Unit of competency Outline

Date retreived
23/07/2026 10:24 AM AWST

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Issue a life insurance policy

Issue a life insurance policy

Unit of competency
National Code
FNSILF303
State Code
AUR85
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
20
Description
This unit describes the skills and knowledge required to issue customers with a life insurance policy.It applies to individuals who use organisational skills and specialised knowledge to undertake administrative services, including preparing documentation, entering information and dispatching the policy to customers.Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.
Notes
Elements and Performance Criteria
1. Action application
  • 1.1 Receive and review application to identify underwriting instructions
  • 1.2 Take action according to procedures and 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 preparation of life insurance policy
  • 2.2 Document life insurance policy with terms and conditions that accurately reflect underwriting instructions
  • 2.3 Check that life insurance policy meets procedures and regulatory requirements
  • 2.4 Select and apply dispatch method in accordance with procedures and customer 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, customer instructions and regulatory requirements
No information
No information
Replaces
State Code National Code Title Type
D9446 FNSILF303A Issue a life insurance policy Unit of competency