Unit of competency Outline

Date retreived
22/07/2026 11:11 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 life insurance products and services

Develop and maintain in-depth knowledge of life insurance products and services

Unit of competency
National Code
FNSILF413
State Code
ODR90
TGA Status
Current
DTWD Status
Approved
Current Release Number
1.00
Current Release Date
27/01/2022
View on TGA
State Implementation and Classification
Approved Date
08/04/2022
Field of Education
081103 - Insurance And Actuarial Studies
Original Release Date
08/04/2022
Nominal Hours
50
Description
This unit describes the skills and knowledge required to develop and maintain in-depth knowledge of life insurance products and services offered by the organisation.The unit applies to life insurance agents 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. Research life insurance products and services
  • 1.1 Identify life insurance products and services offered by organisation
  • 1.2 Identify purpose and characteristics of products and services
  • 1.3 Access marketing collateral material for organisation’s products and services
  • 1.4 Identify factors influencing life insurance industry that may impact products and services
2. Document and communicate product compliance implications to clients
  • 2.1 Establish and document compliance implications of product
  • 2.2 Provide clients with required information and documentation as per legislative, regulatory and compliance requirements
3. Maintain own knowledge of products and services
  • 3.1 Review products and services offered as required, and identify changes made to terms and conditions
  • 3.2 Compare organisation’s products and services with those of competitors to understand market offerings
  • 3.3 Update and maintain knowledge of products and services through research and professional development offered by the organisation
No information
No information
State Code National Code Title Type
BHK4 FNS41521 Certificate IV in Life Insurance Qualification
AE664 FNSSS00018 Life Insurance Fundamentals Skill Set Skill set