FNSASICM513 — Provide general advice in life insurance

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What an assessment for FNSASICM513 must cover

81 assessable components: 5 elements (28 performance criteria), 8 performance evidence and 39 knowledge evidence requirements, plus 6 foundation skills. An audit-defensible tool maps every question and task back to these — that mapping is the coverage matrix Auditori generates alongside the assessment.

Elements & performance criteria

1 Establish relationship with client and identify objectives, financial situation

1.1Establish client’s knowledge level, objectives, financial and business details
1.2Identify client’s expectations of cash flow and relevant taxation obligations
1.3Explain range of products and services available according to client objectives and financial situation
1.4Outline fees associated with applicable products and services and explain charging methodology
1.5Inform client of role of adviser and licensee or principal responsible for adviser’s conduct
1.6Inform client of complaints-handling procedures

2 Analyse client’s objectives, needs, financial situation and risk profile

2.1Assess client needs using information gathered and taking into account client’s product or service expectations and specific needs
2.2Consult client throughout analysis and seek further clarification where necessary
2.3Analyse need for specialist advice and refer client to appropriate adviser for higher level or specialist advice as required
2.4Assess and agree on product risk profile of client
2.5Apply ASIC generic and specialist knowledge applicable to products or services being offered

3 Develop and present strategies and solutions appropriate to client

3.1Determine appropriate strategy to provide for identified needs and outcomes
3.2Complete required research, analysis and product modelling according to organisational policies and procedures
3.3Draft product or service solution for presentation to client that meets client needs and outcomes according to organisational policies and procedures
3.4Explain and discuss proposed products or services with client according to organisational policies and procedures, legislative and regulatory requirements
3.5Explain required details, terms and conditions of products or services to client and confirm client understanding
3.6Disclose impacts and possible risks of products or services to client and confirm client understanding
3.7Provide client with written supporting documentation following organisational procedures, and guide client through key aspects of documentation
3.8Discuss and clarify any concerns and issues client has regarding proposed products or services
3.9Seek client’s preferred products or services and confirm client’s preference

4 Coordinate implementation of agreed products or services

4.1Seek formal agreement from client for proposed plan, policy or transaction
4.2Explain associated fee and cost structures, and confirm client understands all details
4.3Explain timeframes for execution and processing to client and confirm client understanding
4.4Confirm that proposal and other documents are completed and signed off by client as required
4.5Confirm that signed agreement and copies of appropriate documentation are exchanged

5 Provide arrangements for ongoing service, where requested by client

5.1Confirm that type and form of ongoing service, including review of products or services, is agreed with client
5.2Explain and confirm fees and costs for ongoing and specifically defined service, and confirm client understands all details
5.3Implement procedures for agreed ongoing service according to organisational policies and procedures

Performance evidence

provide general advice in life insurance to at least two different clients.
In the course of the above, the candidate must:
identify and analyse each client’s objectives, needs and financial details
comply with industry-specific legislative and regulatory requirements for life insurance
advise clients accurately and ethically about specific life insurance products and services, and relevant tax implications
demonstrate knowledge of product or service offered
match product or service to client needs
finalise product or service offering, ensuring required documentation is completed accurately following organisational procedures.

Knowledge evidence

General knowledge: overview of current economic environment, including: characteristics and impact of economic and business cycles
General knowledge: interest rates and exchange rates
General knowledge: inflation
General knowledge: government monetary and fiscal policy
General knowledge: operations of financial markets, including: roles played by intermediaries and issuers
General knowledge: structure and interrelationships within the financial markets
General knowledge: interrelationship between industry sectors
General knowledge: financial products, including: concept of a financial product – general definition, and specific inclusions and exclusions
General knowledge: types of financial investment products
General knowledge: types of financial risk products
Core insurance knowledge: operation of insurance markets, including: definition of insurance product
Core insurance knowledge: characteristics of and participants in the Australian insurance market
Core insurance knowledge: roles played by intermediaries
Core insurance knowledge: types of insurance products, including risk insurance products, investment life insurance products and general insurance products
Core insurance knowledge: aspects of insurance products, including: conditions, exclusions and levels of coverage of risk transfer products
Core insurance knowledge: organisational standards for documentation
Core insurance knowledge: pricing
Core insurance knowledge: fee structures and charging methodologies
Core insurance knowledge: taxation issues in relation to insurance products and markets
Core insurance knowledge: advisory functions for life insurance, including: role of insurance adviser, broker and agent
Core insurance knowledge: participants in the insurance advisory services market
Core insurance knowledge: range of services provided
Core insurance knowledge: profile and financial information of the client
Core insurance knowledge: appropriateness of a risk assessment
Core insurance knowledge: ethical considerations relevant to advisory functions
Core insurance knowledge: key legal environment factors, including disclosure and compliance covering: role of representative and adviser
Core insurance knowledge: legal principles relating to key Acts relevant to performance evidence
Core insurance knowledge: relationship between ethics and regulatory requirements, including good faith, faith, utmost good faith, full disclosure of remuneration and fees, and any other conflicts of interest that may influence adviser’s recommendation
Core insurance knowledge: relevant industry standards and codes of conduct
Core insurance knowledge: regulators’ guidelines relevant to the provision of general or wholesale advice in life insurance
Core insurance knowledge: resolution procedures for internal and external complaints
Specialist knowledge: key aspects of life insurance, including: types and classes of life insurance products and policies
Specialist knowledge: standard cover and relevant deviations
Specialist knowledge: product development
Specialist knowledge: policy wordings
Specialist knowledge: underwriting
Specialist knowledge: insurance claims
Specialist knowledge: premium rating and risk assessment
Specialist knowledge: investment strategy in relation to investment components of life insurance products

Foundation skills

Numeracy: Interprets financial product or service information and completes calculations to achieve required outcomes
Oral communication: Clearly articulates requirements using language appropriate to audience and environment Elicits information and confirms understanding using active listening and questioning techniques
Reading: Identifies and interprets information from applicable sources
Writing: Records and consolidates workplace documentation using clear, specific and industry-related terminology
Self-management: Develops and maintains knowledge of products and of the required regulatory frameworks that define their use
Technology: Completes work tasks using the main features and functions of digital tools

Unit content sourced from training.gov.au — © Commonwealth of Australia, licensed under CC BY 4.0. Auditori is not affiliated with the Department of Employment and Workplace Relations.

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Questions about assessing FNSASICM513

What does an assessment tool for FNSASICM513 need to cover?

To satisfy the Principles of Assessment and Rules of Evidence, an assessment for FNSASICM513 needs to address all 81 unit components: 5 elements with 28 performance criteria, 8 performance evidence requirements, 39 knowledge evidence requirements, and the foundation skills. A coverage matrix mapping each question and task to these components is what an auditor looks for.

How does Auditori generate an assessment tool for FNSASICM513?

Auditori pulls the current release of FNSASICM513 from training.gov.au and generates a complete package: candidate assessment, assessor guide with model answers and observation criteria, and a coverage matrix mapping every component. A suitably qualified person then reviews and approves the draft in a built-in workflow — consistent with ASQA's guidance on AI use in VET — before export as branded PDF and editable Word.

Is the first assessment tool really free?

Yes. Every new account includes one free credit — enough to generate the complete assessment tool for FNSASICM513 — with no card and no subscription required. After that it's pay-as-you-go per unit.

Can I check my existing FNSASICM513 assessment instead of generating a new one?

Yes — upload your existing assessment or learner guide and Auditori maps it against every element, performance criterion, PE and KE of FNSASICM513, showing exactly what's covered and what's missing. Mapping costs a quarter of a credit.

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