Short Course

Life Insurance Code of Practice

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

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

3 CIP Points
Life Insurance Code of Practice
AUD $125
Life and Retirement Income Claims
Open Study Period
5 Credit Points
Enrol Now

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 have detailed knowledge of:

  • the Code’s objectives and coverage
  • who is bound by the Code
  • how the Code sets standards for service and professionalism
  • how the Code protects consumers
  • the new timeframes established by the Code
  • Code monitoring and enforcement.


  • $125 for non-members    Enrol online via the [Enrol Now] button on the right
  • $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


3 CIP Points
Life Insurance Code of Practice
AUD $125
Life and Retirement Income Claims
Open Study Period
5 Credit Points
Enrol Now