Unit of competency Outline
Date retreived
23/07/2026 12:05 AM AWST
23/07/2026 12:05 AM 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.
Issue cancellation advice
Issue cancellation advice
Unit of competency
National Code
FNSISV305A
FNSISV305A
State Code
D4227
D4227
TGA Status
Replaced
Replaced
DTWD Status
Replaced
Replaced
State Implementation and Classification
Approved Date
28/07/2014
Field of Education
081103 - Insurance And Actuarial Studies
Original Release Date
28/07/2014
Nominal Hours
10
Description
This unit describes the performance outcomes, skills and knowledge required to issue notices to insured and other relevant parties advising of cancellation of policy.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. Identify policy for cancellation
- 1.1. Request to cancel a policy is received in appropriate format and verified with client or relevant personnel
- 1.2. Reason for cancellation is established and recorded according to the organisation's operating procedures
2. Process cancellation details
- 2.1. Details of the cancellation are entered into the organisation's database
- 2.2. Insured or relevant parties are contacted where necessary to obtain further details required to process the cancellation
3. Finalise refunds or payments owing
- 3.1. Refunds are calculated according to the organisation's policies and procedures and verified by relevant personnel
- 3.2. Authority to remit refund or amounts owing is obtained from relevant personnel
- 3.3. Payments are dispatched within the required timeframe
- 3.4. Documents are copied and filed for auditing purposes according to organisation operating procedures
4. Issue relevant documentation
- 4.1. Notices required by legislation and codes of practice are sent to insured parties within required timeframes and according to operating procedures
- 4.2. Where necessary, financiers are advised of cancellation of insurance
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.
Requests to cancel insurance policies may be initiated by
claims department
financiers
the insured.
Appropriate formats may include:
in writing from the insured
in writing from the financier
on appropriate internal memo documentation.
Relevant personnel may include:
accounts personnel
administration department
claims manager
customer service manager.
Reasons for cancellation of policy may include:
insured has been found to have submitted a fraudulent claim with the insurance organisation
insured has breached of duty of disclosure
insured wants to take out insurance with another insurance organisation or underwriter and needs to cancel policy mid-term.
Legislation and codes of practice may include:
Corporations Act
Financial Services Reform Act (FSRA)
General Insurance Code of Practice
Industry codes of practice
Insurance Contracts Act.
Refunds or payments owing will depend on:
date of policy cancellation
nature of cancellation
organisational policies in relation to cancellation of policies.
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.
Requests to cancel insurance policies may be initiated by
claims department
financiers
the insured.
Appropriate formats may include:
in writing from the insured
in writing from the financier
on appropriate internal memo documentation.
Relevant personnel may include:
accounts personnel
administration department
claims manager
customer service manager.
Reasons for cancellation of policy may include:
insured has been found to have submitted a fraudulent claim with the insurance organisation
insured has breached of duty of disclosure
insured wants to take out insurance with another insurance organisation or underwriter and needs to cancel policy mid-term.
Legislation and codes of practice may include:
Corporations Act
Financial Services Reform Act (FSRA)
General Insurance Code of Practice
Industry codes of practice
Insurance Contracts Act.
Refunds or payments owing will depend on:
date of policy cancellation
nature of cancellation
organisational policies in relation to cancellation of policies.
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:
comply with industry codes of practice
apply organisation operating policies and procedures in relation to issuing cancellation advice
use accuracy and attention to detail in issuing cancellation advice.
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 organisation 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.
Guidance information for assessment
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:
comply with industry codes of practice
apply organisation operating policies and procedures in relation to issuing cancellation advice
use accuracy and attention to detail in issuing cancellation advice.
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 organisation 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.
Guidance information for assessment
Replaces
| State Code | National Code | Title | Type |
|---|---|---|---|
| C9832 | FNSINSV305B | Issue cancellation advice | Unit of competency |
Replaced By
| State Code | National Code | Title | Type |
|---|---|---|---|
| AUR97 | FNSISV305 | Issue insurance cancellation advice | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| D704 | FNS30511 | Certificate III in General Insurance | Qualification |