Elements and Performance Criteria
- Determine terms and conditions of risk acceptability
- Collect risk acceptance information and determine terms and conditions of acceptance
- Determine risk acceptability within authority limitations and capacities
- Determine terms and conditions of risk acceptance in accordance with risk acceptance criteria
- Determine referrals, where appropriate
- Place facultative reinsurance, where appropriate
- Communicate result of risk assessment
- Prepare and communicate quotation, if required
- Advise client of terms and conditions of risk acceptance, including expiry date of offer and pricing, within appropriate timeframes
- Advise rejection of risk, if applicable, as soon as it is evident that risk falls outside guidelines or as soon as decision is made not to underwrite risk
- Evaluate client response
- Assess client response to determine whether action to modify terms and conditions is required
- Modify offer as necessary and prepare advice to client according to operating procedures
- Ensure modified offer complies with underwriting acceptance authorities and criteria, or seek appropriate referral approval
- Negotiate agreement
- Undertake negotiation on revised offer to reach mutually satisfactory agreement, including change to reinsurance where applicable
- Advise client of acceptance or rejection of risk according to operating procedures
- Establish mechanism to check that conditions have been met, if conditions have been placed on acceptance of risk
- Issue interim cover where required
- Specify disclosure requirements in all cases
- Issue initial documentation to client in organisation’s format and according to operating procedures
- Confirm reinsurance cover, as appropriate
- Obtain additional information, as required
- File and store documents in accordance with organisational operating procedures
- Monitor expiry of interim cover following standard operating procedures, to ensure any required terms are met prior to issue of policy