Unit of Competency Mapping – Information for Teachers/Assessors – Information for Learners

FNSILF401A Mapping and Delivery Guide
Contribute to the life risk underwriting process

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency FNSILF401A - Contribute to the life risk underwriting process
Description This unit describes the performance outcomes, skills and knowledge required to undertake risk assessments of applications for life insurance including gathering the risk information, and reviewing and assessing it against appropriate risk criteria.This unit is applicable to individuals working within enterprises and job roles subject to licensing, legislative, regulatory or certification requirements including legislation administered by the Australian Securities and Investments Commission (ASIC).
Employability Skills This unit contains employability skills.
Learning Outcomes and Application This unit applies to job roles within the specialist area of life insurance and may be applied within organisations of various sizes and across a range of customer bases.
Duration and Setting X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting.
Prerequisites/co-requisites
Competency Field
Development and validation strategy and guide for assessors and learners Student Learning Resources Handouts
Activities 		Slides
PPT 		Assessment 1 Assessment 2 Assessment 3 Assessment 4
Elements of Competency Performance Criteria              
Element: Identify risk
  • Product type is determined so that nature of the risk can be identified and handled accordingly
       
Element: 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
       
Element: 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
       
Element: 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
       


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.

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

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assignment, 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.

Required skills

well-developed 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 web-based 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

well-developed 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

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.

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
Product type is determined so that nature of the risk can be identified and handled accordingly 
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 
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 
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 

Forms

Assessment Cover Sheet

FNSILF401A - Contribute to the life risk underwriting process
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:

Signature:

Date:

Assessment Record Sheet

FNSILF401A - Contribute to the life risk underwriting process

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: