ASFA Insurance explores the design of death and disability benefit structures, how to negotiate suitable insurance policies, and the administrative and decision-making procedures to deal with claims from members. It also helps advisers to understand insurance products, including the benefits of holding insurance within superannuation.
Suitable for
ASFA Insurance is suitable for trustees and their service providers and for advisers of life insurance and superannuation products.
Licensing
This subject meets ASIC’s RG 146 initial requirements for general advice in life insurance when combined with RG 146 Superannuation Essentials. A skills assessment is also needed to be able to provide personal advice.
Assumed knowledge
RG 146 Superannuation Essentials or RG 146 Superannuation
Topics
This subject covers all the knowledge areas required for ASIC for advice in life insurance and specifically adds the issues relevant to purchasing life insurance through superannuation and issues for trustees in determining claims.
Learning outcomes
After studying this subject, students should be able to:
- Explain why superannuation funds may choose to insure a portion of the death and disablement benefits provided by the fund
- Outline some of the issues faced by trustees of superannuation funds in relation to insurance
- Describe the different types of death and disablement benefits provided by funds
- Detail the standard features of group insurance cover
- Describe the common features of income protection insurance
- Explain the different insurance approaches used for part time, casual employees and employees on leave
- Outline the due diligence process for appointing a new insurer
- Detail the insurance related disclosure requirements
- Outline the general underwriting procedures and the events that will trigger underwriting
- Describe the process of an insurance review
- Describe how insurance premiums are calculated and collected
- Detail the procedures involved in the assessment of death and disablement benefits
- Outline the elements of an internal and external dispute resolution procedure.
Qualification
This subject can be counted towards a Diploma of Superannuation (FNS50710) qualification.
Assessment
Assignment 1
Assignment 2
Final assessment
Availability
Flexible on-line (commence any time)
Face-to-face (corporate workshop)
Duration
This subject must be completed within 6 months from commencement.
CPD points
24