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Evidence Guide: FNSISV302 - Process alteration to insurance policy

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

 

FNSISV302 - Process alteration to insurance policy

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

Receive alteration advice from customer

  1. Gather policy information accurately and promptly, and record according to organisational procedures
  2. Review underwriter’s terms and conditions
  3. Review policy alteration to ensure it meets legislative and organisational requirements
  4. Accept alteration if policy meets legislative and organisational requirements
Gather policy information accurately and promptly, and record according to organisational procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Review underwriter’s terms and conditions

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Review policy alteration to ensure it meets legislative and organisational requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Accept alteration if policy meets legislative and organisational requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Issue policy alteration advice

  1. Process policy alteration information according to operating procedures
  2. Check policy alteration for accuracy and omissions according to operating procedures
  3. Update information systems accurately
  4. Despatch completed documents to the customer within timelines and in accordance with operating procedures
  5. Process or refund all monies received in accordance with operating procedures and legislative requirements
  6. File relevant documentation accurately in accordance with operating procedures
  7. Notify customer of any new terms that differ from the customer’s request
Process policy alteration information according to operating procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Check policy alteration for accuracy and omissions according to operating procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Update information systems accurately

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Despatch completed documents to the customer within timelines and in accordance with operating procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Process or refund all monies received in accordance with operating procedures and legislative requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

File relevant documentation accurately in accordance with operating procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Notify customer of any new terms that differ from the customer’s request

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. Receive alteration advice from customer

1.1 Gather policy information accurately and promptly, and record according to organisational procedures

1.2 Review underwriter’s terms and conditions

1.3 Review policy alteration to ensure it meets legislative and organisational requirements

1.4 Accept alteration if policy meets legislative and organisational requirements

2. Issue policy alteration advice

2.1 Process policy alteration information according to operating procedures

2.2 Check policy alteration for accuracy and omissions according to operating procedures

2.3 Update information systems accurately

2.4 Despatch completed documents to the customer within timelines and in accordance with operating procedures

2.5 Process or refund all monies received in accordance with operating procedures and legislative requirements

2.6 File relevant documentation accurately in accordance with operating procedures

2.7 Notify customer of any new terms that differ from the customer’s request

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. Receive alteration advice from customer

1.1 Gather policy information accurately and promptly, and record according to organisational procedures

1.2 Review underwriter’s terms and conditions

1.3 Review policy alteration to ensure it meets legislative and organisational requirements

1.4 Accept alteration if policy meets legislative and organisational requirements

2. Issue policy alteration advice

2.1 Process policy alteration information according to operating procedures

2.2 Check policy alteration for accuracy and omissions according to operating procedures

2.3 Update information systems accurately

2.4 Despatch completed documents to the customer within timelines and in accordance with operating procedures

2.5 Process or refund all monies received in accordance with operating procedures and legislative requirements

2.6 File relevant documentation accurately in accordance with operating procedures

2.7 Notify customer of any new terms that differ from the customer’s request

Evidence of the ability to:

process alterations to insurance contracts across a representative range of products, customers and conditions in accordance with organisational operating procedures and legislative requirements

check policy alterations and issue in accordance with legislative requirements and organisational operating guidelines

undertake timely and relevant updating of organisational information systems

accurately handle receipts and refunds in relation to policy alterations.

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:

identify relevant legislation and regulatory requirements for adjustments to insurance policies

outline organisational and departmental policy, procedures and authorities as they relate to altering insurance policies

explain the importance of wording of insurance policies in keeping with the organisation or industry sector

summarise the industry sector compliance requirements in relation to policy alterations

list the organisation’s range of insurance products.