Unit of competency Outline
Date retreived
22/07/2026 1:24 PM AWST
22/07/2026 1:24 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.
Provide specialist theft, money and fidelity loss adjusting advice and services
Provide specialist theft, money and fidelity loss adjusting advice and services
Unit of competency
National Code
FNSILA506
FNSILA506
State Code
OCZ53
OCZ53
TGA Status
Current
Current
DTWD Status
Approved
Approved
State Implementation and Classification
Approved Date
22/04/2021
Field of Education
081103 - Insurance And Actuarial Studies
Original Release Date
22/04/2021
Nominal Hours
65
Description
This unit describes the skills and knowledge required to select techniques and provide appropriate advice and services when loss adjusting theft, money and fidelity claims. It includes determining liability and extent of loss, and loss mitigation and recovery options for insurance loss or damage. The unit applies to individuals working in the loss adjusting sector who use specialised knowledge, analytical skills and techniques to complete their work 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. Users are advised to check with the relevant state and territory regulatory authorities to confirm those requirements.
Notes
Elements and Performance Criteria
1. Establish facts and options for loss mitigation
- 1.1 Collect evidence required to confirm circumstances of loss or damage for theft, money or fidelity claim
- 1.2 Identify information deficiencies and obtain additional information from required sources
- 1.3 Review insurance policy conditions and determine if loss falls within policy coverage
- 1.4 Identify and evaluate options for loss mitigation relating to claim
2. Analyse facts and determine liability and extent of loss
- 2.1 Assess collected evidence and information
- 2.2 Identify fraud indicators
- 2.3 Assess validity of loss situation and claim against reported circumstances, available evidence and policy specifications
- 2.4 Determine extent of liability and loss according to legislative requirements and organisational policies and guidelines
3. Determine options for recovery
- 3.1 Identify required contributory insurances
- 3.2 Identify and assess cases for potential subrogation action
- 3.3 Identify and evaluate methods of salvage and disposal, and inform clients of appropriate steps to preserve salvageable materials
4. Communicate with required parties
- 4.1 Identify need for specialist assistance
- 4.2 Convey facts and outcomes to client and other required parties
- 4.3 Communicate with authorities as required
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| State Code | National Code | Title | Type |
|---|---|---|---|
| BGX8 | FNS51420 | Diploma of Loss Adjusting | Qualification |