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Evidence Guide: FNSISV507A - Implement claim recovery procedures

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

 

FNSISV507A - Implement claim recovery procedures

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

Establish viability of recovery

  1. Sources and rights of recovery are identified
  2. Accurate calculation of achievable recovery amounts is made
  3. Extent of recovery success is evaluated
Sources and rights of recovery are identified

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Accurate calculation of achievable recovery amounts is made

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Extent of recovery success is evaluated

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Evaluate recovery methods

  1. The benefit to the organisation of using each of the available recovery methods is determined following organisation operating procedures
  2. Methods are assessed for compliance with relevant legislative and organisation policy requirements
  3. Recovery action decided upon is appropriate to circumstances of loss
  4. Recovery of correct amount from reinsurers is instigated where appropriate
  5. Where necessary loss recovery agents are appointed to undertake loss recovery
The benefit to the organisation of using each of the available recovery methods is determined following organisation operating procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Methods are assessed for compliance with relevant legislative and organisation policy requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Recovery action decided upon is appropriate to circumstances of loss

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Recovery of correct amount from reinsurers is instigated where appropriate

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Where necessary loss recovery agents are appointed to undertake loss recovery

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Implement and monitor recovery progress

  1. Demand is issued to responsible party
  2. Knock for knock is confirmed, if applicable
  3. Diary system is utilised to monitor follow-up
  4. Referral is made to solicitor or other relevant service provider, if applicable
  5. Recovery is implemented and followed up within specified timeframes and organisation guidelines
Demand is issued to responsible party

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Knock for knock is confirmed, if applicable

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Diary system is utilised to monitor follow-up

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Referral is made to solicitor or other relevant service provider, if applicable

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Recovery is implemented and followed up within specified timeframes and organisation guidelines

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Negotiate recovery settlement

  1. Recovery settlement is negotiated on best terms according to organisation policy
  2. Negotiation is completed within timeframes and organisation procedures
Recovery settlement is negotiated on best terms according to organisation policy

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Negotiation is completed within timeframes and organisation procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Process monies

  1. File is checked to determine whether recovery money has been received
  2. Payment information is preparation and entered on the system to facilitate payment of claim by finance department, where applicable
  3. Where applicable, client's share of recovery money is paid promptly
  4. Claims are finalised according to legislation, regulations, organisation operating procedures and codes of practice, if applicable
File is checked to determine whether recovery money has been received

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Payment information is preparation and entered on the system to facilitate payment of claim by finance department, where applicable

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Where applicable, client's share of recovery money is paid promptly

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Claims are finalised according to legislation, regulations, organisation operating procedures and codes of practice, if applicable

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Record outcome

  1. All relevant records and files are promptly updated to display recovery action, amounts, and so on
  2. Underwriter is advised of any special circumstances, if applicable
All relevant records and files are promptly updated to display recovery action, amounts, and so on

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Underwriter is advised of any special circumstances, if applicable

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 a strategic overview of the organisation objectives and industry obligations

implement an effective recovery process.

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 organisation 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

setting and reviewing workplace projects and business simulations or scenarios.

Guidance information for assessment

Required Skills and Knowledge

Required skills

highly developed communication skills to:

determine and confirm information, using questioning and active listening as required

relate effectively to customers

liaise with others, share information, listen and understand

use language and concepts appropriate to cultural differences

well-developed 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

well-developed literacy skills to read and interpret documentation from a variety of sources and record and consolidate relevant related information

learning skills to maintain knowledge of changes to compliance legislation and requirements

problem solving skills to identify any issues that have the potential to impact on work outcomes and to develop options to resolve these issues when they arise

self-management skills for complying with ethical, legal and procedural requirements research and analysis skills for accessing and interpreting relevant information

organisational skills, including the ability to plan and sequence work

Required knowledge

Credit Acts

industry sector compliance requirements

Insurance (Agents and Brokers) Act

legal precedents and previous organisation and industry results

organisation and industry sector policy wording

organisation policy, procedures, underwriting guidelines and authorities

Privacy Act

relative industry sector hazards

relevant common law Insurance Contracts Act

relevant legislative requirements including taxation law

Trade Practices Act

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.

Sources of recovery may include:

goods sale

liable parties

other insurers

reinsurers

salvage and disposal.

Recovery methods may include:

direct

solicitors

third party agents.

Service providers may include:

mercantile agents

solicitors.

Negotiation/viability may include:

compromised settlement

contributory negligence.

Best terms basis refers to:

the best possible terms in the circumstances, including factors such as time, money and brand image.

Legislation may include:

Carriage of Goods Acts

Credit Acts

Insurance (Agents and Brokers) Act

international conventions

law of liability and negligence

Privacy Act

small claims procedures

Trade Practices Act.

Records include:

claims files

relevant client files.