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Evidence Guide: FNSILF502 - Underwrite complex medical risks

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

 

FNSILF502 - Underwrite complex medical risks

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

Identify medical risks

  1. Review applications and associated documentation to identify relevant medical information
  2. Interpret medical information to identify medical risk factors
  3. Review need for additional medical information and collect as appropriate
Review applications and associated documentation to identify relevant medical information

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Interpret medical information to identify medical risk factors

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Review need for additional medical information and collect as appropriate

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify underwriting significance

  1. Identify potential life risk implications of supplied medical information according to organisational requirements
  2. Determine interrelationships between medical conditions and identify medical risk factor implications
  3. Identify long-term risk implications of medical treatment and recovery processes
  4. Select and apply appropriate medical risk rating systems and risk handling techniques
Identify potential life risk implications of supplied medical information according to organisational requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Determine interrelationships between medical conditions and identify medical risk factor implications

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify long-term risk implications of medical treatment and recovery processes

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Select and apply appropriate medical risk rating systems and risk handling techniques

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Determine risk acceptance criteria

  1. Identify risk acceptance criteria to suit type and context of risk in accordance with procedures
  2. Assess adequacy of medical information against risk acceptance criteria in accordance with procedures
  3. Consult with relevant personnel within organisation where clarification is sought on adequacy of medical information provided
Identify risk acceptance criteria to suit type and context of risk in accordance with procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assess adequacy of medical information against risk acceptance criteria in accordance with procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Consult with relevant personnel within organisation where clarification is sought on adequacy of medical information provided

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare life insurance policy

  1. Develop terms of acceptance in accordance with market conditions and accepted levels of exposure
  2. Document life insurance policy with terms and conditions in accordance with procedures and regulatory requirements
Develop terms of acceptance in accordance with market conditions and accepted levels of exposure

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Document life insurance policy with terms and conditions in accordance with procedures and regulatory requirements

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 medical risks

1.1 Review applications and associated documentation to identify relevant medical information

1.2 Interpret medical information to identify medical risk factors

1.3 Review need for additional medical information and collect as appropriate

2. Identify underwriting significance

2.1 Identify potential life risk implications of supplied medical information according to organisational requirements

2.2 Determine interrelationships between medical conditions and identify medical risk factor implications

2.3 Identify long-term risk implications of medical treatment and recovery processes

2.4 Select and apply appropriate medical risk rating systems and risk handling techniques

3. Determine risk acceptance criteria

3.1 Identify risk acceptance criteria to suit type and context of risk in accordance with procedures

3.2 Assess adequacy of medical information against risk acceptance criteria in accordance with procedures

3.3 Consult with relevant personnel within organisation where clarification is sought on adequacy of medical information provided

4. Prepare life insurance policy

4.1 Develop terms of acceptance in accordance with market conditions and accepted levels of exposure

4.2 Document life insurance policy with terms and conditions in accordance with procedures and regulatory requirements

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 medical risks

1.1 Review applications and associated documentation to identify relevant medical information

1.2 Interpret medical information to identify medical risk factors

1.3 Review need for additional medical information and collect as appropriate

2. Identify underwriting significance

2.1 Identify potential life risk implications of supplied medical information according to organisational requirements

2.2 Determine interrelationships between medical conditions and identify medical risk factor implications

2.3 Identify long-term risk implications of medical treatment and recovery processes

2.4 Select and apply appropriate medical risk rating systems and risk handling techniques

3. Determine risk acceptance criteria

3.1 Identify risk acceptance criteria to suit type and context of risk in accordance with procedures

3.2 Assess adequacy of medical information against risk acceptance criteria in accordance with procedures

3.3 Consult with relevant personnel within organisation where clarification is sought on adequacy of medical information provided

4. Prepare life insurance policy

4.1 Develop terms of acceptance in accordance with market conditions and accepted levels of exposure

4.2 Document life insurance policy with terms and conditions in accordance with procedures and regulatory requirements

Evidence of the ability to:

prepare and document a life insurance policy that involves complex medical risk covering:

identification of medical risk factors, and application of appropriate medical risks rating systems and techniques for underwriting the risk

terms and conditions relevant to underwriting complex medical risks.

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:

explain life insurance policy terms and conditions

explain life insurance risk management practices

describe relevant medical techniques, diseases, injuries and terminology relative to insurance underwriting

list types of medical risk and the implications for underwriting medical risks

identify relevant standards or codes to be complied with

identify relevant actuarial, underwriting and medical information relevant to underwriting complex medical risks

outline the key administrative requirements and relevant organisational procedures in underwriting complex medical risks

outline medical risk ratings systems and appropriate risk handling techniques to mitigate risk

outline risk acceptance criteria for different types and contexts of complex medical risks.