Unit of competency Outline

Date retreived
22/07/2026 3:16 PM AWST

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Renew and maintain policy

Renew and maintain policy

Unit of competency
National Code
FNSPIM408
State Code
AUS43
TGA Status
Current
DTWD Status
Approved
Current Release Number
1.00
Current Release Date
25/03/2015
View on TGA
State Implementation and Classification
Approved Date
16/09/2015
Field of Education
080399 - Business And Management, N.e.c.
Original Release Date
16/09/2015
Nominal Hours
20
Description
This unit describes the skills and knowledge required to renew and maintain personal injury insurance policies.It applies to individuals who use specialised knowledge and skills and structured approaches to managing relevant information within the underwriting sector.Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.
Notes
Elements and Performance Criteria
1. Finalise renewal premium
  • 1.1 Review information received from client and update client database
  • 1.2 Recalculate premium according to operating procedures, specified criteria and legislative requirements
  • 1.3 Promptly complete all relevant documentation according to operating procedures
  • 1.4 Carry out client follow up as required and action enquiries according to organisational guidelines
  • 1.5 Prepare client invoice and issue in accordance with organisational procedures
2. Maintain policy
  • 2.1 Receive and review amended information to ensure it meets legislative and organisational requirements
  • 2.2 Process information according to legislative and operating procedures
  • 2.3 Accurately update electronic and manual data storage information systems
  • 2.4 Check requests for certificates of currency for validity, and issue certificates in accordance with operating procedures and legislative requirements
  • 2.5 Review mid-term premium amendments and accurately record policy updates
  • 2.6 Monitor automatic renewals and cancellations in accordance with organisational operating procedures and legislative requirements
  • 2.7 Calculate and provide premium projections for clients as required
No information
No information
Replaces
State Code National Code Title Type
D4285 FNSPIM408A Renew and maintain policy Unit of competency