Short Course
LICOP22

Life Insurance Code of Practice 2023

This unit provides a detailed overview of the new Life Insurance Code of Practice and how it applies to insurers’ relationships with customers, including when customers are buying insurance, making claims or complaints, and requesting information.

This unit applies to individuals who typically work in small or large life insurance businesses dealing with retail and/or commercial clients and are required to know the Code standards so they can apply them when dealing with consumers.

**TBC This unit was written with the assistance of an FSC consultant.**

1 CIP Points
Life Insurance Code of Practice 2023
Life and Retirement Income Claims
Open Study Period
0 Credit Points
Foundation

Who should take the course

This unit applies to individuals who typically work in small or large life insurance businesses dealing with retail and / or commercial clients and are required to know the Code standards so they can apply them when dealing with consumers. 

What you'll learn

On completion of this unit, students will be able to:

  • apply Code standards during customer interactions and recognise the importance of doing so
  • describe and adhere to best practices for interacting with customers experiencing vulnerability, financial hardship or a mental health condition
  • recognise Code standards in internal processes and procedures documentation
     

Price

  • (tbc)$95+gst  Enrol online via the [Enrol Now] button on the right
  • (tbc)$99 for members    For current members, enrol by contacting Customer Service at [email protected] or phone 03 9613 7200.

 

Topics covered

1. Overview 

  • Purpose of the Code 
  • 10 Key promises of the Code 
  • How the Code works 
  • FSC and the Code 
  • Breaches of the Code 

2. Scope of Code 

  • Application of the Code 
  • Service providers 
  • Relevant products 
  • Plain language 
  • New policy design
  • CASE STUDY: Medical definitions 

3. Sales and Advertising 

  • Advertising 
  • Sales rules 
  • Training and monitoring 
  • Authorised representatives 
  • Sales practice concerns 
  • Consumer credit insurance 
  • CASE STUDY: Insurance sales 

4. Buying and Altering Policies 

  • Buying a policy 
  • Underwriting a policy 
  • Timeframes 
  • Offering terms 
  • Communicating with a consumer 
  • Replacing existing policies 
  • CASE STUDY: Switching policies 

5. Quiz 1

6. Claims 

  • Claims management 
  • Timeframes 
  • Assessing a claim 
  • Necessary information 
  • Standards for service providers 
  • Complaints 
  • Accepting and declining claims 
  • Income-related claims 
  • Ongoing information 
  • Income-related payments 
  • Extra support 
  • CASE STUDY: Claims 

7. Additional Support 

  • Urgent financial need 
  • Proof of urgent financial need 
  • Financial support 
  • Policy changes and financial hardship 
  • Activity: Urgent financial need 
  • Common difficulties 
  • Identifying needs 
  • Inappropriate sales 
  • Remedying an inappropriate sale 
  • ACTIVITY: Support persons 

8. Complaints and Disputes 

  • Complaints review 
  • The standard complaints process 
  • Policies owned by super fund trustees 
  • Response from super fund trustees 
  • Policies not owned by super fund trustees 
  • Dispute resolution body 
  • Complaints versus disputes 
  • Binding decisions 

9. Governance and Monitoring 

  • Breaches 
  • Your responsibilities 
  • LCCC’s responsibilities 
  • Sanctions 
  • Imposing sanctions 
  • FSC’s powers 

10. Quiz 2

 

1 CIP Points
Life Insurance Code of Practice 2023
Life and Retirement Income Claims
Open Study Period
0 Credit Points
Foundation