| Certificate IV in Life Insurance |
The Institute's Certificate IV in Life Insurance is designed for employees starting out in life insurance. Developed to meet industry standards and regulatory compliance, the Certificate IV provides the technical knowledge and skills needed to give quality services to clients. This qualification can be undertaken through a traineeship of distance learning.
Upon completion of the following modules, students should obtain the following learning outcomes and national competencies:
Core modules
Elective modules
A summary of the employability skills developed through this qualification can be downloaded from http://employabilityskills.training.com.au/.
Provides students with an in-depth knowledge of products and services developed and sold by the life insurance sector.
Provides students with the skills and knowledge to deliver professional services to customers including responding to enquiries, processing compaint, negotiating sales, and maintaining relationships.
Covers the information, skills, regulation and ethics of handling life nsurance policies. This 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.
Covers the skills and knowledge required to provide advice regarding life insurance products in line with ASIC RG 146 Life Insurance compliance.
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:
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FNSLDIS501B Prepare a distribution plan
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FNSLDIS502B Resource the distribution plan
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FNSLDIS504B Implement and manage the distribution plan.
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:
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:
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FNSLIFE402B Settle policy payments and terminations
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FNSINSV511B Manage non-routine, complex claims
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FNSINSV512B Settle non-routine, complex claims.
Exit points:
Students wishing to exit the Certificate IV early may be eligible for the Certificate III in Life Insurance, provided they have satisfied the requirements for that award.