Unit of competency Outline

Date retreived
23/07/2026 10:04 AM AWST

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Underwrite retrospective risk in life insurance policies

Underwrite retrospective risk in life insurance policies

Unit of competency
National Code
FNSILF412
State Code
ODR84
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 review life insurance policies in order to underwrite associated retrospective risks.The unit applies to individuals who use specialised knowledge to determine retrospective risk within a level of delegated authority in the life insurance industry.No licensing, legislative or certification requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
1. Prepare to underwrite retrospective risks
  • 1.1 Assess required documentation according to organisational policies and procedures
  • 1.2 Identify retrospective risks using required documentation
  • 1.3 Establish impact on overall risk of life insurance policy, according to regulatory requirements relevant to risk commencement date
  • 1.4 Identify need for additional information and obtain from required personnel
2. Assess level of retrospective risks
  • 2.1 Identify risk implications and adjustments required to existing life insurance policy according to legislative and regulatory requirements
  • 2.2 Consult with required personnel where clarification is required on adequacy of retrospective information provided
  • 2.3 Determine required retrospective risk guidelines and risk-handling techniques
3. Finalise underwriting decision
  • 3.1 Determine underwriting decision based on risk assessment and regulatory requirements
  • 3.2. Seek legal approval of final underwriting decision
  • 3.3 Action feedback provided as required
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No information
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State Code National Code Title Type
BHK4 FNS41521 Certificate IV in Life Insurance Qualification