Google Links

Follow the links below to find material targeted to the unit's elements, performance criteria, required skills and knowledge

Elements and Performance Criteria

1. Obtain confirmation of interim cover
   • Notify insurer of details of cover required immediately instructions are received from client
   • Seek formal evidence of interim cover within relevant legislative, underwriting and brokerage policy requirements
   • Check interim cover details for completeness and accuracy
2. Confirm insurance cover with client
   • Forward confirmation of correct interim cover to insurers according to company operating guidelines
   • Complete required documentation accurately and according to company operating guidelines
   • Collect fees and premiums according to company operating guidelines
   • Provide all original documentary evidence of cover to client and place copies in client file
3. Complete required documentation
   • Arrange for documentation and/or declarations to be completed where required prior to expiry of interim cover
   • Check client documentation for omissions and errors, and adjust where necessary
   • Calculate premium and statutory imposts accurately where required
   • Process premium and applicable endorsements and exclusions as required
   • Provide instructions for completion of cover to insurer within required timeframes to ensure policy can be issued
4. Obtain and record documentary evidence of insurance cover
   • Make regular checks of receipt of documentation to ensure timely delivery to meet client requirements
   • Check insurer’s documentation for omissions and errors
   • Record insurer’s documentation on receipt as required by brokerage’s policy and guidelines
5. Remit premium to insurers
   • Ensure compliance with relevant legislation and brokerage’s policy and guidelines when remitting premiums
   • Remit premiums to insurers in compliance with prearranged credit terms
6. Update relevant files and records
   • Update business and disclosure records without delay to comply with brokerage guidelines and procedures
   • Check all records for accuracy and completeness

Performance Evidence

Evidence of the ability to:

follow company administration processes and insurance procedures to ensure insurance transactions are completed efficiently

check client and insurer documents to ensure there are no errors or omissions, and update records.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

---

Knowledge Evidence

To complete the unit requirements safely and effectively, the individual must:

outline the application of company or organisational policy, procedures and authorities relating to insurance transactions

describe the analysis of industry compliance requirements relating to insurance transactions

describe the application of administrative and record-keeping processes the adviser takes responsibility for in completing the insurance transaction.

---