Unit of competency Outline

Date retreived
22/07/2026 11:24 AM AWST

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Assess extraordinary risks

Assess extraordinary risks

Unit of competency
National Code
FNSILF501
State Code
AUR83
TGA Status
Deleted
DTWD Status
Deleted
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
081103 - Insurance And Actuarial Studies
Original Release Date
16/09/2015
Nominal Hours
60
Description
This unit describes the skills and knowledge required to understand and apply underwriting risk concepts and practices when assessing extraordinary insurance risks.It applies to job roles in generalist or specialist areas of insurance and may be applied 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. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.
Notes
Elements and Performance Criteria
1. Determine risk acceptance criteria
  • 1.1 Establish risk acceptance criteria suitable to type and context of risk within relevant organisational policy
  • 1.2 Use available data to validate risk acceptance criteria
2. Seek information
  • 2.1 Identify and collate accurate, reliable and up-to-date information in format suitable for analysis
3. Negotiate reinsurance for extraordinary risks
  • 3.1 Identify need for, and level of, reinsurance appropriate to risk
  • 3.2 Determine terms of reinsurance from available sources of information and in accordance with organisational policy
  • 3.3 Negotiate reinsurance appropriate to anticipated exposure
4. Determine and advise terms and conditions of acceptance
  • 4.1 Establish terms of acceptance that meet market conditions and organisation’s accepted levels of exposure
  • 4.2 Determine and document terms and conditions, within delegated authority, to meet requirements of relevant underwriting guidelines
No information
No information
Replaces
State Code National Code Title Type
D4176 FNSILF501A Assess extraordinary risks Unit of competency
No information