Unit of competency Outline

Date retreived
22/07/2026 10:00 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.

Implement an agreed insurance program for a broking client

Implement an agreed insurance program for a broking client

Unit of competency
National Code
FNSIBK403A
State Code
D4181
TGA Status
Replaced
DTWD Status
Replaced
Current Release Number
1.00
Current Release Date
24/11/2010
View on TGA
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
45
Description
This unit describes the performance outcomes, skills and knowledge required to complete an agreed insurance transaction. It encompasses placing a client's insurance with an insurer, confirming that a client's insurance has been placed with an insurer, agreeing ongoing services with the client, and accurate record keeping.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. Obtain confirmation of interim cover
  • 1.1. Renewal notices are forwarded to client at least fourteen days before policy expiry
  • 1.2. Documentation is arranged to be completed where required prior to expiry of interim cover
  • 1.3. Insurer is notified of details of cover required immediately instructions are received from client
  • 1.4. Formal evidence of interim cover is sought within relevant legislative, underwriting and business policy requirements
  • 1.5. Interim cover details are checked for accuracy and completeness
  • 1.6. Instructions for completion of cover are provided to insurer within required timeframes to ensure policy can be issued
  • 1.7. Confirmation of correct interim cover is forwarded to insurers according to organisation operating guidelines
  • 1.8. Required documentation is accurately completed according to organisation operating guidelines and relevant legislation
2. Confirm insurance cover with client
  • 2.1. Fees and premiums are monitored and collected according to organisation operating guidelines
  • 2.2. Client documentation is checked for omissions and errors and adjusted by client where necessary
  • 2.3. Premium and statutory imposts are accurately calculated as required
  • 2.4. Original documentary evidence of cover is provided to client
3. Complete required documentation
  • 3.1. Receipt of documentation is checked regularly to ensure timely delivery to meet client requirements
  • 3.2. Insurer documentation is checked for omissions and errors
  • 3.3. Insurer documentation is recorded upon receipt as required by business policy and guidelines
4. Remit premium to insurers
  • 4.1. Premiums are remitted to insurers in compliance with legislative requirements and credit term arrangements in place with the insurer
5. Update relevant files and records
  • 5.1. Business records are updated without delay to comply with business guidelines and procedures
  • 5.2. Client records on disclosure documents provided are maintained
6. Provide ongoing service where requested by client
  • 6.1. Type and form of ongoing service including review of insurance plan/policy/transaction is agreed with the client
  • 6.2. Fees and costs for defined ongoing services are clearly explained and confirmation of understanding gained from the client
  • 6.3. Ongoing service is provided as required
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.
Interim cover may be evidenced by:
binder
electronic transfer
facsimile
obtaining cover note number by telephone
placing slips.
Documentation may include:
additional questionnaires
certificates of insurance
confirmation of advices
correspondence
endorsements
policy documents
product disclosure statements
renewal certificates
replacement policy forms.
Relevant legislation includes:
Financial Services Reform Act
Insurance Brokers Code of Practice
Insurance Contracts Act and regulations.
Premiums may be:
invoices paid by the insured
refunds in part of full paid by the insurer.
Client documentation may include:
binder
premium closing by electronic or manual methods
proposal forms.
Business records may be:
electronic
manual.
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:
follow required procedures.

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
setting and reviewing workplace projects and business simulations or scenarios.

Guidance information for assessment
Replaced By
State Code National Code Title Type
AUR59 FNSIBK403 Place client insurances with insurer and confirm insurance cover with clients Unit of competency