Unit of competency Outline

Date retreived
23/07/2026 8:01 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.

Settle life insurance claims

Settle life insurance claims

Unit of competency
National Code
FNSILF407
State Code
AUR72
TGA Status
Replaced
DTWD Status
Replaced
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
40
Description
This unit describes the skills and knowledge required to calculate benefits and settle claims made under risk based life insurance policies.It applies to individuals who use specialised knowledge and systematic approaches to process and settle life insurance claims.No licensing, legislative or certification requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
1. Review claim settlement advice
  • 1.1 Receive settlement advice for claim against risk based life insurance policy
  • 1.2 Check that documentation is correct and complete in accordance with procedures
  • 1.3 Resolve any discrepancies identified between claim and settlement advice
  • 1.4 Confirm that organisational authority levels have been observed
2. Calculate benefits
  • 2.1 Identify extent of liability on basis of collected evidence, and terms and conditions of life insurance policy
  • 2.2 Calculate and check benefits payable in accordance with procedures
3. Finalise claim settlement
  • 3.1 Advise client of consequences of proceeding with payment in accordance with procedures
  • 3.2 Obtain policy discharge as appropriate
  • 3.3 Confirm method of payment with claimant
  • 3.4 Enter and confirm payment information on appropriate systems to make payment
  • 3.5 Communicate settlement details to appropriate stakeholders in accordance with procedures and regulatory requirements
  • 3.6 Update records and file documentation in accordance with procedures and regulatory requirements
No information
No information
Replaces
State Code National Code Title Type
WC240 FNSILF407A Settle life insurance claims Unit of competency
Replaced By
State Code National Code Title Type
ODR81 FNSILF417 Settle life insurance claims Unit of competency
State Code National Code Title Type
AVX2 FNS41515 Certificate IV in Life Insurance Qualification