Module Descriptions - Certificate IV in Financial Services - General Insurance
Certificate IV in General Insurance |
This course meets the requirements of the following FNS10 qualification: FNS41411 Certificate IV in 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:
A summary of the employability skills developed through this qualification can be downloaded from http://employabilityskills.training.com.au/.
GI401 Serving the Customer |
Explains the impact of the economic environment on financial services products, explores creating a relationship with the client in order to establish general insurance needs and thereby identify appropriate products.
Learning Outcomes:
- Explain the impact of the economic environment on insurance/financial services, products and the market in which they operate
- Explain financial products in relation to the market in which they operate
- Describe the specific requirements of general insurance in relation to selling
- Describe how to create rapport and establish a relationship with customers
- Explain the process of identifying and analysing customers’ objectives, needs and financial situations
- Describe the range of personal accident and sickness products available to clients.
National Competencies:
- FNSICCUS402B Maintain customer relationships
- FNSASIC302B Develop, present and negotiate client solutions
- FNSICGEN301B Communicate in the workplace
- FNSICIND401B Apply principles of professional practice to work in the financial services industry
- FNSICCUS301B Respond to customer enquiries
- FNSICCUS401B Deliver a professional service to customers
- FNSICADV501B Provide appropriate services, advice and products to clients
- FNSICGEN404B Resolve disputes
- FNSASIC301B Establish client relationship and analyse needs.
GI402 Insurance Law and Regulation |
Designed for Australian and non-New Zealand students, this module deals with legal framework, laws, regulations, the Code of Practice and relevant Acts that govern the general insurance industry in Australia. It also covers health and safety in the workplace. New Zealand students should study FSI406 New Zealand Insurance Law and Regulation in its place.
Learning Outcomes:
- Describe the legal system that operates in Australia
- Explain how common and statute laws are developed and interpreted
- Explain the requirements of the Insurance Contracts Act for the general insurance industry
- Outline how the Corporations Act affects those who provide financial services within the general insurance industry
- Identify and describe the provisions of other key legislation that affect the general insurance industry
- Explain how the General Insurance Code of Practice affects those working in the general insurance industry
- Describe the formal requirements for internal and external dispute resolution
- Explain how privacy legislation affects the general insurance industry
- Explain key occupational health and safety requirements.
National Competencies:
- FNSCOMP501B Comply with financial services legislation, industry and professional codes of practice
- FNSICGEN304B Apply health and safety practices in the workplace.
Covers the range of products and policies available, and describes their structure, features and benefits. It also explains how emerging technologies have affected the insurance industry.
Learning Outcomes:
- Describe different classes of insurance and the policies available under each class
- Explain the risk factors associated with different types of insurance policies
- Identify and describe the structure of insurance policies
- Describe and explain the purpose of the key documents used within the insurance industry
- Explain the importance of maintaining product knowledge
- Explain how emerging technologies have affected the insurance industry.
National Competencies:
- FNSICPRO401B Develop and maintain in-depth knowledge of products and services used by your organisation or sector
- FNSICGEN302B Use technology in the workplace.
GI404 Introduction to Underwriting |
Covers the key categories of risk and the steps involved in managing risk. It also describes the functions of underwriting, the underwriting process and the most common forms of reinsurance, insurance contracts and processing proposals.
Learning Outcomes:
- Define and explain the key categories of risk
- Identify and explain the steps involved in managing risk
- Define and describe the main functions of underwriting and the underwriting process
- Define and describe the most common forms of reinsurance
- Identify and describe the four categories of hazards
- Identify and explain the common questions asked on a proposal form
- Explain the insurance policy processing cycle
- Identify and explain the key elements of a contract of insurance
- Explain the steps involved in processing a proposal and changes/renewal to an insurance policy.
National Competencies:
- FNSINSV304B Issue renewal advice
- FNSINSV404B Underwrite renewal business
- FNSINSV305B Issue cancellation advice
- FNSINSV401B Evaluate risk for new business
- FNSINSV303B Issue contract of insurance
- FNSINSV402B Underwrite new business
- FNSINSV302B Process alteration to insurance policy.
Describes the types of insurance policies available and covers the start-to-end process of handling a claim, including; registering claims, obtaining the relevant information from the client along with proper documentation, deciding whether further
investigation is required and finalising claims.
Learning Outcomes:
- Describe the types of insurance policies available under general insurance and the documents that must be provided to customers with these policies
- Describe and explain the claims handling process
- Explain the process to receive and register claims
- Decide whether further investigation of a claim is required
- Explain the process to finalise a claim.
National Competencies:
- FNSINSV306B Receive and record/register the claim
- FNSINSV309B Settle claims
- FNSINSV405B Analyse insurance claims
- FNSINSV310B Process a claims payment
- FNSINSV307B Follow company procedures to process claim
- FNSICGEN402B Participate in negotiations.
GI406 New Zealand Insurance Law and Regulation |
This module is for New Zealand students only and covers health and safety in the workplace as well as the Acts, regulations and the codes of practice that govern a general insurer’s day-to-day job as well as formal requirements for internal and external dispute resolution.
Learning Outcomes:
- Describe the legal system that operates in New Zealand
- Explain how common and statute laws are developed and interpreted
- Explain the major concepts of general insurance law
- Identify and describe the key provisions of the key pieces of legislation affecting the general insurance industry
- Explain the requirements for internal and external dispute resolution
- Explain how and why the privacy of customers’ information should be maintained
- Explain how privacy legislation affects the general insurance industry
- Explain the purpose of the Health and Safety in Employment Act, and the Health and Safety in Employment Amendment Act
- Outline key occupational safety and health requirements.
National Competencies:
- FNSCOMP501B Comply with financial services legislation, industry and professional codes of practice
- FNSICGEN304B Apply health and safety practices in the workplace.
Addresses the skills and knowledge required to analyse, communicate and develop and maintain working relationships for positive outcomes. It also identifies industry procedures, guidelines and policies as well as strategies to control occupational health and safety risks.
Learning Outcomes:
- Collect, analyse and communicate information and ideas
- Manage difficulties into positive outcomes
- Identify the scope, sectors and responsibilities of the industry
- Identify and apply financial services industry guidelines, procedures and legislation
- Identify sustainability issues for the financial services industry
- Manage information and plan work to be completed
- Participate in and facilitate work team activities
- Develop and maintain personal competency
- Work safely and implement workplace safety requirements
- participate in OHS consultative processes.
National Competencies:
- BSBWOR401A Establish effective workplace relationships
- FNSINC401A Apply principles of professional practice to work within the financial services industry
- BSBOHS201A Participate in OHS processes.