Unit of competency Outline

Date retreived
22/07/2026 4:58 PM AWST

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Undertake the life risk underwriting process

Undertake the life risk underwriting process

Unit of competency
National Code
FNSILF411
State Code
ODR87
TGA Status
Current
DTWD Status
Approved
Current Release Number
1.00
Current Release Date
27/01/2022
View on TGA
State Implementation and Classification
Approved Date
08/04/2022
Field of Education
081103 - Insurance And Actuarial Studies
Original Release Date
08/04/2022
Nominal Hours
50
Description
This unit describes the skills and knowledge required to undertake risk assessments of applications for life insurance, including gathering and reviewing risk information and assessing it against risk-assessment criteria, in order to complete the underwriting process.The unit applies to individuals in underwriting roles, who use specialised knowledge and systematic approaches to analyse and evaluate information and make judgements within limits of delegated authority.Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Users are advised to check with the relevant state and territory regulatory authorities to confirm those requirements.
Notes
Elements and Performance Criteria
1. Identify risk factors and evaluate life insurance application
  • 1.1 Identify application product type and benefit levels and determine nature of risk factors to be assessed according to organisational policies and procedures
  • 1.2 Assess and evaluate application against risk-assessment criteria according to organisational policies and procedures
  • 1.3 Identify and document risk factors
2. Obtain further information
  • 2.1 Identify need for additional information as required
  • 2.2 Obtain further information within required timeframes to satisfy outstanding risk-assessment criteria
  • 2.3 Manage privacy of parties according to legislative and regulatory requirements and codes of ethics and professional practice
3. Determine and advise terms and conditions of risk acceptability
  • 3.1 Assess acceptability of risk against all available information according to legislative and regulatory requirements
  • 3.2 Document assessment rationale according to organisational policies and procedures
  • 3.3 Establish terms and conditions that minimise risk liability, within delegated authority
  • 3.4 Advise required parties of acceptance or rejection of application and communicate next steps, according to legislative and regulatory requirements
No information
No information
Replaces
State Code National Code Title Type
AUR87 FNSILF401 Contribute to the life risk underwriting process Unit of competency
State Code National Code Title Type
BHK4 FNS41521 Certificate IV in Life Insurance Qualification