Elements and Performance Criteria

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.


Insurance Contracts Act

Financial Services Reform Act (FSRA) 2001

Corporations Act

codes of practice

Trade Practices Act


amendments

cover notes

cancellations

policy and renewals notices

invoices

placing slips

letters of advice of alteration of terms

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

To achieve competency in this unit, a person must be able to demonstrate:

compliance with industry codes of practice and legislative requirements relating to the issue of renewal advice
the ability to apply the organisation's policies and procedures accurately when issuing renewal advice
accuracy and attention to detail

Evidence required for demonstration of consistent performance:
Competence in this unit must be assessed over a period of time in order to ensure consistency of performance over the Range Statement and contexts applicable to the work environment.

Delivery/assessment relationship to other units:
This unit can be assessed independently, however it may be assessed with other appropriate units for example:
FNSINSV301B Evaluate risk for renewal business.

Method of assessment:
For valid and reliable assessment of this unit, evidence should be gathered through a range of methods to indicate consistent performance.
Assessment of this unit of competence will usually include observation of processes and procedures, oral and/or written questioning on underpinning knowledge and skills and other methods as required.

Context of assessment:
This unit may be assessed in the workplace or in a simulated environment.

Resources required for assessment:
Assessment of this unit of competence requires access to company policies and practices, relevant IT systems and the databases of the financial services company.