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Evidence Guide: FNSISV504 - Negotiate treaty reinsurance

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

 

FNSISV504 - Negotiate treaty reinsurance

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

Prepare reinsurance tender

  1. Review previous tender arrangements and documents, where they exist
  2. Prepare and check information relating to treaty reinsurance tender
  3. Check completeness of information
  4. Confirm coverage of claim, or series of claims, under specific client, policy or treaty
  5. Prepare tendering conditions in line with organisational procedures, guidelines and authorities, context, and treaty and facultative obligations
  6. Prepare and confirm criteria for supplier selection
  7. Record accurately all tender information
  8. Pass on tendering information to appropriate staff, where required
Review previous tender arrangements and documents, where they exist

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare and check information relating to treaty reinsurance tender

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Check completeness of information

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Confirm coverage of claim, or series of claims, under specific client, policy or treaty

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare tendering conditions in line with organisational procedures, guidelines and authorities, context, and treaty and facultative obligations

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare and confirm criteria for supplier selection

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Record accurately all tender information

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Pass on tendering information to appropriate staff, where required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Select reinsurance supplier

  1. Notify relevant reinsurers of tender conditions and details under relevant reinsurance tendering arrangements
  2. Request tender response from reinsurer in line with organisational procedures, guidelines and authorities within accepted timeframes and guidelines
  3. Review reinsurance supplier tenders and evaluate against set selection criteria
  4. Record accurately all tender information
Notify relevant reinsurers of tender conditions and details under relevant reinsurance tendering arrangements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Request tender response from reinsurer in line with organisational procedures, guidelines and authorities within accepted timeframes and guidelines

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Review reinsurance supplier tenders and evaluate against set selection criteria

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Record accurately all tender information

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Manage transactions for treaty

  1. Calculate recovery of whole claim, including reinstatements for policy terms and conditions, and from which treaty it is to be recovered
  2. Manage transactions
  3. Check and accurately record all information
Calculate recovery of whole claim, including reinstatements for policy terms and conditions, and from which treaty it is to be recovered

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Manage transactions

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Check and accurately record all information

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Negotiate terms and conditions of agreement

  1. Negotiate policy terms and conditions with selected reinsurers
  2. Document and record accurately all information on system
  3. Pass on reinsurer information to appropriate staff, where required
Negotiate policy terms and conditions with selected reinsurers

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Document and record accurately all information on system

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Pass on reinsurer information to appropriate staff, where required

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. Prepare reinsurance tender

1.1 Review previous tender arrangements and documents, where they exist

1.2 Prepare and check information relating to treaty reinsurance tender

1.3 Check completeness of information

1.4 Confirm coverage of claim, or series of claims, under specific client, policy or treaty

1.5 Prepare tendering conditions in line with organisational procedures, guidelines and authorities, context, and treaty and facultative obligations

1.6 Prepare and confirm criteria for supplier selection

1.7 Record accurately all tender information

1.8 Pass on tendering information to appropriate staff, where required

2. Select reinsurance supplier

2.1 Notify relevant reinsurers of tender conditions and details under relevant reinsurance tendering arrangements

2.2 Request tender response from reinsurer in line with organisational procedures, guidelines and authorities within accepted timeframes and guidelines

2.3 Review reinsurance supplier tenders and evaluate against set selection criteria

2.4 Record accurately all tender information

3. Manage transactions for treaty

3.1 Calculate recovery of whole claim, including reinstatements for policy terms and conditions, and from which treaty it is to be recovered

3.2 Manage transactions

3.3 Check and accurately record all information

4. Negotiate terms and conditions of agreement

4.1 Negotiate policy terms and conditions with selected reinsurers

4.2 Document and record accurately all information on system

4.3 Pass on reinsurer information to appropriate staff, where required

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. Prepare reinsurance tender

1.1 Review previous tender arrangements and documents, where they exist

1.2 Prepare and check information relating to treaty reinsurance tender

1.3 Check completeness of information

1.4 Confirm coverage of claim, or series of claims, under specific client, policy or treaty

1.5 Prepare tendering conditions in line with organisational procedures, guidelines and authorities, context, and treaty and facultative obligations

1.6 Prepare and confirm criteria for supplier selection

1.7 Record accurately all tender information

1.8 Pass on tendering information to appropriate staff, where required

2. Select reinsurance supplier

2.1 Notify relevant reinsurers of tender conditions and details under relevant reinsurance tendering arrangements

2.2 Request tender response from reinsurer in line with organisational procedures, guidelines and authorities within accepted timeframes and guidelines

2.3 Review reinsurance supplier tenders and evaluate against set selection criteria

2.4 Record accurately all tender information

3. Manage transactions for treaty

3.1 Calculate recovery of whole claim, including reinstatements for policy terms and conditions, and from which treaty it is to be recovered

3.2 Manage transactions

3.3 Check and accurately record all information

4. Negotiate terms and conditions of agreement

4.1 Negotiate policy terms and conditions with selected reinsurers

4.2 Document and record accurately all information on system

4.3 Pass on reinsurer information to appropriate staff, where required

Evidence of the ability to:

accurately compile a tender document, including collection of appropriate data and selection of appropriate methods of protection

negotiate, prepare or verify a contract in a timely manner with different stakeholders

calculate the whole claim including reinstatements for policy terms and conditions

assess tenders against set selection criteria

negotiate suitable outcomes with reinsurers.

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 different types of treaties

identify and describe key features of relevant legislation, regulatory guidelines and industry sector codes of practice

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

outline organisational policy, procedures, underwriting guidelines and authorities:

best underwriting guides (BUG)

loss control guides

outline organisational information technology systems used in assessing reinsurance tender responses

outline terms and conditions of reinsurance arrangements

describe common principles and methods of filing documentation

describe reinsurance terminology and concepts including:

any one risk

any one event

reinstatement premium

identify and apply relevant legislation, regulatory guidelines and industry sector compliance requirements as they apply to:

insurance contracts

consumer protection

financial services

corporations.