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.
ELEMENT | PERFORMANCE CRITERIA |
Elements describe the essential outcomes. | Performance criteria describe the performance needed to demonstrate achievement of the element. |
1. Obtain information on risk | 1.1 Gather information in accordance with organisational guidelines on changes in risk since initial acceptance, if required 1.2 Identify claims on risk 1.3 Gather information on customer history, if applicable 1.4 Commission surveys or reports, if applicable to risk 1.5 Use exception reporting, if applicable 1.6 Adhere to legislative and compliance requirements in all cases |
2. Review risk information | 2.1 Review information to determine its relevance and reliability 2.2 Check and document any claims on risk 2.3 Check compliance with risk management conditions |
3. Assess information against established risk criteria | 3.1 Check risk acceptance criteria, including net retentions, for any changes over past period 3.2 Compare and assess risk information against risk acceptance criteria and procedures 3.3 Liaise with other internal departments to assess impact on business, if applicable 3.4 Document risk assessment data according to organisational policy and procedures |
Evidence of the ability to:
identify and evaluate risks for renewal business following relevant legal obligations and organisational procedures
maintain and apply knowledge of relevant organisational products and services
investigate risk as it relates to renewal business in accordance with underwriting and organisational guidelines
accurately document risk assessment data in accordance with organisational procedures and relevant underwriting guidelines.
Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.
To complete the unit requirements safely and effectively, the individual must:
define organisational or industry sector policy wording
identify organisational policy, procedures, underwriting guidelines and authorities
explain key features of organisational products
identify key features of relevant legislation, regulatory guidelines and industry sector codes of practice relating to risk in business renewal
outline interim cover as it relates to expiry of contracts and cancellations
outline reinsurance, treaty and facultative policies
identify risk prevention methods and application.
Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the insurance services field of work and include access to:
organisational records
organisational policy and procedures
a range of common technology and software.
Assessors must satisfy NVR/AQTF assessor requirements.