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

FNSISV303 Mapping and Delivery Guide
Issue contract of insurance

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency FNSISV303 - Issue contract of insurance
Description
Employability Skills
Learning Outcomes and Application This unit describes the skills and knowledge required to gather necessary information and issue a new policy or contract of insurance in response to requests for quotes, new policies or interim cover (cover note) in standard situations. It also covers cancelling a policy at the customer’s request.It applies to individuals carrying out insurance broking roles in a range of insurance sectors within organisations of various sizes and across a range of customer bases.Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.
Duration and Setting X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting.

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the insurance services field of work and include access to:

organisational records

organisational policy, procedures, legislation and regulations as they relate to contracts of insurance

a range of common technology and software.

Assessors must satisfy NVR/AQTF assessor requirements.
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 and clarify customer’s request
  • Identify customer’s requirements
  • Elicit all necessary information from customer
  • Gather data on insurance proposal within timelines required by organisation
  • Apply underwriter’s terms and conditions
  • Verify risk information advised by customer
  • Implement survey requirements, if applicable
       
Element: Issue insurance contact
  • Specify terms and conditions of contract in line with organisational guidelines, policy and procedures
  • Refer decision to appropriate person if request falls outside organisational guidelines
  • Complete and review contract documentation to ensure it meets legislative requirements
  • Check contract for accuracy and omissions according to operating procedures
  • Issue cover note, quote or new insurance contract following organisational operating procedures, and despatch to customer
  • File contract documentation accurately in accordance with operating procedures
  • Cancel policy and despatch documentation to customer, if requested by customer
       
Element: Identify and clarify customer’s request
  • Identify customer’s requirements
  • Elicit all necessary information from customer
  • Gather data on insurance proposal within timelines required by organisation
  • Apply underwriter’s terms and conditions
  • Verify risk information advised by customer
  • Implement survey requirements, if applicable
       


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.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Identify and clarify customer’s request

1.1 Identify customer’s requirements

1.2 Elicit all necessary information from customer

1.3 Gather data on insurance proposal within timelines required by organisation

1.4 Apply underwriter’s terms and conditions

1.5 Verify risk information advised by customer

1.6 Implement survey requirements, if applicable

2. Issue insurance contact

2.1 Specify terms and conditions of contract in line with organisational guidelines, policy and procedures

2.2 Refer decision to appropriate person if request falls outside organisational guidelines

2.3 Complete and review contract documentation to ensure it meets legislative requirements

2.4 Check contract for accuracy and omissions according to operating procedures

2.5 Issue cover note, quote or new insurance contract following organisational operating procedures, and despatch to customer

2.6 File contract documentation accurately in accordance with operating procedures

2.7 Cancel policy and despatch documentation to customer, if requested by customer

Evidence of the following must be provided:

interpret and apply relevant legislation accurately

identify and clarify the customer’s request

issue insurance contract according to organisational and legislative requirements

update documentation and systems according to organisational procedures.

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

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

outline basic compliance requirements for this industry sector

outline organisational and departmental policy, procedures and authorities as they relate to contracts of insurance

explain the wording of insurance policies in terms of the organisation and industry sector

outline organisational information technology and communication systems used to process insurance policies

explain the interpretation of applicable ratings

identify and describe insurance products available to customers

outline the relevant industry legislation and regulations that apply to insurance policies

explain underwriter terms and conditions

explain survey requirements to gather and analyse appropriate information to issue contracts of insurance.

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.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Identify and clarify customer’s request

1.1 Identify customer’s requirements

1.2 Elicit all necessary information from customer

1.3 Gather data on insurance proposal within timelines required by organisation

1.4 Apply underwriter’s terms and conditions

1.5 Verify risk information advised by customer

1.6 Implement survey requirements, if applicable

2. Issue insurance contact

2.1 Specify terms and conditions of contract in line with organisational guidelines, policy and procedures

2.2 Refer decision to appropriate person if request falls outside organisational guidelines

2.3 Complete and review contract documentation to ensure it meets legislative requirements

2.4 Check contract for accuracy and omissions according to operating procedures

2.5 Issue cover note, quote or new insurance contract following organisational operating procedures, and despatch to customer

2.6 File contract documentation accurately in accordance with operating procedures

2.7 Cancel policy and despatch documentation to customer, if requested by customer

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
Identify customer’s requirements 
Elicit all necessary information from customer 
Gather data on insurance proposal within timelines required by organisation 
Apply underwriter’s terms and conditions 
Verify risk information advised by customer 
Implement survey requirements, if applicable 
Specify terms and conditions of contract in line with organisational guidelines, policy and procedures 
Refer decision to appropriate person if request falls outside organisational guidelines 
Complete and review contract documentation to ensure it meets legislative requirements 
Check contract for accuracy and omissions according to operating procedures 
Issue cover note, quote or new insurance contract following organisational operating procedures, and despatch to customer 
File contract documentation accurately in accordance with operating procedures 
Cancel policy and despatch documentation to customer, if requested by customer 
Identify customer’s requirements 
Elicit all necessary information from customer 
Gather data on insurance proposal within timelines required by organisation 
Apply underwriter’s terms and conditions 
Verify risk information advised by customer 
Implement survey requirements, if applicable 

Forms

Assessment Cover Sheet

FNSISV303 - Issue contract of insurance
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

FNSISV303 - Issue contract of insurance

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: