Unit of competency Outline
Date retreived
22/07/2026 5:28 PM AWST
22/07/2026 5:28 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
FNSILF403
FNSILF403
State Code
AUW99
AUW99
TGA Status
Replaced
Replaced
DTWD Status
Replaced
Replaced
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
50
Description
This unit describes the skills and knowledge required to provide appropriate and accurate information on life insurance products and services offered by the organisation.It applies to individuals who provide information on life insurance products to clients while adhering to applicable compliance requirements.No licensing, legislative or certification requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
1. Identify products and services used by organisation
- 1.1 Identify life insurance products and services offered by organisation and determine purpose of each
- 1.2 Identify characteristics of product and service including their strengths, weaknesses, terms and conditions and, where applicable, communicate this information to clients
- 1.3 Access organisation’s promotional strategy for products and services and apply in business activities
2. Identify compliance implications of product
- 2.1 Establish and document compliance implications
- 2.2 Provide clients with all necessary information and documentation as per compliance requirements
3. Determine appropriate users for products and services
- 3.1 Identify and document function of each product and service, and client needs it satisfies
- 3.2 Research client characteristics that best suit each product
- 3.3 Compare organisation’s products and services against those of competitors, to establish most effective approach for matching products to client needs
- 3.4 Evaluate products and services sales strategy that best meets client needs while taking into account competitor practices
4. Maintain product knowledge
- 4.1 Regularly review relevant products and services to identify changes to terms and conditions and apply this information in daily work
- 4.2 Implement systems for updating and maintaining knowledge of products and services
- 4.3 Review and use information on emerging trends affecting financial services industry to supplement product and service knowledge
No information
No information
Replaces
| State Code | National Code | Title | Type |
|---|---|---|---|
| WC236 | FNSILF403A | Develop and maintain in-depth knowledge of products and services used by the Life Insurance sector | Unit of competency |
Replaced By
| State Code | National Code | Title | Type |
|---|---|---|---|
| ODR90 | FNSILF413 | Develop and maintain in-depth knowledge of life insurance products and services | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| AWB9 | FNS51315 | Diploma of Life Insurance | Qualification |
| AVX2 | FNS41515 | Certificate IV in Life Insurance | Qualification |