Unit of competency Outline

Date retreived
22/07/2026 3:08 PM AWST

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Process alteration to insurance policy

Process alteration to insurance policy

Unit of competency
National Code
FNSISV302
State Code
AUS05
TGA Status
Deleted
DTWD Status
Deleted
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
20
Description
This unit describes the skills and knowledge required to process alterations, including underwriters’ terms and conditions to insurance policies, recording the changes and issuing documents to customers.It applies to individuals employed in a range of insurance sectors within 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. Receive alteration advice from customer
  • 1.1 Gather policy information accurately and promptly, and record according to organisational procedures
  • 1.2 Review underwriter’s terms and conditions
  • 1.3 Review policy alteration to ensure it meets legislative and organisational requirements
  • 1.4 Accept alteration if policy meets legislative and organisational requirements
2. Issue policy alteration advice
  • 2.1 Process policy alteration information according to operating procedures
  • 2.2 Check policy alteration for accuracy and omissions according to operating procedures
  • 2.3 Update information systems accurately
  • 2.4 Despatch completed documents to the customer within timelines and in accordance with operating procedures
  • 2.5 Process or refund all monies received in accordance with operating procedures and legislative requirements
  • 2.6 File relevant documentation accurately in accordance with operating procedures
  • 2.7 Notify customer of any new terms that differ from the customer’s request
No information
No information
Replaces
State Code National Code Title Type
D4224 FNSISV302A Process alteration to insurance policy Unit of competency
State Code National Code Title Type
AVZ8 FNS30515 Certificate III in General Insurance Qualification