Elements and Performance Criteria

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.


time insured

claims records

number and type of policies

financial results


pre-underwriting reports which are usually computer reports on policy premiums and claims

reports regarding reinsurance requirements and changes in the physical risk exposure


codes of practice

relevant Australian Securities and Investments Commission (ASIC) requirements

Financial Services Reform Act (FSRA)

Corporations Act


proposals

customer duties of disclosure and renewal

surveys

broker slips

amendments

assessor reports

claims

telephone contacts

stock exchange

The insurance industry should adopt a range of improved consumer protection policies and practices with respect to its use of genetic information (including family history) for underwriting purposes. New laws and practices should ensure that: genetic information is only used in a scientifically reliable and actuarially sound manner; reasons are provided for any unfavourable underwriting decision; industry complaints handling processes are strengthened and extended to cover underwriting decisions; and industry education and training about genetics are improved.


minimum security levels

class of business

claims history

driving and/or accident history

locality

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

To achieve competency in this unit, a person must be able to demonstrate:

comprehensive understanding of the industry sector
comprehensive understanding and application of all relevant legal obligations and company procedures when identifying and evaluating risks for renewal business
application of sound understanding of relevant company products and services
application of relevant underwriting guidelines and procedures
ability to identify and investigate risk as it relates to renewal business in accordance with underwriting and company guidelines
documentation of risk assessment data in accordance with company guidelines

Evidence required for demonstration of consistent performance:
Competency in this unit must be assessed over a period of time in order to ensure consistency of performance over the Range Statement and contexts which are applicable to the individual learner and the learning environment.

Delivery/assessment relationship to other units:
This unit can be assessed independently, however it may be assessed with other appropriate units for example:
FNSINSV404B Underwrite renewal business
FNSINSV403B Survey potential risk exposure
FNSINSV303B Issue contract of insurance
FNSINSV501B Issue contracts of insurance covering non-routine situations
FNSICGEN403B Participate in negotiations.
Consideration should be given to implications on the qualification structure if assessing with the above listed units.

Method of assessment:
Work based or simulated assessment, including methods such as case study and analysis, observation, workplace records/documentation review, and ensuring knowledge principles are both known and applied.

Context of assessment:
Assessment of performance requirements in this unit should be undertaken within the general insurance industry context and should cover aspects of personal/financial responsibility and accountability.
Aspects of competency, including the attainment of relevant knowledge and skills, may be assessed in a relevant workplace, a closely simulated work environment, or other appropriate means that clearly meet industry competency requirements.

Resources required for assessment:
Assessment of this unit of competence requires access to relevant workplace documentation, policies and procedures, computers and other branch or office equipment.