Unit of competency Outline
Date retreived
22/07/2026 1:32 PM AWST
22/07/2026 1:32 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.
Contribute to the life risk underwriting process
Contribute to the life risk underwriting process
Unit of competency
National Code
FNSILF401A
FNSILF401A
State Code
D4174
D4174
TGA Status
Replaced
Replaced
DTWD Status
Replaced
Replaced
State Implementation and Classification
Approved Date
29/07/2014
Field of Education
081103 - Insurance And Actuarial Studies
Original Release Date
29/07/2014
Nominal Hours
50
Description
This unit describes the performance outcomes, skills and knowledge required to undertake risk assessments of applications for life insurance including gathering the risk information, and reviewing and assessing it against appropriate risk criteria.This unit is applicable to individuals working within enterprises and job roles subject to licensing, legislative, regulatory or certification requirements including legislation administered by the Australian Securities and Investments Commission (ASIC).
Notes
Elements and Performance Criteria
1. Identify risk
- 1.1. Product type is determined so that nature of the risk can be identified and handled accordingly
2. Evaluate proposal against risk assessment criteria
- 2.1. Proposal is assessed against risk assessment criteria to clearly identify risk factors
- 2.2. Need for additional information is identified in order to further evaluate the proposal
3. Obtain further information
- 3.1. Appropriate sources of further information are identified to enable comprehensive evaluation of proposal
- 3.2. Confidentiality of the parties involved from which further information is obtained and protected
- 3.3. All further information to satisfy outstanding risk assessment criteria is obtained within specified timeframes
- 3.4. Advice on proposal assessment status is provided to concerned parties on an ongoing basis
4. Determine and advise terms and conditions of risk acceptability
- 4.1. Acceptability of the risk is assessed against all available information in accordance with appropriate underwriting guidelines
- 4.2. Terms and conditions that minimise risk liability are established within delegated authority
- 4.3. Decisions are promptly advised to all relevant parties on acceptance or rejection of proposal
RANGE STATEMENT
The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.
Risk assessment criteria means:
criteria against which a risk may be measured for acceptability.
Additional information or opinions may be obtained from:
actuaries
financiers
lawyers/solicitors
medical practitioners
product developers
reinsurers
underwriters.
Concerned parties may include:
accountants
agents
brokers
financial planners
life insured
policy owners
solicitors.
The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.
Risk assessment criteria means:
criteria against which a risk may be measured for acceptability.
Additional information or opinions may be obtained from:
actuaries
financiers
lawyers/solicitors
medical practitioners
product developers
reinsurers
underwriters.
Concerned parties may include:
accountants
agents
brokers
financial planners
life insured
policy owners
solicitors.
EVIDENCE GUIDE
The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.
Overview of assessment
Critical aspects for assessment and evidence required to demonstrate competency in this unit
Evidence of the ability to:
apply sound analytical skills when undertaking a life insurance risk assessment
comprehensively understand relevant aspects of risk assessment in the industry sector market
adhere to and comply with all relevant legislative and compliance requirements.
Context of and specific resources for assessment
Assessment must ensure:
competency is demonstrated in the context of the work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment
access to and the use of a range of common office equipment, technology, software and consumables
access to organisation records
access to organisational policies and procedures.
Method of assessment
A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:
evaluating an integrated activity, which combines the elements of competency for the unit, or a cluster of related units of competency
observing processes and procedures in workplaces
verbal or written questioning on underpinning knowledge and skills
evaluating samples of work
accessing and validating third party reports.
Guidance information for assessment
The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.
Overview of assessment
Critical aspects for assessment and evidence required to demonstrate competency in this unit
Evidence of the ability to:
apply sound analytical skills when undertaking a life insurance risk assessment
comprehensively understand relevant aspects of risk assessment in the industry sector market
adhere to and comply with all relevant legislative and compliance requirements.
Context of and specific resources for assessment
Assessment must ensure:
competency is demonstrated in the context of the work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment
access to and the use of a range of common office equipment, technology, software and consumables
access to organisation records
access to organisational policies and procedures.
Method of assessment
A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:
evaluating an integrated activity, which combines the elements of competency for the unit, or a cluster of related units of competency
observing processes and procedures in workplaces
verbal or written questioning on underpinning knowledge and skills
evaluating samples of work
accessing and validating third party reports.
Guidance information for assessment
Replaced By
| State Code | National Code | Title | Type |
|---|---|---|---|
| AUR87 | FNSILF401 | Contribute to the life risk underwriting process | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| D775 | FNS41512 | Certificate IV in Life Insurance | Qualification |