Unit of competency Outline

Date retreived
22/07/2026 3:10 PM AWST

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Underwrite renewal business

Underwrite renewal business

Unit of competency
National Code
FNSISV404
State Code
AUS10
TGA Status
Replaced
DTWD Status
Replaced
Current Release Number
1.00
Current Release Date
25/03/2015
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
50
Description
This unit describes the skills and knowledge required to underwrite renewal business, including determining the terms and conditions of risk acceptance, evaluating the response of the client, negotiating and finalising the cover.It applies to individuals in job roles of underwriting in a range of insurance sectors and may be applied within organisations of various sizes and across a range of client 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. Determine terms and conditions of risk acceptability
  • 1.1 Identify and review risk acceptance information
  • 1.2 Determine risk acceptability within authority limitations
  • 1.3 Check terms and conditions of risk acceptability for changes since last time it was reviewed for underwriting
  • 1.4 Determine terms and conditions of risk acceptance in accordance with risk acceptance criteria, including client history
  • 1.5 Propose alternative terms or adjusted benefits, if applicable
2. Communicate result of risk assessment
  • 2.1 Make offer of renewal, if applicable, in accordance with legislative requirements
  • 2.2 Issue provisional notice of expiry to client
  • 2.3 Decline renewal, if applicable, in accordance with legislative provisions
3. Evaluate client response
  • 3.1 Assess client response to determine whether action to modify terms and conditions is required
  • 3.2 Modify offer as necessary and prepare advice to client according to operating procedures
  • 3.3 Ensure offer complies with underwriting acceptance authorities and criteria, or seek appropriate referral approval
4. Negotiate agreement
  • 4.1 Undertake negotiation on revised offer to reach mutually satisfactory agreement
  • 4.2 Advise client of acceptance or rejection of risk according to operating procedures (including information on dispute resolution procedure if necessary)
5. Cancel, lapse or renew cover
  • 5.1 Issue revised documentation to client in organisational format and according to organisational operating procedures and legislative requirements
  • 5.2 Confirm reinsurance cover as appropriate
  • 5.3 Issue lapse notice to client, if applicable, in accordance with organisational procedures
  • 5.4 File and store documentation according to operating procedures
No information
No information
Replaces
State Code National Code Title Type
D4236 FNSISV404A Underwrite renewal business Unit of competency
Replaced By
State Code National Code Title Type
OCZ21 FNSISV412 Underwrite insurance business Unit of competency