Unit of competency Outline

Date retreived
23/07/2026 5:50 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.

Process life insurance contract maturity and surrender payment requests

Process life insurance contract maturity and surrender payment requests

Unit of competency
National Code
FNSILF408
State Code
AUR74
TGA Status
Deleted
DTWD Status
Deleted
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
30
Description
This unit describes the skills and knowledge required to process and settle payment requests relating to non-risk based life insurance policies.It applies to individuals working within the life insurance sector and whose responsibility involves assisting clients with their settlement requests.No licensing, legislative or certification requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
1. Receive and validate notification
  • 1.1 Receive request for surrender or notification of maturity of relevant life insurance contract
  • 1.2 Check that documentation is correct and complete
  • 1.3 Check request is valid
  • 1.4 Determine organisational authority level required to process request and refer it to appropriately authorised individual or department as necessary
2. Provide advice to claimant
  • 2.1 Advise claimant of consequences of proceeding with settlement
  • 2.2 Inform client of alternatives to surrender where appropriate
  • 2.3 Obtain discharge as appropriate
3. Calculate payment
  • 3.1 Verify entitlements on basis of supplied evidence, and terms and conditions of life insurance policy
  • 3.2 Calculate and check entitlements in accordance with procedures and regulatory requirements
4. Finalise settlement
  • 4.1 Confirm method of payment with client
  • 4.2 Enter and confirm payment information on appropriate systems to make payment
  • 4.3 Communicate settlement details to relevant stakeholders, as required, in accordance with procedures and regulatory requirements
  • 4.4 Update records and file documentation in accordance with procedures and regulatory requirements
No information
No information
Replaces
State Code National Code Title Type
WC241 FNSILF408A Process life insurance contract maturity and surrender payment requests Unit of competency
State Code National Code Title Type
AVX2 FNS41515 Certificate IV in Life Insurance Qualification