LI403-15
Life Insurance Policy Processes
Covers the information, skills, regulation and ethics of handling life insurance policies. The module introduces and explains a wide variety of policy processes, from the initial receipt and assessment of a life insurance proposal through to policy administration, alterations and claims.
What you'll learn
- knowledge of relevant legislative reporting requirements
- privacy and confidentiality legislation and requirements
- product/policy terms and conditions
- role and function of regulatory bodies
- check proposal against validation criteria
- obtain additional specialist information
- assign validity to proposal
- update appropriate register and relevant records
- prepare policy documentation
- issue and dispatch policy documentation
- obtain details of the customer and nature of proposal
- research information relevant to the proposal
- determine a suitable response to the inquiry
- communicate information.
- receive policy alteration advice from customers
- process alterations to an insurance policies
- issue policy alteration advice
- update relevant records.
- determine validation criteria
- clarify the information requirements
- research and compile necessary documentation
- redirect request where appropriate
- review evidence available in support of request
- analyse and draw conclusions
- establish liability for payment under a policy
- advise customers on the consequences of processing settlement
- make and/or authorise payments
- present and communicate decisions and update records
Competencies
- FNSILF401 Contribute to the life risk underwriting process
- FNSILF404 Process requests for policy alterations and assignments
- FNSILF405 Evaluate life insurance claims
- FNSILF406 Collect and manage information to facilitate claims assessment
- FNSILF407 Settle life insurance claims
Online Assignment
- Pass Grade: students must be assessed as competent in all assignment questions
Online Exam
- Pass Grade: 50%
- Duration: 120min