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Evidence Guide: FNSISV404 - Underwrite renewal business

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

 

FNSISV404 - Underwrite renewal business

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

Determine terms and conditions of risk acceptability

  1. Identify and review risk acceptance information
  2. Determine risk acceptability within authority limitations
  3. Check terms and conditions of risk acceptability for changes since last time it was reviewed for underwriting
  4. Determine terms and conditions of risk acceptance in accordance with risk acceptance criteria, including client history
  5. Propose alternative terms or adjusted benefits, if applicable
Identify and review risk acceptance information

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Determine risk acceptability within authority limitations

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Check terms and conditions of risk acceptability for changes since last time it was reviewed for underwriting

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Determine terms and conditions of risk acceptance in accordance with risk acceptance criteria, including client history

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Propose alternative terms or adjusted benefits, if applicable

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Communicate result of risk assessment

  1. Make offer of renewal, if applicable, in accordance with legislative requirements
  2. Issue provisional notice of expiry to client
  3. Decline renewal, if applicable, in accordance with legislative provisions
Make offer of renewal, if applicable, in accordance with legislative requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Issue provisional notice of expiry to client

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Decline renewal, if applicable, in accordance with legislative provisions

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Evaluate client response

  1. Assess client response to determine whether action to modify terms and conditions is required
  2. Modify offer as necessary and prepare advice to client according to operating procedures
  3. Ensure offer complies with underwriting acceptance authorities and criteria, or seek appropriate referral approval
Assess client response to determine whether action to modify terms and conditions is required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Modify offer as necessary and prepare advice to client according to operating procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Ensure offer complies with underwriting acceptance authorities and criteria, or seek appropriate referral approval

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Negotiate agreement

  1. Undertake negotiation on revised offer to reach mutually satisfactory agreement
  2. Advise client of acceptance or rejection of risk according to operating procedures (including information on dispute resolution procedure if necessary)
Undertake negotiation on revised offer to reach mutually satisfactory agreement

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Advise client of acceptance or rejection of risk according to operating procedures (including information on dispute resolution procedure if necessary)

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Cancel, lapse or renew cover

  1. Issue revised documentation to client in organisational format and according to organisational operating procedures and legislative requirements
  2. Confirm reinsurance cover as appropriate
  3. Issue lapse notice to client, if applicable, in accordance with organisational procedures
  4. File and store documentation according to operating procedures
Issue revised documentation to client in organisational format and according to organisational operating procedures and legislative requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Confirm reinsurance cover as appropriate

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Issue lapse notice to client, if applicable, in accordance with organisational procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

File and store documentation according to operating procedures

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. Determine terms and conditions of risk acceptability

1.1 Identify and review risk acceptance information

1.2 Determine risk acceptability within authority limitations

1.3 Check terms and conditions of risk acceptability for changes since last time it was reviewed for underwriting

1.4 Determine terms and conditions of risk acceptance in accordance with risk acceptance criteria, including client history

1.5 Propose alternative terms or adjusted benefits, if applicable

2. Communicate result of risk assessment

2.1 Make offer of renewal, if applicable, in accordance with legislative requirements

2.2 Issue provisional notice of expiry to client

2.3 Decline renewal, if applicable, in accordance with legislative provisions

3. Evaluate client response

3.1 Assess client response to determine whether action to modify terms and conditions is required

3.2 Modify offer as necessary and prepare advice to client according to operating procedures

3.3 Ensure offer complies with underwriting acceptance authorities and criteria, or seek appropriate referral approval

4. Negotiate agreement

4.1 Undertake negotiation on revised offer to reach mutually satisfactory agreement

4.2 Advise client of acceptance or rejection of risk according to operating procedures (including information on dispute resolution procedure if necessary)

5. Cancel, lapse or renew cover

5.1 Issue revised documentation to client in organisational format and according to organisational operating procedures and legislative requirements

5.2 Confirm reinsurance cover as appropriate

5.3 Issue lapse notice to client, if applicable, in accordance with organisational procedures

5.4 File and store documentation according to operating procedures

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. Determine terms and conditions of risk acceptability

1.1 Identify and review risk acceptance information

1.2 Determine risk acceptability within authority limitations

1.3 Check terms and conditions of risk acceptability for changes since last time it was reviewed for underwriting

1.4 Determine terms and conditions of risk acceptance in accordance with risk acceptance criteria, including client history

1.5 Propose alternative terms or adjusted benefits, if applicable

2. Communicate result of risk assessment

2.1 Make offer of renewal, if applicable, in accordance with legislative requirements

2.2 Issue provisional notice of expiry to client

2.3 Decline renewal, if applicable, in accordance with legislative provisions

3. Evaluate client response

3.1 Assess client response to determine whether action to modify terms and conditions is required

3.2 Modify offer as necessary and prepare advice to client according to operating procedures

3.3 Ensure offer complies with underwriting acceptance authorities and criteria, or seek appropriate referral approval

4. Negotiate agreement

4.1 Undertake negotiation on revised offer to reach mutually satisfactory agreement

4.2 Advise client of acceptance or rejection of risk according to operating procedures (including information on dispute resolution procedure if necessary)

5. Cancel, lapse or renew cover

5.1 Issue revised documentation to client in organisational format and according to organisational operating procedures and legislative requirements

5.2 Confirm reinsurance cover as appropriate

5.3 Issue lapse notice to client, if applicable, in accordance with organisational procedures

5.4 File and store documentation according to operating procedures

Evidence of the ability to:

comply with all legal obligations and organisational procedures

identify and assess risks, and develop suitable proposals for underwriting renewal business

negotiate agreements

interpret and apply underwriting guidelines

complete and file relevant documentation in accordance with organisational guidelines.

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:

describe the industry market position relative to product or line of insurance business

identify key features of relevant legislation, regulatory guidelines and industry sector compliance requirements

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

outline possible terms and conditions relating to risk acceptability

outline organisational policy, procedures, underwriting guidelines and levels of authority

describe relevant organisational products that relate to insurance underwriting

describe the difference between treaty and facultative reinsurance

outline relative industry hazards

explain risk prevention methods and application.