Unit of competency Outline
Date retreived
22/07/2026 5:53 PM AWST
22/07/2026 5:53 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.
Provide general advice in life insurance broking products and services
Provide general advice in life insurance broking products and services
Unit of competency
National Code
FNSIBK502B
FNSIBK502B
State Code
D9442
D9442
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
55
Description
This unit describes the performance outcomes, skills and knowledge required to advise retail and/or wholesale consumers in life insurance broking products and services.This unit is applicable to individuals working within insurance broking enterprises and in broking adviser roles subject to licensing regulation by the Australian Securities and Investments Commission (ASIC). This unit covers the functions undertaken by an insurance broker providing general advice in life insurance.Conditions relating to ASIC training requirements and accreditation should be obtained from ASIC.
Notes
Elements and Performance Criteria
1. Deal with initial client enquiry for life insurance
- 1.1 Consumer enquiries are attended to in a timely and courteous manner
- 1.2 A range of communication and interpersonal skills are used to clarify the life insurance products and broking services the client is requesting to be provided
- 1.3 Active listening skills are demonstrated in dealing with consumer enquiries and help and assistance is provided to ensure the full and accurate completion of initial documentation where required
- 1.4 The role of the broker and licensee/principal responsible for the adviser’s conduct is explained to the client
- 1.5 The range of products of interest to the consumer are analysed to determine their categorisation as areas of general advice in line with legislation and organisational policies
- 1.6 Consumers are informed that general advice will be provided to them in relation to the products of interest and that only personal information for underwriting and calculating the cost of the product will be sought
- 1.7 An explanation of the relevant fees and charging methodology is provided
- 1.8 The consumer is referred to appropriate specialist personnel within the brokerage where required advice is deemed to fall outside the category of general advice
2. Prepare general advice to client
- 2.1 The correct disclosure documentation is provided in accordance with legislation and organisational policy
- 2.2 A general advice warning is given to the consumer in line with legislative and organisation policy
- 2.3 Special communication needs of clients or consumers are considered in delivering general advice warning
3. Provide general advice
- 3.1 The product advice is given to the consumer in a clear and unambiguous way avoiding jargon and in a language appropriate to the receiver and using organisational tools
- 3.2 Product and industry knowledge appropriate for advice offered is demonstrated when providing advice to the client
- 3.3 Product advice is explained and discussed with the client in language that avoids giving the impression the adviser has considered the consumer’s personal circumstances in providing the advice
- 3.4 Client is requested to consider the appropriateness of the advice in the light of their own circumstances
- 3.5 Client is advised to read the product disclosure statement before making a decision
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.
Consumer enquiries may include:
computer and manual application forms
electronic communication
face-to-face enquiries
telephone enquiries
written communication.
Legislation and organisational policies may include:
ASIC act and its regulatory guides
brokerage guidelines, operating and policy manuals
Insurance Brokers Code of Practice.
Disclosure documentation may include:
financial services guide
product disclosure statement.
A general advice warning:
has a specific definition under the Financial Services Reform Act.
Special communication needs include:
people with a disability or from different cultural backgrounds.
Organisational tools may include:
brochures
computer prompts and systems
financial services guides
telephone or face-to-face scripts.
Product and industry knowledgemay include:
insurance policy terms and conditions.
Consumer enquiries may include:
computer and manual application forms
electronic communication
face-to-face enquiries
telephone enquiries
written communication.
Legislation and organisational policies may include:
ASIC act and its regulatory guides
brokerage guidelines, operating and policy manuals
Insurance Brokers Code of Practice.
Disclosure documentation may include:
financial services guide
product disclosure statement.
A general advice warning:
has a specific definition under the Financial Services Reform Act.
Special communication needs include:
people with a disability or from different cultural backgrounds.
Organisational tools may include:
brochures
computer prompts and systems
financial services guides
telephone or face-to-face scripts.
Product and industry knowledgemay include:
insurance policy terms and conditions.
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:
apply broking advisory procedures to provide appropriate general advice in general insurance broking products and services.
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 organisation 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, in combination, 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:
apply broking advisory procedures to provide appropriate general advice in general insurance broking products and services.
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 organisation 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, in combination, 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 |
|---|---|---|---|
| AUR50 | FNSIBK513 | Prepare a submission for new business | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| S728 | FNS51210 | Diploma of Insurance Broking | Qualification |