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The Institute's Diploma of Financial Services - Life Insurance meets the requirements of the following FNS07 qualifications: FNS50107 Diploma of Financial Services. This means that the modules in the course include coverage of the competency standards required for issuance of this national qualification. Upon completion of the following modules, students should obtain the following learning outcomes and national competencies: FSL501 Serving the Life Insurance FSL502 Life Insurance Law and Regulation FSL503 Life Insurance Distribution FSL504 Life Insurance Products FSL505 Life Insurance Underwriting FSL506 Life Insurance Claims FSL507 Serving the Life Insurance Customer (New Zealand) FSL508 New Zealand Life Insurance Law and Regulation.
A summary of the employability skills developed through this qualification can be downloaded from http://employabilityskills.training.com.au/.  |  |  | | | FSL501 Serving the Life Insurance Customer | |  | |  |
Students will analyse the contexts of the life insurance and superannuation markets within the financial services sector and the economy at large, and focus on some of the knowledge and skills required to meet ASIC compliance. Learning Outcomes: - Analyse the impact of the economic environment on financial services, products and the market in which they operate
- Analyse the specific requirements of life insurance and superannuation through an appreciation of the products offered by life companies
- Advise on taxation issues in relation to life insurance and superannuation
- Develop and present appropriate strategies and solutions for customers
- Handle customer claims and provide ongoing customer service
- Identify and evaluate the principles of investment for life companies
- Discuss the responsibilities of advisers in recommending investments
- Understand key workplace health and safety requirements.
National Competencies: - FNSICGEN301B Communicate in the workplace
- FNSICGEN302B Use technology in the workplace
- FNSICGEN304B Apply health and safety practices in the workplace
- FNSICGEN403B Collect, assess and use information
- FNSICPRO502B Conduct product research to support recommendations
- FNSICIND401B Apply principles of professional practice to work in the financial services industry
- FNSASIC503UB Provide advice in superannuation
- FNSASIC503XB Provide advice in life insurance
- FNSICADV501B Provide appropriate services, advice and products to clients
- FNSICADV502B Provide appropriate and timely information and advice to clients
- FNSICCUS301B Respond to customer enquiries
- FNSICCUS506B Determine client requirements and expectations
- FNSICCUS507B Record and implement client instructions.
| | | | | FSL502 Life Insurance Law and Regulation | | | | |
Covers all the relevant legal concepts, laws and regulations, as they apply to life insurance and superannuation; bringing students up-to-date with current superannuation regulations and covering the remaining information to meet ASIC compliance. Learning Outcomes: - Understand legal concepts in relation to life insurance
- Understand the legislation and regulations that apply to life insurance and superannuation products and services
- Understand and apply the codes and principles that apply throughout the life–cycle of life insurance policies and through the administration of superannuation products.
National Competencies: | | | | | FSL503 Life Insurance Distribution | | | | |
Covers the skills required to create and document life insurance product distribution plans; and action those plans within established parameters. Students will also learn how marketing tools are developed and made available within budget; and how to review and revise their strategy while measuring ongoing results. Learning Outcomes: - Determine business objectives
- Define markets and needs
- Determine products and services
- Identify and select distribution channels
- Determine and establish enterprise structure
- Establish performance measures
- Document the distribution plan
- Satisfy human resource requirements according to distribution plan requirements
- Provide technology requirements
- Provide infrastructure needs to support the distribution plan
- Communicate the distribution plan to relevant stakeholders
- Action the distribution plan within established parameters
- Monitor the action of the distribution plan and take corrective action
- Review and revise the distribution plan
- Measure ongoing results.
National Competencies: FNSLDIS501B Prepare a distribution plan FNSLDIS502B Resource the distribution plan FNSLDIS504B Implement and manage the distribution plan.
| | | | | FSL504 Life Insurance Products | | | | |
Covers the key components of permanent and temporary insurance products; income protection products; retirement income products; and life investment products. Students will also learn the principles of premium calculation; how premiums are adjusted for different policy types and benefit options; and the interdependence of superannuation and life insurance. Learning Outcomes: - Describe how to determine which services will meet customer expectations
- Explain how to deliver services within legislative requirements, enterprise policy and philosophy and set timeframes and budgets
- Describe how key performance indicators are established to measure customer service
- Explain how to document and communicate advice in prescribed format
- Describe how ancillary services are determined against the provision of the business plan
- Describe how service needs are reassessed in light of usage and budget
- Explain how marketing tools are developed and made available within budget.
National Competencies: | | | | | FSL505 Life Insurance Underwriting | | | | |
Gives an understanding of the underlying underwriting concepts for life insurance products, including: surveying and assessing risks in the life insurance context, and identifying reinsurance needs. Learning Outcomes: - Understand underlying underwriting concepts
- Collect required information upon which to assess risk for the range of life products
- Assess risk for the range of life products
- Set terms and conditions of acceptance for life insurance applications
- Identify reinsurance needs.
National Competencies: | | | | | FSL506 Life Insurance Claims | | | | |
Covers the process of determining the validity of a claim, assessing its impact, calculating payments and contributing to
the policy review process. Learning Outcomes: - Determine the validity of a claim
- Assess the impact of a claim
- Manage continuing claims
- Calculate and make claim payments
- Identify how you can contribute to the policy review process.
National Competencies: FNSLIFE402B Settle policy payments and terminations FNSINSV511B Manage non-routine, complex claims FNSINSV512B Settle non-routine, complex claims.
| | | | | FSL507 Serving the Life Insurance Customer (New Zealand) | | | | |
Looks at the context of the life insurance sector within the New Zealand financial services industry and the economy at large.
Students will also examine taxation and investment issues and the role of customer service in maintaining an insurer’s profitability. Learning Outcomes: - Analyse the impact of the economic environment on financial services, products and the market in which they operate
- Analyse the specific requirements of life insurance through an appreciation of the products offered by life companies
- Advise on taxation issues in relation to life insurance
- Develop and present appropriate strategies and solutions for customers
- Handle customer claims and provide ongoing customer service
- Identify and evaluate the principles of investment for life companies
- Discuss the responsibilities of advisers in recommending investments
- Understand key workplace health and safety requirements.
National Competencies: FNSICADV501B Provide appropriate services, advice and products to clients FNSICCUS301B Respond to customer enquiries FNSICGEN403B Collect, assess and use information FNSICCUS506B Determine client requirements and expectations FNSICADV506B Provide appropriate and timely information and advice to clients FNSICPRO502B Conduct product research to support recommendations FNSICCUS507B Record and implement client instructions FNSICGEN301B Communicate in the workplace FNSICGEN302B Use technology in the workplace FNSICGEN401B Participate in formal communication processes.
| | | | | FSL508 New Zealand Life Insurance Law and Regulation | | | | |
Covers all the relevant New Zealand legal concepts, laws and regulations, as they apply to life insurance marketing, administration, claims and complaints, as well as superannuation and privacy issues. Learning Outcomes: - Understand legal concepts in relation to life insurance
- Understand and apply the legislation and regulations that apply throughout the life–cycle of life insurance policies
- Understand and apply the codes and principles that apply throughout the life–cycle of life insurance policies.
National Competencies: FNSCOMP501B Comply with financial services legislation, industry and professional codes of practice FNSICGEN304B Apply health and safety practices in the workplace.
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