Settle Life Insurance Claims

Overview

This course describes the skills and knowledge required to calculate benefits and settle claims made under risk-based life insurance policies.

Suitability

The training applies to individuals who use specialised knowledge and systematic approaches to settle life insurance claims.

Learning Outcomes

By the end of this workshop, you should be able to:

• Review settlement advice for claims against life insurance policies 
• Calculate settlement details 
• Finalise claims payment  

Day One

Life insurance overview

• Learn about life insurance risk products 
• Identify the types of cover, policy exclusions, and terms and conditions 
• Understand the processes and procedures to follow when handling claims 
• Explore the claims assessor’s scope of authority 
• Identify the legislation relevant to life insurance. 

Reviewing the claim settlement 

• Receiving and reviewing settlement advice 
• Identifying and collecting claim settlement evidence 
• Ensuring all referral processes and authority levels have been followed 
• Identifying the extent of liability.

Day Two

Calculating the settlement 

• Determining the claim benefit 
• Advising the claimant and obtaining policy discharge 
• Making a benefit payment 
• The methods used for payment. 

Finalising the settlement 

• Claiming reinsurance 
• Ceasing and finalising the claims process 
• Ex gratia payments 
• The process to follow when a claim is denied 
• The recording of claim information and how it the insurer may use it.