Assessor Resource

FNSILF501A
Assess extraordinary risks

Assessment tool

Version 1.0
Issue Date: May 2024


This unit 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.

This unit describes the performance outcomes, skills and knowledge required to understand and apply underwriting risk concepts and practices when assessing extraordinary insurance risks.

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).

You may want to include more information here about the target group and the purpose of the assessments (eg formative, summative, recognition)

Employability Skills

This unit contains employability skills.



Evidence Required

List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.

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:

apply highly developed analytical skills

maintain and apply a thorough understanding of all aspects of risk assessment in the current industry sector market.

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 organisational 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

setting and reviewing workplace projects and business simulations or scenarios.

Guidance information for assessment

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assingnment, checklist) and due date here

Assessment task 1: [title]      Due date:

(add new lines for each of the assessment tasks)

Assessment Tasks

Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.

Required skills

highly developed communication skills to:

negotiate with clients

determine and confirm information, using questioning and active listening as required

liaise with others, share information, listen and understand

use language and concepts appropriate to cultural differences

numeracy and IT skills to:

perform calculations related to achieving required outcomes

use computer applications (word processing, spreadsheet, database, specific purpose computer systems) to assist in achieving required outcomes

access and update records electronically

access web-based information services

well-developed literacy skills for policy interpretation and application and to read and interpret documentation from a variety of sources and record and consolidate relevant related information

research and analysis skills for accessing and interpreting relevant information and maintaining currency of industry products and services knowledge

organisational skills, including the ability to plan and sequence work

Required knowledge

nature of industry sector

nature of liability

relevant actuarial, financial and legislative requirements including the Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA)

relevant medical techniques, diseases, injuries and terminology

types of risk and probability of likely occurrence

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.

Risk assessment criteria refers to:

criteria against which a risk may be measured for acceptability.

Risk factors vary according to:

potential impact on the organisation

value and type of produce.

Sources of information may include:

actuaries

brokers

clients

financiers

intermediaries

lawyers/solicitors

medical practitioners

product developers

reinsurers

underwriters.

Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.

Observation Checklist

Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice Yes No Comments/feedback
Risk acceptance criteria are established to suit type and context of risk within relevant organisation policy 
Availability of data on acceptance criteria is determined to ensure criteria are valid 
Accurate, reliable and up-to-date information is identified and collated in a form suitable for analysis 
Need for, and level of, reinsurance for the risk is identified 
Terms of reinsurance are determined from available sources and in accordance with organisation policy 
Reinsurance is negotiated which provides required protection for anticipated exposure 
Terms of acceptance are established that meet market conditions and are within organisation accepted levels of exposure 
Terms and conditions are clearly documented and meet the requirements of relevant underwriting guidelines and are determined within delegated authorities 

Forms

Assessment Cover Sheet

FNSILF501A - Assess extraordinary risks
Assessment task 1: [title]

Student name:

Student ID:

I declare that the assessment tasks submitted for this unit are my own work.

Student signature:

Result: Competent Not yet competent

Feedback to student

 

 

 

 

 

 

 

 

Assessor name:

Signature:

Date:

Assessment Record Sheet

FNSILF501A - Assess extraordinary risks

Student name:

Student ID:

Assessment task 1: [title] Result: Competent Not yet competent

(add lines for each task)

Feedback to student:

 

 

 

 

 

 

 

 

Overall assessment result: Competent Not yet competent

Assessor name:

Signature:

Date:

Student signature:

Date: