Assessor Resource

FNSISV302
Process alteration to insurance policy

Assessment tool

Version 1.0
Issue Date: May 2024


This unit describes the skills and knowledge required to process alterations, including underwriters’ terms and conditions to insurance policies, recording the changes and issuing documents to customers.

It applies to individuals employed in a range of insurance sectors 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.

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


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.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Receive alteration advice from customer

1.1 Gather policy information accurately and promptly, and record according to organisational procedures

1.2 Review underwriter’s terms and conditions

1.3 Review policy alteration to ensure it meets legislative and organisational requirements

1.4 Accept alteration if policy meets legislative and organisational requirements

2. Issue policy alteration advice

2.1 Process policy alteration information according to operating procedures

2.2 Check policy alteration for accuracy and omissions according to operating procedures

2.3 Update information systems accurately

2.4 Despatch completed documents to the customer within timelines and in accordance with operating procedures

2.5 Process or refund all monies received in accordance with operating procedures and legislative requirements

2.6 File relevant documentation accurately in accordance with operating procedures

2.7 Notify customer of any new terms that differ from the customer’s request

Evidence of the ability to:

process alterations to insurance contracts across a representative range of products, customers and conditions in accordance with organisational operating procedures and legislative requirements

check policy alterations and issue in accordance with legislative requirements and organisational operating guidelines

undertake timely and relevant updating of organisational information systems

accurately handle receipts and refunds in relation to policy alterations.

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:

identify relevant legislation and regulatory requirements for adjustments to insurance policies

outline organisational and departmental policy, procedures and authorities as they relate to altering insurance policies

explain the importance of wording of insurance policies in keeping with the organisation or industry sector

summarise the industry sector compliance requirements in relation to policy alterations

list the organisation’s range of insurance products.

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 for insurance policies

a range of common technology and software

an appropriate work environment and conditions.

Assessors must satisfy NVR/AQTF assessor requirements.

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.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Receive alteration advice from customer

1.1 Gather policy information accurately and promptly, and record according to organisational procedures

1.2 Review underwriter’s terms and conditions

1.3 Review policy alteration to ensure it meets legislative and organisational requirements

1.4 Accept alteration if policy meets legislative and organisational requirements

2. Issue policy alteration advice

2.1 Process policy alteration information according to operating procedures

2.2 Check policy alteration for accuracy and omissions according to operating procedures

2.3 Update information systems accurately

2.4 Despatch completed documents to the customer within timelines and in accordance with operating procedures

2.5 Process or refund all monies received in accordance with operating procedures and legislative requirements

2.6 File relevant documentation accurately in accordance with operating procedures

2.7 Notify customer of any new terms that differ from the customer’s request

Evidence of the ability to:

process alterations to insurance contracts across a representative range of products, customers and conditions in accordance with organisational operating procedures and legislative requirements

check policy alterations and issue in accordance with legislative requirements and organisational operating guidelines

undertake timely and relevant updating of organisational information systems

accurately handle receipts and refunds in relation to policy alterations.

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:

identify relevant legislation and regulatory requirements for adjustments to insurance policies

outline organisational and departmental policy, procedures and authorities as they relate to altering insurance policies

explain the importance of wording of insurance policies in keeping with the organisation or industry sector

summarise the industry sector compliance requirements in relation to policy alterations

list the organisation’s range of insurance products.

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 for insurance policies

a range of common technology and software

an appropriate work environment and conditions.

Assessors must satisfy NVR/AQTF assessor requirements.
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
Gather policy information accurately and promptly, and record according to organisational procedures 
Review underwriter’s terms and conditions 
Review policy alteration to ensure it meets legislative and organisational requirements 
Accept alteration if policy meets legislative and organisational requirements 
Process policy alteration information according to operating procedures 
Check policy alteration for accuracy and omissions according to operating procedures 
Update information systems accurately 
Despatch completed documents to the customer within timelines and in accordance with operating procedures 
Process or refund all monies received in accordance with operating procedures and legislative requirements 
File relevant documentation accurately in accordance with operating procedures 
Notify customer of any new terms that differ from the customer’s request 

Forms

Assessment Cover Sheet

FNSISV302 - Process alteration to insurance policy
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

FNSISV302 - Process alteration to insurance policy

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: