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Evidence Guide: FNSILF401 - Contribute to the life risk underwriting process

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!

From the Wiki University

 

FNSILF401 - Contribute to the life risk underwriting process

What evidence can you provide to prove your understanding of each of the following citeria?

Identify risk

  1. Identify product type to ensure that nature of risk can be assessed and handled accordingly
Identify product type to ensure that nature of risk can be assessed and handled accordingly

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Evaluate proposal against risk assessment criteria

  1. Assess proposal against risk assessment criteria to clearly identify risk factors
  2. Identify need for additional information to further evaluate proposal
Assess proposal against risk assessment criteria to clearly identify risk factors

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify need for additional information to further evaluate proposal

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Obtain further information

  1. Identify appropriate sources of further information to enable comprehensive evaluation of proposal
  2. Safeguard privacy of parties involved in providing information by complying with legislative and compliance requirements
  3. Obtain all further information within specified timeframes to satisfy outstanding risk assessment criteria
  4. Provide ongoing advice to concerned parties on status of assessment of proposal
Identify appropriate sources of further information to enable comprehensive evaluation of proposal

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Safeguard privacy of parties involved in providing information by complying with legislative and compliance requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Obtain all further information within specified timeframes to satisfy outstanding risk assessment criteria

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Provide ongoing advice to concerned parties on status of assessment of proposal

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Determine and advise terms and conditions of risk acceptability

  1. Assess acceptability of risk against all available information and in accordance with appropriate underwriting guidelines
  2. Within delegated authority, establish terms and conditions that minimise risk liability
  3. Promptly advise all relevant parties on acceptance or rejection of proposal
Assess acceptability of risk against all available information and in accordance with appropriate underwriting guidelines

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Within delegated authority, establish terms and conditions that minimise risk liability

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Promptly advise all relevant parties on acceptance or rejection of proposal

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

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

1. Identify risk

1.1 Identify product type to ensure that nature of risk can be assessed and handled accordingly

2. Evaluate proposal against risk assessment criteria

2.1 Assess proposal against risk assessment criteria to clearly identify risk factors

2.2 Identify need for additional information to further evaluate proposal

3. Obtain further information

3.1 Identify appropriate sources of further information to enable comprehensive evaluation of proposal

3.2 Safeguard privacy of parties involved in providing information by complying with legislative and compliance requirements

3.3 Obtain all further information within specified timeframes to satisfy outstanding risk assessment criteria

3.4 Provide ongoing advice to concerned parties on status of assessment of proposal

4. Determine and advise terms and conditions of risk acceptability

4.1 Assess acceptability of risk against all available information and in accordance with appropriate underwriting guidelines

4.2 Within delegated authority, establish terms and conditions that minimise risk liability

4.3 Promptly advise all relevant parties on acceptance or rejection of proposal

Required Skills and Knowledge

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

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

1. Identify risk

1.1 Identify product type to ensure that nature of risk can be assessed and handled accordingly

2. Evaluate proposal against risk assessment criteria

2.1 Assess proposal against risk assessment criteria to clearly identify risk factors

2.2 Identify need for additional information to further evaluate proposal

3. Obtain further information

3.1 Identify appropriate sources of further information to enable comprehensive evaluation of proposal

3.2 Safeguard privacy of parties involved in providing information by complying with legislative and compliance requirements

3.3 Obtain all further information within specified timeframes to satisfy outstanding risk assessment criteria

3.4 Provide ongoing advice to concerned parties on status of assessment of proposal

4. Determine and advise terms and conditions of risk acceptability

4.1 Assess acceptability of risk against all available information and in accordance with appropriate underwriting guidelines

4.2 Within delegated authority, establish terms and conditions that minimise risk liability

4.3 Promptly advise all relevant parties on acceptance or rejection of proposal

Evidence of the ability to:

undertake basic risk assessment of a life insurance product using sound analytical skills

provide timely advice to relevant parties regarding a life insurance proposal.

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 life insurance underwriting principles

identify the types of liability that can arise in life insurance

outline the nature of the life insurance industry sector

identify relevant legislative and compliance requirements including the Australian Securities and Investments Commission (ASIC), Australian Prudential Regulation Authority (APRA) and Life Insurance Act

define key medical terminology relevant to life insurance

list appropriate sources of further information to enable comprehensive evaluation of a proposal

identify risk prevention methods and application

identify the types of risk in life insurance products and probability of occurrence.