Task assignment: 31869 Portfolio of Evidence Assessment | Professional IQ College
31866 31867 & 31869 Portfolio of Evidence Life, Disability & Health Insurance Assessment Introduction This assessment contains the information you need to determine competency for Life, Disability & Health Insurance for:
Unit Standard 31866 – Gather and analyse information to determine client life, disability, and health insurance needs.
Unit Standard 32867 – Apply knowledge of life, disability, and health insurance products and services to meet client needs.
Unit Standard 31869 – Provide advice in a life, disability and health insurance context using the Six Step Process.
This document contains:
Assessment Guidance Assessment Tasks 1-7 Student Declaration Form Assessment Decision and Schedule Form Assessment Guidance The Assessment Process To achieve the unit standard, you must complete and return to Professional IQ the following documents:
Assessment answers for all questions or tasks Student declaration form completed and signed The assessment is competency based and focuses on the application of learning in the student’s role in their normal working environment. The study guide provided for this unit standard contains the information necessary to develop their knowledge and understanding of the life, disability and health insurance.
The qualified assessor will use their professional judgement and subject-matter expertise to evaluate your assessment ensuring that it is:
Valid: meets the outcomes and evidence requirements of the unit standard being assessed Fair: a fair representation of what you can do and or know against the outcomes of the unit standard Authentic: it must be your own work and must not be copied from any course materials or other sources Sufficient: answers must be full and complete enough for the assessor to judge competency Consistent: answers are consistent with the assessor guidelines and national consistency requirements. The evidence you submit must comply with any policies & procedures of your organisation, codes of practice of relevant professional bodies or any relevant legislative and regulatory requirements.
Students With Specific Needs If you have specific learning needs, you should have informed Professional IQ of these at the time of enrolment. This enables the Academic Manager to discuss with you what appropriate support is required to complete your study and assessments.
The Assessor Role The assessor will consider all written evidence provided by you and decide if it is competent or not yet competent.
The assessor may require you to provide more evidence on one or more questions or tasks, if in their judgement they feel the answer is insufficient or incorrect.
Where there is not enough evidence to make a decision on competency, your assessor will send you a Further Evidence Required request (FER) which means you will need to supply further information. They may contact you to have a professional conversation or to clarify a point in your answer.
The assessor will complete the Assessment Decision Form, including any feedback and return the result to you within 10 working days of receipt.
Please retain a copy of your assessment work and assessment results.
The Appeals Process An explanation of the appeals process can be found in the Student Handbook located on Professional IQ under Student Resources.
If you disagree with an assessment decision, please follow the guide and complete an Assessment Appeal Form and send it to Student Support at Professional IQ. An independent assessor will be asked to investigate the appeal.
Resources A copy of the unit standard can be downloaded from NZQA.
It is important you fully understand the outcomes and evidence requirements of the unit standard including any special notes, references and definitions applicable. The study guide is your main resource for this assessment.
You should read the study guide for this unit standard (as part of your course work) to enable you to answer the tasks listed in this assessment document.
References This list is provided as a guide for students who are seeking further sources of information on this module:
Code of Professional Conduct for Financial Advice Services; Consumer Guarantees Act 1993; Fair Insurance Code 2016; Fair Trading Act 1986; Financial Markets Conduct Act 2013; Financial Service Providers (Registration and Dispute Resolution) Act 2008; Financial Services Legislation Amendment Act 2019; Insurance Intermediaries Act 1994; Insurance Law Reform Act 1977; Insurance Law Reform Act 1985; ISO 22222:2005 Personal Financial Planning – Requirements for personal financial planners, available from https://www.iso.org; Life Insurance Act 1908 Privacy Act 2020; relevant industry codes of conduct; and all subsequent amendments and replacements. data:-
Paige – Insurance Portfolio of evidence.pdf Paige – Insurance Disclosure templates instructions.docx
2025 LDHI annual review insurance checklist (1).docx 2025 LDHI exampl of agreement to proceed (1).docx 2025 LDHI example portfolio of evidence (2).pdf 2025 LDHI publicly available information portfolio example (1).docx 2025 LDHI scope and fact find (1).docx 2025 LDHI example portfolio of evidence (2).pdf Definitions Six Step Process – the financial services industry standard for the provision of personal financial advice internationally, derived from ISO 22222 Personal Financial Planning. Student Declaration Form Complete and attach to your assessment answers before submitting for assessment.
Full Name NSN Number Contact Details
Organisation Phone Email Unit Standard 31866, 31867 & 31869 Date Submitted The Tasks you submit for assessment must be your own work and cannot be completed by another person. Initial each item on the list below to show you have read and understood the requirements of the assessment and that the submitted work is your own then sign the declaration.
Your own work means it cannot be copied from course materials or other text. Your answers must be in your own words.
I ………………………………………………………………. ……….. (full name) understand: Initial The assessment guidance How I will be assessed and what is expected of me What information or material is required to be submitted for assessment That, if it is found that the answers submitted is not my own work further action may be taken which may include, but is not limited to, termination of my enrolment with Professional IQ College and may result in removal of any credit achieved from my Record of learning with NZQA. No refund for fees will be paid. The appeals process should I wish to appeal the assessment decision I am aware that the evidence I submit may be subject to the quality assurance process of Professional IQ I certify that All the work in the assessment submitted is my own and uses my own words. No work has been directly copied from other sources All sources used to prepare this assessment have been appropriately referenced where applicable When necessary I have removed identifiable client information to protect client confidentiality All of my work complies with the policies, procedures and requirements of my organisation and professional bodies I belong to. All of my work complies with any relevant legislative, regulatory and professional codes of practice I agree where my employer has paid for my course a copy of my results may be made available to them I agree for my information to be shared with Ringa Hora Services Workforce Development Council (RHSWDC), the New Zealand Qualifications Authority (NZQA) and the Ministry of Education (MoE) for the purposes of moderation to ensure consistency and for verifying, recording and management of results.
Signed: ………………………………………………………….. Date: ……………………
NZ Assignment Help For 31866, 31867 & 31869 Assessment With NZQA Hire NZ Native Experts 24/7.
HIRE EXPERT Assessment Task The student is expected to answer all the following questions in the blue shaded cells and save their assessment document with a new name – e.g. 31866 67 69 John Smith 17 August
Task 1 (US 31866, 31867 & 31869) For this task you must demonstrate how you have applied the Six-Step Advice Process to a range of client life, disability and health insurance needs and scenarios.
You are required to:
Use the Client Case Studies and Templates provided by Professional IQ Provide THREE sets of evidence for THREE different clients (saved as THREE SEPARATE PDFs). This assessment is NOT assessing what you do in your daily practice; it is assessing your ability to meet the requirements of the unit standard outcomes. The unit standards align to the Code of Professional Conduct for Financial Advice Services and therefore demonstrate your use of best practice.
You can use the Checklist to check off the documents you have submitted for each client; this will help ensure you are compiling and providing the correct documentation for each client.
Client range you will need to select from include (three different ones to be used):
Individual Couple without children Couple with children Business situation – Sole Trader Business situation – Partnership Business situation – Company Trust Product types include (but are not limited to)
Life insurance Trauma TPD Income disability income cover Mortgage protection Household expenses Major medical Medical specialists and test Medical comprehensive Guidance Note for Task 1
Task 1 requires THREE sets of PDF documents. To assist in the successful assessment of your portfolio we suggest you take the following approach:
Submission of documents
You are required to provide THREE separate sets of evidence demonstrating how you have applied the Six-Step Advice Process to a range of client life, disability and health insurance needs and scenarios.
The assessment question provides a checklist of requirements and possible documents that relate to each step. You should use this checklist to ensure you include the necessary documentation and have met all requirements on the list.
Document presentation
Prepare THREE separate PDFs, each containing one set of client documents clearly labelled as Clients 1, 2, 3.
Include a heading for each step followed by the documents for the step i.e. Step 1, Step 2, Step 3, Step 4, Step 5, Step 6.
Each set of client documents must contain the following items in this order:
Summary of the type of client (e.g. limited liability company, individual, trust), what you are doing for them (new business / renewal / review) and any other relevant background information. A list of Steps 1 to 6 (use the checklist supplied) followed by the documents for the step i.e. Step 1, Step 2, Step 3, Step 4, Step 5, Step 6. Number the documents sequentially, so they follow the order in your PDF. Documents must follow the Six-Step Advice Process chronologically. The documents must be in date order within each step, from oldest first to the most recent last. Common documentation
You will have documents common to most or all clients such as the Financial Advice Provider disclosure information. Include all common documents in each client set.
File size
The maximum file size for uploading to the learning platform is 10Mb. If your file exceeds this limit, please split the file in two and ensure they are clearly labelled and remain in sequence.
Contact Student Support if you have any issues. Most importantly, if you want to ensure the assessment goes smoothly for you and your assessor, please follow the above instructions.
Client Files Checklist (Evidence Required – Cover Sheet & Diary Note): Task 1 Step One US31869 1.1
Establish the relationship The Financial Advice Provider disclosure information Written and signed scope of advice, including specific objectives and any limitations of the advice Disclosure information relevant to the scope of advice (this is available on the Professional IQ scope of advice template) Agreement on the adviser remuneration (whether commission, client fee or a combination of both) The obligations of the adviser and the client Client 1 Client 2 Client 3 Step Two US31866 1.1
US31866 1.2
US31866 1.3
US31866 1.4
US31869 1.1
US31869 1.2
Gather Information Documents you may submit to evidence the following include (but are not limited to): o Insurance application form OR
o Fact find document OR
o Business information checklist
Personal/business information relevant to the advice Financial Information relevant to the advice Client goals and objectives that could impact on their life, disability and health insurance needs Document the client’s risk attitude to and capacity for managing risk for life, disability and health insurance solutions Document information about the client’s other specialists (e.g. solicitor or accountant) Privacy acknowledgements Client 1 Client 2 Client 3 Step Three US31866 1.5
US31866 2.1
US31866 2.2
US31855 2.3
US31869 1.3
Analyse and evaluate client information Complete calculations to determine appropriate levels of required life, disability or health insurance cover You may provide rough workings or other information to demonstrate how you have analysed and evaluated the client’s situation You could provide evidence of industry or standard figures or calculations, or supply data provided by a product provider Consider alternative strategies for the appropriate solution for the client. This may include research tools, emails (quotes and offers) or your notes and reasons on what products and product providers are appropriate and which are not. This includes comparing the existing (if any) and potential new covers The impact of ownership considerations on the recommendations Any other specialist advice appropriate for the client’s situation e. g. tax or solicitor Client 1 Client 2 Client 3 Step Four US31867 1.1
US31869 1.4
Develop and present life, disability and health insurance recommendations Evidence advice in writing (this may be in a statement of advice, a record of advice, an Insurance plan or an email to the client). Your advice MUST include: Your specific recommendation explaining how the recommendation is structured and adjusted to meet the client’s circumstances and needs. You need to include at least two features of how the product works (what it covers), state the level of and type of cover and document any wait periods or excesses) WHY this is appropriate for the client and how it relates to their needs and goals (client suitability) The benefits of the advice (what specifically about the product is relevant to the client)- at least two The risks and limitations of the advice (what is excluded or what might cause cover to not be valid) – at least three Explain the use of any existing assets or insurances in determining the final recommended levels of cover (for example, assets used to fund a wait period or excess, changing of existing insurance terms or changing insurance cover types) Client 1 Client 2 Client 3 Step Five US38169 1.5
Implement Recommendations (include at least three of the below): Offer of terms from insurer (such as any exclusions, loadings) Emails evidencing any changes to the recommendation to be implemented Signed agreement to proceed (use the template provided by Professional IQ Emails evidencing communication with the client throughout the process (these may relate to needing more information, changes to the structure or communication/accepting/declining offer of terms from the insurer) Confirmation of the cover being in place and policy issued. This confirmation should include: name of person or entity insured the type and level of cover(s) that has been put in place name of insurer, when cover commenced what, if any, terms have been applied, when the first premium is due, premium amount and frequency name of insured and the name of the policy owner Client 1 Client 2 Client 3 Step Six US31869 1.6
Monitor and review Provide evidence (for three separate clients) that demonstrate:
You have agreed a review period with the client The responsibilities of the parties going forward have been agreed You have offered a review to the client. Your email offering a review should include; o Name of person insured and the name of the policyowner(s)
o The type of cover to be reviewed, including the insurer and any terms on the policy(ies)
o Your disclosure document and a scope of advice document
You have identified any changes to the client’s circumstances You have identified any changes to the client’s current insurance needs and structures You have implemented changes required as a result of the review Note: At least one of your client reviews must result in a change to the insurance requirements.
Client 1 Client 2 Client 3 Task 2 (US31867 1.2) For each of the identified solutions in Task 1a (4 products), explain what specific actions could be taken to adjust the insurance structure, so that it aligns the solution with the client’s situation. Your answers should be approximately 50 words for each product. Specific actions may include:
Adjust wait period or excess Include or exclude optional benefits Offer and acceptance of special terms Answer Box: Task 2 (US 31867 1.2) Task 3 (US 31867 1.3) In approximately 150 words, explain the factors to be considered to incorporate existing insurance solutions into a new insurance recommendation, and when replacement business would be appropriate.
Answer Box: Task 3 (US 31867 1.3) Task 4 (US 31867 2.1) For each of the four insurance products in Task 1, explain in approximately 300 words community and/or public sources of support that could be available to the client, and the impact that this availability would have on the recommended insurance solution.
This could be internal or external sources of support available to the client such as a WINZ, Public Health or ACC benefits. Explain your analysis process in suggesting this alternative source of support.
Answer Box: Task 4 (US 31867 2.1) Insurance product Explanation Task 5 (US 31867 2.2) There are two parts to this task. Both tasks are based on the case study provided below.
Chester and Chris have been living together for the last four years. They have no plans to get married but have two children together. Chris also has a 12-year-old daughter, Ruby, from a previous relationship. They have the following insurance policies:
Life insurance policy for $500,000 – a jointly owned policy covering the lives of Chester and Chris
Chris’s income protection policy
Chester’s trauma insurance policy
Chris’s life insurance policy for $200,000 which she took out for the benefit of her daughter
Family health insurance policy owned by Chester and Chris
Business keyperson insurance policy for Linkin Enterprises Ltd, to enable Chester’s business partner, Cornell, to buy Chris’s share of the business, if anything were to happen to Chester.
In 100-150 words, explain to Chester and Chris the implications of policy ownership structures and roles on the insurance contract. Your answer should include at least THREE key considerations for policy ownership, such as who is intended to benefit from the policy, who has rights of access to, and ability to change, information held and how claim payments are distributed if they go into the insured’s estate. Answer Box: Task 5a (US 31867 2.2) Complete the following table (you can assume that the policies have been structured to achieve the intended outcome):
Answer Box: Task 5b (US 31867 2.2) Policy owner Premium payer Insured Beneficiary $500,000 life insurance policy Chris’s income protection policy Chester’s trauma policy
Life insurance policy $200,000 Health insurance policy Business keyperson cover Task 6 (US 31867 2.3) Why are the following Acts or estate planning tools considered important when you are planning for a client, and what are the implications of these for claim payments to an estate? Your answer should be approximately 50 words for each Act/estate planning tool.
Administration Act 1969 Property (Relationships) Act 1976 Income Tax Act 2007 Enduring Power of Attorney Wills Trusts Answer Box: Task 6 (US 31867 2.3) Acts/estate planning tool Explanation Administration Act 1969 Property (Relationships) Act 1976 Income Tax Act 2007 Enduring Power of Attorney Wills Trusts Task 7 (US 31867 2.4) In approximately 150 words explain any limits to your authority or personal expertise that you may encounter when creating life, disability and health insurance solutions, and how you would manage these to ensure the clients’ needs are met appropriately.
Answer Box: Task 7 (US 31867 2.4) Assessment Decision Form And Assessment Schedule Professional IQ – LIFE, DISABILITY AND HEALTH INSURANCE 31866 67 & 69 ASSESSMENT DECISION FORM Portfolio of Evidence Unit Standard
Version Level Credits 31866 Gather and analyse information to determine client life, disability, and health insurance needs 1 5 7 31867 Apply knowledge of life, disability, and health insurance products and services to meet client needs 1 5 8 31869 Provide advice in a life, disability, and health insurance context using the Six Step Process 1 5 5 Equipment/resources required: Unit standard, assessment materials, access to 3 Clients or Case Study. Conditions: The assessment is an open book assignment Client case studies & templates are provided by PIQ. Outcomes & Evidence Requirements Task/Question Unit/s Outcomes Performance Criteria 1 31866 1-2 1.1-1.5, 2.1-2.3 31867 1 1.1 38169 1 1.1-1.6 2 31867 1 1.2 3 31867 1 1.3 4 31867 2 2.1 5 31867 2 2.2 6 31867 2 2.3 7 31867 2 2.4 Student Name: Assessor Name: Student Declaration Date Submitted Verification Declaration Date Submitted Dates work submitted Results A = Achieved
NYA = Not Yet Achieved
First Attempt Date:
Second Attempt Date:
Third Attempt Date:
Achieved date: Assessor signature:
Task Unit/PC
Evidence (example below) Judgement (PC) Further Evidence Required NYC Achieved ü & Comment (Assessor to Complete) Task 1 Step One
31869 1.1
Establish the relationship: Documents to submit to evidence the following include:
Disclosure statement Written and signed scope of service, including specific objectives and limitations of the advice Agreement on the adviser remuneration (whether commission or client fee) The obligations of the adviser and the client
Sufficient evidence for three different client types has been provided to cover off meeting disclosure requirements, privacy acknowledgements, nature and scope of the advice, any known limitations to the service, agreement on the nature of remuneration for the service, obligations of parties.
Example – (Student Name), you need to explain why the insured must have an insurable interest in the subject matter? (Date)
(Date) Example – All requirements met. Step Two 31866 1.1
31866 1.2
31866 1.3
31866 1.4
31869 1.1
31869 1.2
Gather Information: Documents submit to evidence the following include:
Insurance application form OR Fact finds document OR Business checklist Personal/business information relevant to the advice Financial Information relevant to the advice Client goals and objectives in relation to general insurance solutions Document clients risk attitude to and capacity for managing risk for general insurance solutions
Document information about the client’s other specialists (e.g. solicitor or accountant)
Privacy Acknowledgements
Sufficient documents/evidence for three different client types has been provided to covering off the collection of information from the clients. Step Three 31866 1.5
31866 2.1
31866 2.2
31855 2.3
31869 1.3
Analyse and evaluate client information: Completed calculations provided to determine appropriate levels of required life, disability or health cover for the advice.
Provided rough workings or other information to demonstrate how they have analysed and evaluated the client’s situation (for example, adding up asset values for plant and stock; using financials to determine loss of profits figures; calculating per square metre rates for house insurance; using a contents checklist with values)
Provided any of the following:
Evidence of industry or standard figures or calculations, or supply data provided by a product provider. Considered alternative strategies for the appropriate solution for the client (may include research tools, emails (quotes and offers) or notes and reasons on what product providers are appropriate and which are not) includes existing (if any) and potential new covers. Impact of ownership considerations Any other specialist advice appropriate for the client’s situation e.g. tax or solicitor. Sufficient analysis and evaluation of client information for three different client types provided. Step Four 31867 1.1
31869 1.4
Develop and present life, disability and health insurance recommendations: Documents submit to evidence the following include:
Evidence advice in writing (this may be in a statement of advice, a record of advice, an insurance plan or an email to the client). MUST include: Specific recommendation explaining how the recommendation is structured and adjusted to meet the client’s circumstances and needs. Including at least two features of how the product works (what it covers), state the level of and type of cover and document any wait periods or excesses) WHY this is appropriate for the client and how it relates to their needs and goals (client suitability) The benefits of the advice (what specifically about the product is relevant to the client) – at least two The risks and limitations of the advice (what is excluded or what might cause cover to not be valid) – at least three Explanation on the use of any existing assets or insurances in determining the final recommended levels of cover (for example, assets used to fund a wait period or excess, changing existing insurance terms or changing insurance types)
Sufficient general insurance recommendations have been developed and provided for three different client types provided. Step Five 38169 1.5
Implement recommendations (include at least three of the below options, or alternative, for each client): Documents submit to evidence the following include:
Offer of terms from Insurer Confirmation of cover being bound Documentary evidence of any changes to the recommendation (emails will be OK) Signed agreement to proceed or other acknowledgement of YOUR structure recommendations Emails evidencing communication with the client throughout the process (where appropriate – may relate to needing more information, changes to the structure or communication/accepting/declining offer of terms)
Sufficient evidence provided to demonstrate implementation of solutions for each of the three different client types provided. Step Six 38169 1.6
Monitor and review: Provided evidence (for three separate clients) that:
Demonstrate agreement of a review period with the client Responsibilities of the parties going forward have been agreed Identified any changes to the client’s circumstances Identified any changes to current insurance needs and structures Implemented changes required because of the review Sufficient evidence to demonstrate that monitor and review activities have been completed for three clients (they may be different from the clients used for steps 1-5) Task Unit/PC
Evidence Judgement Achieved ü & Comments Task 2 31867 1.2
For each of the identified solutions in Task 1a (4 products), an explanation of what specific actions could be taken to adjust the insurance structure, so that it aligns the solution with the client’s situation has been provided. Answers should be approximately 50 words for each product. Specific actions may include: Adjust wait period or excess Include or exclude optional benefits Offer and acceptance of special terms
Answers should include specific adjusting actions that may include adjusting wait periods, including or excluding optional elements, offering or acceptance of special terms. Assessor to use their own judgement based on the answers provided, and their knowledge and experience in adjusting wait periods or excesses, including and excluding optional benefits, or offering special terms. Task 3 31867 1.3
An explanation has been provided of the factors to be considered to incorporate existing insurance solutions into a new insurance recommendation, and when replacement business would be appropriate. . Answers include specific actions to include incorporating existing insurance if it is applicable and discuss the advantages and disadvantages of taking a particular action. Task 4 38167 2.1
An explanation has been provided for each of the four insurance products in Task 1 including community and/or public sources of support that could be available to the client, and the impact that this availability would have on the recommended insurance solution. Internal or external sources of support available to the client is acceptable, such as a WIINZ, Public Health or ACC benefits. Analysis process in suggesting this alternative source of support is provided.
Answers include four alternative community and public sources of support that might be applicable, and the impact that availability would have on the identified insurance solution. Task 5 31867 2.2
Case study in two parts: Part a. An explanation has been provided to Chester and Chris the implications of policy ownership structures and roles on the insurance contract.Part b. Completion of the table provided The 3 bullet points that have been provided are: Task 6 31867 2.3
An explanation has been provided to discuss why are the following Acts or Estate planning tools considered important when you are planning for a client, and what are the implications of these for claim payments to an estate for each Act/Estate planning tool. Administration Act 1969 Property (Relationships) Act 1976 Income Tax Act 2007 Enduring Power of Attorney Wills Trusts Sufficient legal and Estate planning tools evidence has been provided including an explanation how the adviser would arrange ownership, or any other estate planning tools they might use when preparing a plan, and why. Task 7 31867 2.4
An explanation of any limits to the students’ authority or personal expertise they may encounter when creating life, disability and health insurance solutions, and how they would manage these to ensure the clients’ needs are met appropriately has been provided.
Sufficient information provided about their own expertise, knowledge and experience and ability to identify when the need to refer to another adviser (for more complex structure) have been provided. 31866 Unit Standard Title: Gather And Analyse Information To Determine Client Life, Disability, And Health Insurance Needs Outcome 1: Gather Client Information To Determine Personal Life, Disability, And Health Insurance Needs. Range evidence of three examples with a range of needs and complexities is required.
1.1 Identify client attitude to and capacity for managing risk in a life, disability, and health insurance context.
1.2 Identify client objectives that could impact on establish life, disability, and health insurance needs.
1.3 Collect information about personal client circumstances that could impact on insurance needs or limitations of cover.
1.4 Collect information about client financial situation that could impact on insurance needs or limitations of cover.
1.5 Determine recommended levels of life, disability, and health insurance cover based on collected client information.
Outcome 2: Analyse Client Information To Determine Any Potential Impacts On Client Life, Disability, And Health Insurance Needs. 2.1 Analyse existing client assets and insurances in terms of their suitability for meeting identified client needs.
2.2 Analyse client circumstances to determine their potential impact on client life, disability, and health insurance needs.
Range must include the potential impact of reasonably foreseeable changes to client circumstances; impact may have affect product type or product structure; client circumstances may include but are not limited to – job, relationship.
2.3 Analyse client information to determine the need for consultation with other specialists.
Range may include but is not limited to – legal, accounting.
31867 Unit Standard Title: Apply Knowledge Of Life, Disability, And Health Insurance Products And Services To Meet Client Needs Outcome 1: Apply Knowledge Of Life, Disability, And Health Insurance Products And Services To Meet Client Needs. 1.1 Analyse the features, benefits, structures, risks, and limitations of products and services to identify those that meet the needs and circumstances of the client.
Range evidence of four examples with a range of needs and complexities.
1.2 Adjust specific terms of products and services to meet client’s needs.
Range evidence of four examples with a range of needs and complexities; specific adjusting actions may include but are not limited to – adjusting wait period or excess, including optional benefits, offering or accepting special terms.
1.3 Incorporate existing insurance arrangements into solutions when meeting client needs.
Outcome 2: Apply Knowledge Of Client And Adviser Circumstances That Are Relevant To Creating Life, Disability, And Health Insurance Solutions That Meet Client Needs. 2.1 Analyse the impact of alternative sources of support would have on the identified insurance solution.
Range may include but is not limited to – Accident Compensation Corporation, Ministry of Health, Primary Health Organisations, Work and Income New Zealand, non-insurance solutions.
2.2 Analyse the implications for insurance contracts of common policy ownership structures and roles.
Range ownership structures may include but are not limited to– personal ownership, joint tenants, tenants in common, companies, trusts, partnerships;
roles may include but are not limited to – policy owner, premium payer, insured, beneficiary.
2.3 Explain implications of relevant legislation and estate planning tools in terms of ownership and insurance claim payments.
Range may include but is not limited to – Administration Act 1969, Property (Relationships) Act 1976, Income Tax Act 2007, Enduring Power of Attorney, Wills, Trusts.
2.4 Explain strategies to address any limits of authority or expertise when creating life, disability, and health insurance solutions to meet client needs.
31869 Unit Standard Title: Provide Advice In A Life, Disability, And Health Insurance Context Using The Six Step Process Outcome 1: Provide Advice In A Life, Disability, And Health Insurance Context Using The Six Step Process. 1.1 Establish and define the relationship with the life, disability, and health insurance client.
Range may include but is not limited to – meeting disclosure requirements, privacy acknowledgements, nature and scope of the advice, any known limitations to the service, agreement on the nature of remuneration for the service, obligations of parties.
1.2 Collect relevant qualitative and quantitative information for the agreed nature and scope of advice.
Range may include but is not limited to – client’s objectives, risk tolerance, personal and financial circumstances, needs, priorities.
1.3 Research, analyse, and evaluate client information to determine client’s financial situation and possible solutions.
Range may include but is not limited to – client circumstances that impact on advice, existing cover, new cover options, availability of other support, areas requiring other specialist advice, calculation and modelling of alternative structures or strategies, ownership considerations.
1.4 Develop life, disability, and health insurance recommendations based on selected strategies and present to the client.
Range may include but is not limited to –communicating how the advice meets the client’s needs and objectives, the cost of the recommendations, outlining risks and/or disadvantages of recommendations, responsibilities of the parties.
1.5 Implement agreed life, disability, and health insurance recommendations.
Range may include but is not limited to – variations required for implementation, client acceptance and sign off, communication with client through the application process.
1.6 Monitor and review life, disability, and health insurance recommendations.
Range may include but is not limited to – triggers for a review, timetable for review, responsibilities of the parties, identifying any changes to client circumstances, identifying any changes to insurance needs and structures, implementing any agreed changes.