High priority Regulatory bodies — ASIC vs APRA
Candidates often confuse these two. ASIC focuses on conduct — honest, fair, efficient service, licensing, and consumer protection. APRA focuses on prudential/financial stability — solvency, capital adequacy, and authorisation of insurers. Remember: ASIC = behaviour, APRA = financial health.
High priority Key legislation
Know the three Acts: Insurance Act 1973, Insurance Contracts Act 1984, and Corporations Act 2001 (Chapter 7 for intermediaries like brokers). You may be asked which Act covers which area.
High priority Three codes of conduct
General Insurance Code (developed by ICA — covers general products, not workers' comp/reinsurance), Insurance Brokers Code (professionalism for brokers), and Life Insurance Code (administered by FSC). Know who administers each.
Medium priority Excess, Sum Insured, and Underinsurance
These are terminology traps. Excess = what the client pays first before the insurer pays. Sum insured = the maximum payout. Underinsurance = sum insured is less than actual value, meaning reduced payouts. Interviewers love asking about the difference between excess and premium.
Medium priority Claims process steps
Be able to recite the 7 broker-side steps in order: Initial Assessment → Contact Insurer → Documentation → Submit → Processing → Decision/Settlement → Follow-Up. Also know the 9-step assessment process from the insurer's side (claims adjuster role is key).
Medium priority Outbound script details
Know the distinction between Refinance (check existing cover, request schedule, ask about claims) vs New Purchase (building sum, contents minimum $30K, excess options $500/$750/$1,000/$2,000). The email for quotes is quotes@angelicinsurance.com.au.
Medium priority Mortgage + insurance link
Understand that insurance is often a mortgage condition — home insurance protects the property, LMI protects the lender if the borrower defaults, and life/income protection cover the borrower's ability to repay. This is the cross-selling opportunity.