The Certificate IV in Life Insurance is designed for employees starting out in life insurance. It provides the technical knowledge and skills needed to give quality services to clients.
Course Structure
To be awarded the Certificate IV, students must complete four core modules and one elective module. It is suggested that each module will encompass 50-70 hours of study time.
Pre-requisites
• COP
• Grade C Minus in K.C.S.E examination or equivalent
• Degree in non-Insurance discipline
Price
AUD $820.00 PER MODULE
Compulsory Modules
LI401-15 Life Insurance Products
An introduction to the basic life insurance product types, including: term life insurance; trauma cover; total and permanent disablement (TPD); income protection; permanent life insurance; annuities; and (unbundled) life insurance investment policies.
Learning Outcomes
Upon completion of this section, students should have a knowledge of:
• the origins of insurance practices
• the contract law that underlies modern life insurance policies
• categories of modern life insurance products
• group life policies as distinct from retail life insurance
• the compliance implications of life office products
• the basic channels of life insurance product distribution.
They should be able to recognise the basic characteristics of the following products:
• term life insurance
• TPD and trauma insurance
• IP insurance
• permanent life insurance
• life insurance products for the business context
• annuities as life insurance products
• life office investment products
including their strengths, weaknesses and standard conditions.
They should be able to:
• describe the function of the product lines
• identify the customer needs that the product lines are capable of satisfying
• facilitate the comparison of similar products on the market.
• identify the characteristics of common policy options
• define the specific needs that each option aims to satisfy
• describe the strengths, weaknesses, terms, and conditions of common policy options.
Competencies
• FNSASICX503 Provide advice in life insurance
• FNSILF403 Develop and maintain in-depth knowledge of products and services used by the life insurance sector
Price
AUD $820.00
Duration
Standard (12 weeks)
Online Assignment
Pass Grade: Students must be assessed as competent in all assignment questions
Online Exam
Pass Grade: 50%
Provides students with the skills and knowledge to deliver professional services to customers, including responding to enquiries, processing complaints, negotiating sales and maintaining relationships.
Learning Outcomes
• project a positive organisational image
• provide customer service
• maintain regular communications with customers
• participate in written and verbal communication
• establish relationships
• receive customer feedback
• maintain customer confidentiality
• maintain records of customer interaction
• discuss customer-related business only in the context of the workplace
• adhere to organisational policies, procedures and codes regarding the handling of customer information
• comply with relevant legislation and regulation
• identify a customer complaint
• process a complaint
• resolve or refer a complaint
• document a complaint
• establish where a dispute exists
• investigate disputes and determine potential actions
• resolve disputes
• refer unresolved disputes to the Financial Ombudsman Service
• finalise disputes
• identify customer needs and expectations
• provide pre-contractual customer service
• maintain records of customer interactions
• provide ongoing after-sales support
• offer additional benefits to customers
• provide customer service to claimants
• maintain records of customer interaction
• inform customers on processes, progress, decisions and any arising delays
• maintain regular communication with claimants.
Competencies
Price
AUD $820.00
Duration
Standard (12 weeks)
Online Assignment
Pass Grade: Students must be assessed as competent in all assignment questions
Online Exam
Pass Grade: 50%
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.
Learning Outcomes
• 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
• FNSILF405 Evaluate life insurance claims
Price
AUD $820.00
Duration
Standard (12 weeks)
Online Assignment
Pass Grade: Students must be assessed as competent in all assignment questions
Online Exam
Pass Grade: 50%
This unit looks at the skills and knowledge participants in the financial services sector need to perform everyday job tasks in an effective and efficient manner. It also identifies the expected industry professional approaches to working with guidelines, procedures, legislation and codes of practice.
This Module has a workplace assessment in the form of a Workplace Skills Observation (WPO). The WPO is due within 6 weeks of you completing the online assessment.
Learning Outcomes
• identify and apply financial services industry guidelines, procedures and legislation
• communicate effectively in the workplace
• identify a safe working environment
• describe the workplace technology required to complete everyday work tasks
• participate in and facilitate work team activities
• plan work to be completed, taking into consideration:
o time
o resources
o other constraints.
Competencies
• FNSINC301 Work effectively in the financial services industry
Price
AUD $240.00
Duration
Open
Elective Modules
A comprehensive and cost-effective compliance solution that is designed for customer facing staff that work in organisations dealing with life insurance products and services. By virtue of this module alone, staff will become suitably qualified to provide life insurance advice within seven weeks.
It will provide students with the skills required to analyse the client’s needs, objectives, financial situation and risk profile, to identify appropriate solutions and strategies.
Learning Outcomes
• establish relationship with client
• identify client’s objectives, needs and financial situation
• analyse client’s objectives, needs, financial situation and risk profile
• develop appropriate strategies and solutions
• present appropriate strategies and solutions to client
• negotiate financial plan/policy/transaction with client
• coordinate implementation of agreed plan/policy/transaction
• complete and maintain necessary documentation
• provide ongoing service where requested by client.
Competencies
• FNSASICM503 Provide Tier 1 personal advice in life insurance
• FNSASICX503 Provide advice in life insurance
Price
AUD $820.00
Duration
Accelerated (7 weeks)
Online Exam
Pass Grade: 60%
Duration: 90min
Covers the skills required to create and document a life insurance product distribution plan. Students learn how to action a distribution plan within established parameters, developing marketing tools within budget, and measuring ongoing results to inform the strategic reviews.
Learning Outcomes
• determine business objectives
• define markets and targeted customer needs
• determine appropriate products and services
• identify and select distribution channels to achieve strategic goals
• determine and establish enterprise structures
• establish performance measures
• document a distribution plan
• satisfy human resources requirements
• provide technology requirements
• provide infrastructure needs
• provide marketing services
• provide administrative and ancillary services
• provide customer services.
Price
AUD $820.00
Duration
Standard (12 weeks)
Online Assignment
Pass Grade: Students must be assessed as competent in all assignment questions
Online Exam
Pass Grade: 50%
Details the principles and practices of life insurance underwriting. Beginning with the basics of life risk and life insurance proposals, the module proceeds to cover approaches to risk acceptance, risk rating systems, financial and medical underwriting, and the role of reinsurance.
Learning Outcomes
• identify medical and non-medical risks
• identify the underwriting significance
• determine risk acceptance criteria
• prepare life insurance policy
• interpret insurance-based information containing medical terminology
• communicate using medical terminology.
Price
AUD $820.00
Duration
Standard (12 weeks)
Online Assignment
Pass Grade: Students must be assessed as competent in all assignment questions
Online Exam
Pass Grade: 50%
Learning Outcomes
• describe the role of a claims assessor in receiving a life insurance claim
• determine the role of specialists and when the services of external specialists are required
• describe the multi-disciplinary approach to claims management
• determine service parameters and expectations to enable performance to be reviewed effectively
• describe the strategies to review and monitor ongoing service performance
• identify the information required to assess the eligibility of benefits in a life insurance claim
• describe the tasks required to admit a life insurance claim
• identify the reasons why a life insurance claim may be denied
• describe the importance of accurate record keeping in claims management
• describe the role of a financial adviser in the claims management process
• determine when an insurer can avoid a contract of life insurance
• determine when a life insurer is obliged, by law, to pay interest on a benefit
• calculate an adjusted sum insured where new information is revealed after a policy has been taken out
• describe the evidence required to meet basic proof of death requirements with regard to the policyowner
• for various death claims scenarios, determine proof of entitlement
• identify the documentation required to effect payment of proceeds from death claims
• for a given death claim scenario, identify whether an insurer can avoid a life insurance claim
• list the required considerations when calculating a death benefit for permanent contracts
• describe three elements that need to be established to validate a morbidity claim at the initial point of contact
• list the three standard components that define TPD
• list at least four documents commonly requested as part of the supporting documentation for lump-sum morbidity claims
• for two given scenarios, determine the validity of a TPD claim
• for a given scenario, calculate the amount of death cover for an insured who has received a benefit under a trauma cover rider
• describe at least five sources of information that may assist in the assessment of a lump-sum morbidity claim
• list at least three standard exclusions that commonly apply to IP policies
• list at least three reasons why early advice of an IP claim is preferable
• describe the proof required by an insured to be deemed eligible for a benefit under an IP claim
• list at least four payments that can result in a reduced benefit under an IP claim
• identify three different bases for assessing the impact of a condition on an insured’s ability to work
• describe how a life office assesses proof of title prior to the payment of a maturity benefit
• list at least five alternatives to surrendering a life policy
• determine the conditions for paying surrender values under a life policy
• describe superannuation business and its legislative basis for life insurance business
• outline the two stages that a benefit payment must pass through to get to the insured member
• list at least four points of contact that can apply under a group insurance situation
• identify the different conditions of release which regulate the payment and forwarding of life insurance benefits.
Price
AUD $820.00
Duration
Standard (12 weeks)
Online Assignment
Pass Grade: Students must be assessed as competent in all assignment questions
Online Exam
Pass Grade: 50%
