Unit of competency Outline

Date retreived
22/07/2026 12:58 PM AWST

Whilst all efforts are made to provide accurate and timely information from the relevant source/documentation, please be aware that the information supplied may not be the most current version. The accuracy of the detail has not been confirmed by the Department and therefore should not be relied upon without first confirming the contents.

Place client insurances with insurer and confirm insurance cover with clients

Place client insurances with insurer and confirm insurance cover with clients

Unit of competency
National Code
FNSIBK403
State Code
AUR59
TGA Status
Replaced
DTWD Status
Transition (Replaced)
Current Release Number
2.00
Current Release Date
22/04/2015
View on TGA
State Implementation and Classification
Approved Date
16/09/2015
Field of Education
081103 - Insurance And Actuarial Studies
Original Release Date
16/09/2015
Nominal Hours
35
Description
This unit describes the skills and knowledge required to complete an agreed insurance transaction by following the correct processes to place and confirm a client's insurance with an insurer.It applies to individuals who show accurate attention to detail, work systematically and communicate capably with clients. Individuals may work in organisations of various sizes and across a range of customer bases.Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.
Notes
Elements and Performance Criteria
1. Obtain confirmation of interim cover
  • 1.1 Notify insurer of details of cover required immediately instructions are received from client
  • 1.2 Seek formal evidence of interim cover within relevant legislative, underwriting and brokerage policy requirements
  • 1.3 Check interim cover details for completeness and accuracy
2. Confirm insurance cover with client
  • 2.1 Forward confirmation of correct interim cover to insurers according to company operating guidelines
  • 2.2 Complete required documentation accurately and according to company operating guidelines
  • 2.3 Collect fees and premiums according to company operating guidelines
  • 2.4 Provide all original documentary evidence of cover to client and place copies in client file
3. Complete required documentation
  • 3.1 Arrange for documentation and/or declarations to be completed where required prior to expiry of interim cover
  • 3.2 Check client documentation for omissions and errors, and adjust where necessary
  • 3.3 Calculate premium and statutory imposts accurately where required
  • 3.4 Process premium and applicable endorsements and exclusions as required
  • 3.5 Provide instructions for completion of cover to insurer within required timeframes to ensure policy can be issued
4. Obtain and record documentary evidence of insurance cover
  • 4.1 Make regular checks of receipt of documentation to ensure timely delivery to meet client requirements
  • 4.2 Check insurer’s documentation for omissions and errors
  • 4.3 Record insurer’s documentation on receipt as required by brokerage’s policy and guidelines
5. Remit premium to insurers
  • 5.1 Ensure compliance with relevant legislation and brokerage’s policy and guidelines when remitting premiums
  • 5.2 Remit premiums to insurers in compliance with prearranged credit terms
6. Update relevant files and records
  • 6.1 Update business and disclosure records without delay to comply with brokerage guidelines and procedures
  • 6.2 Check all records for accuracy and completeness
No information
No information
Replaces
State Code National Code Title Type
D4181 FNSIBK403A Implement an agreed insurance program for a broking client Unit of competency
Replaced By
State Code National Code Title Type
OCI09 FNSIBK413 Place client insurances with insurer and confirm insurance cover with clients Unit of competency