Assessor Resource

FNSPIM406
Develop and maintain knowledge of personal injury management insurance

Assessment tool

Version 1.0
Issue Date: April 2024


This unit describes the skills and knowledge required to maintain current knowledge of personal injury management insurance and apply sound industry and product knowledge to current insurance policies and practices.

It applies to individuals who develop and apply specialised knowledge within the underwriting area. They may provide leadership to others and have responsibility for the supervision of work.

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. Advise clients on varying characteristics of personal injury management insurance

1.1 Identify characteristics of personal injury management insurance

1.2 Determine strengths, weaknesses, terms and conditions of personal injury management insurance and communicate to clients where applicable

1.3 Access and apply appropriate promotional strategy in business activities

2. Determine compliance implications of personal injury management insurance for client

2.1 Establish and document compliance implications

2.2 Provide client with all necessary information and documentation as per compliance requirements

3. Review and update current information about personal injury management insurance

3.1 Review relevant personal injury management insurance regularly, identify any changes to terms and conditions and apply in daily work

3.2 Establish systems for keeping up with changes and maintaining up-to-date knowledge about relevant personal injury management insurance

3.3 Continually review emerging trends affecting industry and apply to knowledge of personal injury management insurance

4. Maintain knowledge of personal injury management premium systems

4.1 Demonstrate knowledge of factors affecting industry classification rates and how industry classification rates are set and allocated to employer

4.2 Update knowledge of premium formula, impact of its elements on employer premium and actuarial reasoning behind formula

4.3 Maintain knowledge of alternate premium options and when and why employer could use them

Evidence of the ability to:

interpret and comply with industry and organisational obligations and objectives, including relevant legislative requirements

provide relevant information and deal with questions relating to all aspects of the business and policy issues that arise for clients

effectively manage policy and product data and information

identify and present on issues of relevance to clients.

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:

analyse and explain the key features of current personal injury management sector policy, products and compliance requirements

analyse the key insurance industry trends and developments, and discuss likely impacts

describe the key features of:

insurance management systems

insurance promotional programs

premium classification rates and systems.

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the personal injury management field of work and include access to:

office equipment, technology, software and consumables

organisational records, policy and procedures.

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. Advise clients on varying characteristics of personal injury management insurance

1.1 Identify characteristics of personal injury management insurance

1.2 Determine strengths, weaknesses, terms and conditions of personal injury management insurance and communicate to clients where applicable

1.3 Access and apply appropriate promotional strategy in business activities

2. Determine compliance implications of personal injury management insurance for client

2.1 Establish and document compliance implications

2.2 Provide client with all necessary information and documentation as per compliance requirements

3. Review and update current information about personal injury management insurance

3.1 Review relevant personal injury management insurance regularly, identify any changes to terms and conditions and apply in daily work

3.2 Establish systems for keeping up with changes and maintaining up-to-date knowledge about relevant personal injury management insurance

3.3 Continually review emerging trends affecting industry and apply to knowledge of personal injury management insurance

4. Maintain knowledge of personal injury management premium systems

4.1 Demonstrate knowledge of factors affecting industry classification rates and how industry classification rates are set and allocated to employer

4.2 Update knowledge of premium formula, impact of its elements on employer premium and actuarial reasoning behind formula

4.3 Maintain knowledge of alternate premium options and when and why employer could use them

Evidence of the ability to:

interpret and comply with industry and organisational obligations and objectives, including relevant legislative requirements

provide relevant information and deal with questions relating to all aspects of the business and policy issues that arise for clients

effectively manage policy and product data and information

identify and present on issues of relevance to clients.

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:

analyse and explain the key features of current personal injury management sector policy, products and compliance requirements

analyse the key insurance industry trends and developments, and discuss likely impacts

describe the key features of:

insurance management systems

insurance promotional programs

premium classification rates and systems.

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the personal injury management field of work and include access to:

office equipment, technology, software and consumables

organisational records, policy and procedures.

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
Identify characteristics of personal injury management insurance 
Determine strengths, weaknesses, terms and conditions of personal injury management insurance and communicate to clients where applicable 
Access and apply appropriate promotional strategy in business activities 
Establish and document compliance implications 
Provide client with all necessary information and documentation as per compliance requirements 
Review relevant personal injury management insurance regularly, identify any changes to terms and conditions and apply in daily work 
Establish systems for keeping up with changes and maintaining up-to-date knowledge about relevant personal injury management insurance 
Continually review emerging trends affecting industry and apply to knowledge of personal injury management insurance 
Demonstrate knowledge of factors affecting industry classification rates and how industry classification rates are set and allocated to employer 
Update knowledge of premium formula, impact of its elements on employer premium and actuarial reasoning behind formula 
Maintain knowledge of alternate premium options and when and why employer could use them 

Forms

Assessment Cover Sheet

FNSPIM406 - Develop and maintain knowledge of personal injury management insurance
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:

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Date:

Assessment Record Sheet

FNSPIM406 - Develop and maintain knowledge of personal injury management insurance

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: