This course is a diploma-level course that meets nationally recognised units of competency.
The course will assist students to better understand the structures, regulations and benefit designs of insurance products within superannuation. It may be completed as a standalone subject or combined with AIST's superannuation industry specific RG146 and Investment for the superannuation industry to attain a FNS50715 Diploma of Superannuation.
Topics will include
|Module 1: Introduction to insurance
- Types of insurance products
- Principles of premiums
- Composition of the insurance market
- Group insurance
|Module 5: Insurance benefit design
- Insured benefits
- How the benefits are structured
- Group life structures
- Income protection structures
- Elements of a contract
- Factors that impact on group pricing
- The pricing process
- Market trends and competition
|Module 2: Legislation and regulatory bodies
- The role of regulatory bodies
- Legislation affecting insurance and superannuation
- Laws governing general insurance
|Module 6: Underwriting and risk assessment
- Gaining cover by joining a superannuation fund
- The underwriting process
- Applications to increase cover
- Loadings and exclusions
- The roles of reinsurance and the reinsurer
|Module 3: Other insurance considerations for trustees
- General insurance considerations
- Trustee liability
- Trustee liability insurance policies
- The insurance market cycle
- Policy coverage and key exclusions
- Crime insurance
- Adequacy of cover
|Module 7: Death and Disability claims
- Verifying eligibility
- Confidentiality and sensitive information
- Death claims
- Total and Permanent Disablement (TPD) claims
- The TPD claim process
- Income protection claims
- Evidence requirements
- Terminal illness claims
- Tax implications for all claim types
- Review of claims decisions
|Module 4: Insurance within superannuation
- History and evolution of insurance inside superannuation
- Types of superannuation funds
- Superannuation fund design
- Types of insurance benefits available within superannuation funds
- Roles and responsibilities
- Under-insurance issue in Australia
- Benefits and pitfalls of insurance inside superannuation
|Module 8: Dispute resolution
- Internal dispute resolution
- The Australian Standard for complaints handling
- Regulatory Guides
- Superannuation Complaints Tribunal (SCT)
- Financial Ombudsman Service (FOS)
Who should register?
Insurance for the superannuation industry is beneficial for people working in both the superannuation and insurance industries.
Face-to-face facilitation is delivered over 3 full days, made up of group discussions, practical exercises and examples. Facilitated training provides a structured learning environment and provides a platform for networking and forming relationships with people within the industry.
AIST offers self paced learning as an alternative to facilitated training. Self-paced learning enables you to control the pace of your learning providing you with the opportunity to take maximum advantage of your preferred learning style and time.
Some benefits of self-paced learning are as follows:
- You are able to set your own pace and timelines therefore you are not dependent on the structure and pace established within a facilitated course
- Flexibility to start and end the course at your convenience ensuring efficient use of your time
- Access to trainers for mentoring and answering questions, ensuring any difficulties are overcome during your learning experience.
In order to be found competent in your course you will be required to successfully complete two (2) assessments, they are as follows:
- Open book exam: This is a two hour exam. You must be supervised at AIST's office or at your workplace with an approved supervisor.
- Assignment: This is an assessment of case studies and scenarios.
All participants have 6 months to complete the assessments. If you have not completed the assessment within the 6 month period you will be required to re-enrol in the course and incur the full enrolment fee again.
Nationally Recognised Units of Competency
This course comprises of 3 units of competency from the FNS Financial Services Training Package.
FNSSUP407 Assess complex superannuation benefit or insurance claims
FNSSUP501 Supervise complaints procedures
FNSSUP502 Supervise insurer liaison
AIST CPD Hours
18 hours (including assessments).