Advise & Comply- Tier 2

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Advise & Comply- Tier 2

Course details last updated on the register on 2/08/2011
COURSE DETAILS

Course Name

Advise & Comply- Tier 2

Award Given at Completion

Statement of Attainment

Specialist Knowledge

General Insurance, Generic Knowledge, Skills

Tier

2

Where Course Delivered

Sydney, NSW regional, Melbourne, VIC regional, Hobart, TAS regional, Adelaide, SA regional, Perth, WA regional, Darwin, NT regional, Brisbane, QLD regional, ACT

Delivery Method

Self-paced, Web-based

Assessment Type

Computer based, Other - multiple choice questions

Start Date

1/10/2003

De-registration Date

1/8/2011

Reason for De-registration

Voluntary: course or assessment service no longer offered

Re-registration Date

15/8/2008

Duration/Total Hours

10

  

Pre95

No

This course is no longer being offered

COORDINATOR DETAILS

Name

Rebecca Slingo

Phone Number

03 9601 8969

Fax Number

03 9601 8044

Email Address

rebecca.slingo@cgu.com.au
COVERAGE GRAPH

TOPICS COVERAGE

Underpinning KnowledgeOverview of FSR • Explain the aim of FSR • Explain the meaning of financial product advice • Outline FSR licensing requirements • Identify how FSR relates to your role as an Adviser The Economic Environment • Outline the impact of economic factors on the general insurance industry • Describe the Australian general insurance environment • Define the characteristics of the Australian insurance market • Explain how CGU sells insurance products Principles of Insurance • Outline the principles of insurance • Define risk and explain types of risk • Discuss underwriting and the role of the Underwriter • Explain and give examples of risk management strategies Insurance Applications • Define hazard and discuss how hazard relates to insurance applications • Discuss underwriting practices that are used to assess the risk and set policy terms and conditions • Give examples of underwriting issues and describe how they are addressed • Discuss the taxes, fees and commissions that apply to an insurance policy Read and Interpret a Policy Wording • Explain why it is important for an adviser to be able to read and interpret a policy wording • Explain the Code of Practice requirements for policy documentation • Explain the differences between a policy, policy wording and a policy document • Identify the sections in a policy wording that state what is and isn't covered under the policy • Identify the sections in a policy wording that state what the Insurer expects of the Insured • Identify the sections in a policy wording that state what the Insured can expect of the Insurer in relation to service, guarantees and dispute resolution Product KnowledgeCGU Product Training Learners must complete one product module from a list of retail product training modules as part of this certification. As per the Training Requirements for RG146 Advisory SkillsWorking within FSR • Explain how your role as an adviser is affected by the requirements of FSR • Inform customers of the level and type of financial product advice you can provide • Customer Service • Use effective communication and interpersonal skills to establish the customer relationship and consult with the customer throughout the analysis • Use effective listening and questioning techniques to determine a customer's product knowledge level and gather information to identify customer needs The Sales Process • Describe the compliance customer service process • Identify whether specialist advice is required and follow the appropriate referral process • Determine and agree on the risk profile of the customer and identify the risk profile of the Insurer Disclosure & Compliance • Identify and describe relevant standards of practice and legal principles that apply to the General Insurance industry • Explain the circumstances and timing required by FSR for making the appropriate disclosures to retail customers relating to the Financial Services Guide (FSG) and the Product Disclosure Statement (PDS) • Explain the circumstances and timing required by FSR for making the appropriate disclosures to retail customers relating to the Statement of Advice (SoA) and the General Advice Warning (GAW) Implement Customer Solutions • Develop appropriate policy solutions for customers by matching their needs to product options. • Explain to customers any risks that may be associated with a policy solution, and how to initiate claims. • Clarify any customer concerns and confirm that customers understand the premium, timeframe for the policy to come into effect, and any applicable fees and taxes. • Explain the complaints handling process and identify the circumstances when it may be used. • Agree on the policy solution, then sign and exchange all relevant documentation with customers. • Inform customers about any ongoing services. Working within FSR • Explain how your role as an adviser is affected by the requirements of FSR • Inform customers of the level and type of financial product advice you can provide • Customer Service • Use effective communication and interpersonal skills to establish the customer relationship and consult with the customer throughout the analysis • Use effective listening and questioning techniques to determine a customer's product knowledge level and gather information to identify customer needs The Sales Process • Describe the compliance customer service process • Identify whether specialist advice is required and follow the appropriate referral process • Determine and agree on the risk profile of the customer and identify the risk profile of the Insurer Disclosure & Compliance • Identify and describe relevant standards of practice and legal principles that apply to the General Insurance industry • Explain the circumstances and timing required by FSR for making the appropriate disclosures to retail customers relating to the Financial Services Guide (FSG) and the Product Disclosure Statement (PDS) • Explain the circumstances and timing required by FSR for making the appropriate disclosures to retail customers relating to the Statement of Advice (SoA) and the General Advice Warning (GAW) Implement Customer Solutions • Develop appropriate policy solutions for customers by matching their needs to product options. • Explain to customers any risks that may be associated with a policy solution, and how to initiate claims. • Clarify any customer concerns and confirm that customers understand the premium, timeframe for the policy to come into effect, and any applicable fees and taxes. • Explain the complaints handling process and identify the circumstances when it may be used. • Agree on the policy solution, then sign and exchange all relevant documentation with customers. • Inform customers about any ongoing services.
PROVIDER DETAILS

Provider

Insurance Australia Group Services

Contact

See under course name

Important Notice

This service is provided solely for general information purposes. By provision of the service ASIC does not provide legal or other professional advice. ASIC expressly disclaims any liability arising from use of the service. If you require legal or other expert advice or assistance, you should seek the services of a competent professional person.

Created by the Australian Securities and Investments Commission. http://www.asic.gov.au Copyright � 2007 Australian Securities and Investments Commission.

Version 2.0

Last updated: 30/03/2021 09:38