FNSASICN513 — Provide advice in general insurance

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What an assessment for FNSASICN513 must cover

83 assessable components: 5 elements (25 performance criteria), 7 performance evidence and 46 knowledge evidence requirements, plus 5 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

1.1Establish knowledge level, objectives, risk profile and goals of client
1.2Explain range of products and services available according to client objectives and goals
1.3Outline fees associated with applicable products and services and explain charging methodology and relevant tax implications
1.4Inform client of role of adviser and licensee or principal responsible for adviser’s conduct
1.5Inform client of complaints-handling procedures
1.6Collect applicable personal, financial and business details using organisational risk-assessment processes and tools
1.7Respond to client enquiries as required according to organisational policies and procedures

2 Analyse client risk information and identify risk solutions

2.1Analyse information from risk assessment process according to organisational policies and procedures
2.2Identify issues that may require further consideration and seek specialist advice to address risks as required
2.3Identify and assess available options using information from risk analysis
2.4Conduct product research according to objectives, goals and risk profile of client
2.5Prepare statement of advice for presentation to client according to client objectives, goals and risk profile
2.6Refer client to adviser for higher level or specialist advice as required

3 Present and confirm solutions with client

3.1Explain features of statement of advice to client according to organisational policies and procedures, legislative and regulatory requirements
3.2Discuss impacts and possible risks of solution with client and confirm understanding
3.3Discuss and clarify any concerns and/or issues client has regarding proposed insurance plan, policy and/or transaction
3.4Confirm client’s preferred plan, policy and/or transaction according to organisational policies and procedures

4 Coordinate implementation of agreed solution

4.1Confirm client agreement with proposed insurance plan, policy and/or transaction, incorporating all associated fees and costs
4.2Explain timeframes for execution and processing according to organisational policies and procedures
4.3Confirm proposal and other documents are completed and signed off by client where required
4.4Exchange signed agreement and copies of required documentation with client
4.5Create and update client records according to organisational policies and procedures

5 Provide arrangements for ongoing service, where requested by client

5.1Confirm type and form of ongoing service is agreed with client, including review of insurance plan, policy and/or transaction
5.2Explain 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 advice in general insurance to at least two different clients.
identify and analyse each client’s objectives, needs and financial details
comply with industry-specific legislative and regulatory requirements for general insurance
develop a potential strategy or solution that meets client needs
advise clients accurately and ethically about specific general insurance products and services and relevant tax implications
consult with client throughout risk-assessment process and obtain further clarification and information where required
finalise plan, policy and/or transaction, ensuring required documentation is completed accurately following organisational procedures.

Knowledge evidence

General knowledge: organisational policies and procedures relating to providing advice in general insurance
General knowledge: characteristics of the economic environment, including: impact of economic and business cycles
General knowledge: characteristics of the economic environment, including: interest rates and exchange rates
General knowledge: characteristics of the economic environment, including: inflation
General knowledge: characteristics of the economic environment, including: government monetary and fiscal policy
General knowledge: operation of financial markets, including: roles played by intermediaries and issuers
General knowledge: operation of financial markets, including: structure and interrelationships within the financial markets
General knowledge: operation of financial markets, including: interrelationship between industry sectors
General knowledge: financial products, including: concept of a financial product – general definition, and specific inclusions and exclusions
General knowledge: financial products, including: types of financial investment products
General knowledge: financial products, including: types of financial risk products
Core insurance knowledge: operation of insurance markets, including: definition of insurance product
Core insurance knowledge: operation of insurance markets, including: characteristics of and participants in the Australian insurance market
Core insurance knowledge: operation of insurance markets, including: roles played by intermediaries
Core insurance knowledge: types of insurance products, including: risk insurance products
Core insurance knowledge: types of insurance products, including: investment life insurance products
Core insurance knowledge: types of insurance products, including: general insurance products
Core insurance knowledge: different aspects of insurance products, including: conditions, exclusions and levels of coverage of risk transfer products
Core insurance knowledge: different aspects of insurance products, including: pricing
Core insurance knowledge: different aspects of insurance products, including: fee structures and charging methodologies
Core insurance knowledge: taxation issues in relation to tax implications regarding insurance products and markets
Core insurance knowledge: advisory functions for general insurance, including: role of insurance adviser, broker or agent
Core insurance knowledge: advisory functions for general insurance, including: participants in the insurance advisory services market
Core insurance knowledge: advisory functions for general insurance, including: range of services provided
Core insurance knowledge: advisory functions for general insurance, including: profile and financial information of the client
Core insurance knowledge: advisory functions for general insurance, including: appropriateness of a risk assessment
Core insurance knowledge: advisory functions for general insurance, including: ethical considerations relevant to advisory functions
Core insurance knowledge: legal environment, including disclosure and compliance covering: role of representative and adviser
Core insurance knowledge: legal environment, including disclosure and compliance covering: legal principles relating to key Acts relevant to performance evidence
Core insurance knowledge: legal environment, including disclosure and compliance covering: 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: legal environment, including disclosure and compliance covering: relevant industry standards and codes of conduct
Core insurance knowledge: legal environment, including disclosure and compliance covering: regulators’ guidelines relevant to the provision of advice in general insurance
Core insurance knowledge: resolution procedures for internal and external complaints
Specialist knowledge: key aspects of general insurance: types and classes of insurance products and policies
Specialist knowledge: key aspects of general insurance: standard cover and relevant deviations
Specialist knowledge: key aspects of general insurance: product development
Specialist knowledge: key aspects of general insurance: policy wordings
Specialist knowledge: key aspects of general insurance: underwriting
Specialist knowledge: key aspects of general insurance: insurance claims
Specialist knowledge: key aspects of general insurance: premium rating and risk assessment
Specialist knowledge: key aspects of general insurance: reporting
Specialist knowledge: terms and conditions of general retail insurance products used by the organisation
Specialist knowledge: relevant legislative and organisational compliance requirements, including: legislation and regulatory guidelines affecting the provision of general advice
Specialist knowledge: relevant legislative and organisational compliance requirements, including: role of different advisers in the organisation
Specialist knowledge: relevant legislative and organisational compliance requirements, including: organisational policy and guidelines related to the provision of general or wholesale advice
Specialist knowledge: details of relevant marketing and disclosure documents, including product disclosure statements and marketing brochures on the relevant products.

Foundation skills

Numeracy: Interprets financial product information and completes calculations to achieve required outcomes
Oral communication: Articulates and discusses product and service information unambiguously, using language appropriate to audience and environment • Elicits information and confirms understanding using active listening and questioning
Reading: Identifies and interprets textual information from relevant sources
Writing: Records and consolidates workplace documentation using clear, specific and industry-related terminology
Self-management: Develops and maintains knowledge of non-relevant financial products and of the required regulatory frameworks that define their use

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 FNSASICN513

What does an assessment tool for FNSASICN513 need to cover?

To satisfy the Principles of Assessment and Rules of Evidence, an assessment for FNSASICN513 needs to address all 83 unit components: 5 elements with 25 performance criteria, 7 performance evidence requirements, 46 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 FNSASICN513?

Auditori pulls the current release of FNSASICN513 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 FNSASICN513 — with no card and no subscription required. After that it's pay-as-you-go per unit.

Can I check my existing FNSASICN513 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 FNSASICN513, showing exactly what's covered and what's missing. Mapping costs a quarter of a credit.

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