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Elements and Performance Criteria

1. Identify risk
   • Product type is determined so that nature of the risk can be identified and handled accordingly
2. Evaluate proposal against risk assessment criteria
   • Proposal is assessed against risk assessment criteria to clearly identify risk factors
   • Need for additional information is identified in order to further evaluate the proposal
3. Obtain further information
   • Appropriate sources of further information are identified to enable comprehensive evaluation of proposal
   • Confidentiality of the parties involved from which further information is obtained and protected
   • All further information to satisfy outstanding risk assessment criteria is obtained within specified timeframes
   • Advice on proposal assessment status is provided to concerned parties on an ongoing basis
4. Determine and advise terms and conditions of risk acceptability
   • Acceptability of the risk is assessed against all available information in accordance with appropriate underwriting guidelines
   • Terms and conditions that minimise risk liability are established within delegated authority
   • Decisions are promptly advised to all relevant parties on acceptance or rejection of proposal

Required Skills

Required skills

welldeveloped communication skills to describe terms and conditions of insurance to clients determine and confirm information using questioning and active listening as required 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 webbased information services literacy skills to read and interpret documentation from a variety of sources and record and consolidate relevant related information including policy interpretation and application welldeveloped research and analysis for accessing and interpreting relevant information and risk identification and assessment organisational skills including the ability to plan and sequence work

Required knowledge

basic actuarial principles nature of liability nature of the industry sector reinsurance process financial legislative and compliance requirements including the Australian Securities and Investments Commission ASIC and the Australian Prudential Regulation Authority APRA relevant medical terminology risk prevention methods and application type of risk and probability of likely occurrence

Evidence Required

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 apply sound analytical skills when undertaking a life insurance risk assessment comprehensively understand relevant aspects of risk assessment in the industry sector market adhere to and comply with all relevant legislative and compliance requirements
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

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Range Statement

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.
Risk assessment criteria means:	criteria against which a risk may be measured for acceptability.
Additional information or opinions may be obtained from:	actuaries financiers lawyers/solicitors medical practitioners product developers reinsurers underwriters.
Concerned parties may include:	accountants agents brokers financial planners life insured policy owners solicitors.

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