Assessor Resource

FNSISV302A
Process alteration to insurance policy

Assessment tool

Version 1.0
Issue Date: April 2024


This unit applies to job roles in a range of insurance sectors 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 process alterations, including underwriter's terms and conditions to insurance policies, recording the changes and issuing documents to customers.

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:

accurately process alterations to insurance contracts across a representative range of products, clients and conditions

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

apply relevant knowledge of organisation operating procedures in relation to processing alterations to insurance policies

undertake timely and relevant updating of organisation information systems

accurately handle receipts and refunds in relation to policy alterations.

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.

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

communication skills to:

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

relate to customers

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

literacy skills 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

organisational skills, including the ability to plan and sequence work

Required knowledge

relevant legislation, including Financial Services Reform Act (FSRA)

organisation and departmental policy, procedures and authorities

organisation and industry sector policy wording

product knowledge and basic industry sector compliance requirements

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.

Policy alteration advice may be received by:

email

facsimile

in person

post.

Alterations to policies can include:

cancellation requests

endorsements

special conditions.

Legislation and organisation requirements includes:

codes of practice

Corporations Act

FSRA

Insurance Contracts Act

organisation operating procedures

Trade Practices Act.

Relevant documentation may include:

photographs

receipts

valuations

written requests.

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
Policy information is gathered, and accurately and promptly recorded according to organisation procedures 
Underwriter's terms and conditions are reviewed 
Policy alteration is reviewed to ensure it meets legislative and organisation requirements 
If policy meets legislative and organisation requirements, alteration is accepted 
Policy alteration information is processed according to operating procedures 
Policy alteration is checked for accuracy and omissions according to operating procedures 
Information systems are accurately updated 
Completed documents are dispatched to clients within timelines in accordance with operating procedures 
All monies received are processed or refunded in accordance with operating procedures and legislative requirements 
Relevant documentation is accurately filed in accordance with operating procedures 
Customer is notified of any new terms that differ from the customer's request 

Forms

Assessment Cover Sheet

FNSISV302A - 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

FNSISV302A - 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: