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Evidence Guide: FNSISV527 - Implement insurance 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

 

FNSISV527 - Implement insurance claim recovery procedures

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

Establish viability of recovery

  1. Identify sources and rights of recovery
  2. Calculate achievable recovery amount
  3. Evaluate extent of recovery success
Identify sources and rights of recovery

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Calculate achievable recovery amount

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Evaluate extent of recovery success

Completed
Date:

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Evaluate recovery methods

  1. Determine recovery method based on assessing benefit to organisation and according to organisational operating procedures
  2. Confirm that selected recovery method is appropriate to circumstances of loss and compliant with legislative and organisational requirements
Determine recovery method based on assessing benefit to organisation and according to organisational operating procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Confirm that selected recovery method is appropriate to circumstances of loss and compliant with legislative and organisational requirements

Completed
Date:

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Implement and monitor recovery progress and negotiate recovery

  1. Issue demand to responsible party and appoint agents to undertake loss recovery, as required
  2. Confirm knock for knock, as required
  3. Make referral to solicitor and other relevant service provider, as required
  4. Implement and follow up recovery within required timeframes and according to organisational procedures
  5. Negotiate recovery settlement within required timeframes and according to organisational procedures
Issue demand to responsible party and appoint agents to undertake loss recovery, as required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Confirm knock for knock, as required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Make referral to solicitor and other relevant service provider, as required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Implement and follow up recovery within required timeframes and according to organisational procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Negotiate recovery settlement within required timeframes and according to organisational procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Process monies and record outcomes

  1. Confirm receipt of recovery amounts
  2. Prepare payment information and facilitation of claim payment, as required
  3. Make recommendation to relevant team on payment of client’s share of recovery money, as required
  4. Finalise claims according to legislation, regulations, organisational operating procedures and codes of practice, as required
  5. Update required records and advise underwriter of any special circumstances, as required
Confirm receipt of recovery amounts

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare payment information and facilitation of claim payment, as required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Make recommendation to relevant team on payment of client’s share of recovery money, as required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Finalise claims according to legislation, regulations, organisational operating procedures and codes of practice, as required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Update required records and advise underwriter of any special circumstances, as required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Required Skills and Knowledge

The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:

implement claim recovery procedures for at least three different insurance claims.

In the course of the above, the candidate must:

collate information and determine viability of the recovery

review options and determine a suitable claim recovery method

engage in negotiations to secure settlement conditions

calculate achievable recovery amounts

oversee financial transactions of payments

maintain accurate records.

The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:

legislative requirements, regulatory guidelines and industry sector compliance requirements as they apply to:

insurance contracts

consumer protection

privacy

collection of monies

Corporations Act

General Insurance Code of Practice

organisational policies, procedures, insurance guidelines and key stakeholders in claim recovery processes

legal aspects of insurance agents and brokers that apply when implementing claim recovery procedures

key aspects of claim recovery methods and their application

techniques for negotiating recovery settlements

insurance fundamentals and methods to interpret and apply policy wording, including rights of subrogation

key aspects of procedures of claims recovery from reinsurance

legal precedents and previous organisational results for insurance claims recovery.