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

Elements and Performance Criteria

1. Identify and obtain risk information
   • Identify, record and gather all sources of risk information and rectify deficiencies
   • Review information to determine its relevance and reliability, and the integrity of its source
   • Format data for easy access
   • Adhere to legislative and compliance requirements in all cases
2. Assess information against established risk acceptance criteria
   • Assess all relevant risk information to determine if it is comprehensive and pertinent to nature of the risk
   • Review and commission surveys and/or reports, if applicable to risk
   • Interpret data on risk exposure from survey report
   • Compare risk information against risk acceptance criteria and organisational capacity to assess and accept risk according to terms and conditions of risk assessment
   • Liaise with other internal departments to assess impact on business, if applicable
   • Review and compare proposed amendments to organisational wording and compare to acceptance criteria
   • Document risk assessment data according to organisational policy and procedures
3. Issue quotation
   • Prepare quote based on all risk assessment data
   • Communicate information regarding quote to relevant personnel if required

Performance Evidence

Evidence of the ability to:

interpret and comply with all relevant legal obligations and organisational procedures

identify and thoroughly assess risks to develop a suitable insurance quote for a new business

prepare a quote accurately, applying relevant underwriting guidelines

identify and investigate risk as it relates to new business in accordance with underwriting and organisational guidelines

accurately document risk assessment data in accordance with organisational guidelines

identify and apply risk acceptance criteria for insurance products.

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

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Knowledge Evidence

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

describe key features of relevant legislative requirements and industry regulations in the context of insurance risk

describe the potential market share for the product or line of business

explain the importance of wording of insurance policies in line with industry norms

identify key features of organisational policy, procedures, underwriting guidelines and authorities

describe insurance risks associated with organisational products

define the difference between treaty and facultative reinsurance

outline relative industry hazards associated with insurance products

explain the application of relevant common law, legal systems and procedures relating to:

insurance contracts

insurance agents and brokers

competition and consumer practices

describe ‘interim cover’ as it relates to expiry and cancellations of contracts

describe risk prevention methods and application.

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