collect relevant information to enable the preparation of a life insurance policy
- 2.2 Document the life insurance policy with terms and conditions that accurately reflect the underwriting instructions
- 2.3 Check that the life insurance policy meets procedures and regulatory requirements
- 2.4 Select and apply a dispatch method in accordance with procedures and client request
3. Complete administration
- 3.1 File completed life insurance policy documentation in accordance with procedures and regulatory requirements
- 3.2 Process cancellations of life insurance policies occurring within cooling-off period in accordance with procedures, client instructions and regulatory requirements
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.
Underwriting instructions may include:
accept at below standard cover
accept at standard cover
decline
defer
Procedures may include:
complaints handling processes
customer service charter
guidelines
general operational policies
privacy and confidentiality guidelines
Relevant parties may include:
client
adviser
internal stakeholders
Relevant information may include:
application
premium rates
underwriting instructions
Regulatory requirements may include:
Australian Securities and Investments Commission (ASIC) regulatory guides
life insurance legislation
privacy legislation
Dispatch methods may include:
courier
electronic transfer
facsimile
personal collection
postal system
through adviser
Underwriting instructions may include:
accept at below standard cover
accept at standard cover
decline
defer
Procedures may include:
complaints handling processes
customer service charter
guidelines
general operational policies
privacy and confidentiality guidelines
Relevant parties may include:
client
adviser
internal stakeholders
Relevant information may include:
application
premium rates
underwriting instructions
Regulatory requirements may include:
Australian Securities and Investments Commission (ASIC) regulatory guides
life insurance legislation
privacy legislation
Dispatch methods may include:
courier
electronic transfer
facsimile
personal collection
postal system
through adviser
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:
accurately interpret and follow underwriting instructions
accurately enter information in systems
prepare life insurance policies
perform tasks in accordance with procedures and regulatory requirements.
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 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
observing processes and procedures in workplaces
verbal or written questioning on underpinning knowledge and skills
evaluating samples of work
accessing and validating third party reports
setting and reviewing workplace projects and business simulations or scenarios.
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:
accurately interpret and follow underwriting instructions
accurately enter information in systems
prepare life insurance policies
perform tasks in accordance with procedures and regulatory requirements.
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 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
observing processes and procedures in workplaces
verbal or written questioning on underpinning knowledge and skills
evaluating samples of work
accessing and validating third party reports
setting and reviewing workplace projects and business simulations or scenarios.
Guidance information for assessment
Replaced By
| State Code | National Code | Title | Type |
|---|---|---|---|
| AUR85 | FNSILF303 | Issue a life insurance policy | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| D702 | FNS30111 | Certificate III in Financial Services | Qualification |
| D775 | FNS41512 | Certificate IV in Life Insurance | Qualification |