Unit of competency Outline

Date retreived
23/07/2026 1:13 AM AWST

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Provide Tier 2 personal advice in general insurance

Provide Tier 2 personal advice in general insurance

Unit of competency
National Code
FNSASIC315
State Code
OCI16
TGA Status
Current
DTWD Status
Approved
Current Release Number
2.00
Current Release Date
02/02/2021
View on TGA
State Implementation and Classification
Approved Date
11/03/2021
Field of Education
081103 - Insurance And Actuarial Studies
Original Release Date
11/03/2021
Nominal Hours
45
Description
This unit describes the skills and knowledge required to assess clients’ insurance needs and accurately advise them about retail general insurance products and services excluding personal accident and illness at the Australian Securities and Investments Commission (ASIC) Tier 2 level.The unit applies to insurance advisers with well-developed communication and interpersonal skills, who apply substantial general insurance product knowledge when providing personal advice on standard retail general insurance products to clients.At the time of publication, no licensing requirements apply to this unit. However, given potential future changes in the licensing environment, users must check with the relevant licensing body to confirm whether this unit is required to complete a licence.
Notes
Elements and Performance Criteria
1. Prepare to provide personal advice in general insurance
  • 1.1 Determine and respond to client enquiry, establishing client objectives and risk profile according to organisational procedures
  • 1.2 Record relevant client information according to organisational procedures and ensure appropriate risk assessment processes and tools are used
  • 1.3 Inform client about role of adviser and licensee or principal responsible for adviser’s conduct
  • 1.4 Refer client to external adviser if client request indicates they may require specialist advice outside adviser’s operational limits
2. Develop and present appropriate risk solution
  • 2.1 Identify and assess available options using information from risk analysis
  • 2.2 Conduct relevant product research
  • 2.3 Prepare disclosure documents and options for presentation to client, ensuring disclosure statements incorporate detail required by current regulations and organisational policies and procedures
  • 2.4 Present appropriate solutions to client
  • 2.5 Discuss and clarify client queries regarding proposed insurance plan, policy or transaction
  • 2.6 Refer client to appropriate adviser for higher level or specialist advice if required
3. Confirm chosen insurance product and complete necessary documentation
  • 3.1 Obtain instructions from client and confirm preferred insurance plan, policy or transaction
  • 3.2 Seek agreement from client regarding insurance plan, policy or transaction regarding terms, fees and costs and explain timeframes for execution and processing to client
  • 3.3 Obtain signed agreement regarding chosen insurance plan, policy or transaction from client and ensure copies of required documentation are exchanged
  • 3.4 Create and update client records according to organisational procedures
4. Agree to arrangements for providing ongoing service where requested by client
  • 4.1 Agree to type and form of ongoing service to be provided
  • 4.2 Clearly explain fees and costs for defined ongoing services and confirm client understanding of details
  • 4.3 Implement procedures for agreed ongoing services according to organisational policies and procedures
No information
No information
Replaces
State Code National Code Title Type
AUQ36 FNSASIC305 Provide Tier 2 personal advice in general insurance Unit of competency