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Evidence Guide: FNSILF401A - 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

 

FNSILF401A - 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. Product type is determined so that nature of the risk can be identified and handled accordingly
Product type is determined so that nature of the risk can be identified and handled accordingly

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Evaluate proposal against risk assessment criteria

  1. Proposal is assessed against risk assessment criteria to clearly identify risk factors
  2. Need for additional information is identified in order to further evaluate the proposal
Proposal is assessed against risk assessment criteria to clearly identify risk factors

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Need for additional information is identified in order to further evaluate the proposal

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Obtain further information

  1. Appropriate sources of further information are identified to enable comprehensive evaluation of proposal
  2. Confidentiality of the parties involved from which further information is obtained and protected
  3. All further information to satisfy outstanding risk assessment criteria is obtained within specified timeframes
  4. Advice on proposal assessment status is provided to concerned parties on an ongoing basis
Appropriate sources of further information are identified to enable comprehensive evaluation of proposal

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Confidentiality of the parties involved from which further information is obtained and protected

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

All further information to satisfy outstanding risk assessment criteria is obtained within specified timeframes

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Advice on proposal assessment status is provided to concerned parties on an ongoing basis

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Determine and advise terms and conditions of risk acceptability

  1. Acceptability of the risk is assessed against all available information in accordance with appropriate underwriting guidelines
  2. Terms and conditions that minimise risk liability are established within delegated authority
  3. Decisions are promptly advised to all relevant parties on acceptance or rejection of proposal
Acceptability of the risk is assessed against all available information in accordance with appropriate underwriting guidelines

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Terms and conditions that minimise risk liability are established within delegated authority

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Decisions are promptly advised to all relevant parties on acceptance or rejection of proposal

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

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

Required Skills and Knowledge

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

Range Statement

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.