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Evidence Guide: FNSPIM406 - Develop and maintain knowledge of personal injury management insurance

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

 

FNSPIM406 - Develop and maintain knowledge of personal injury management insurance

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

Advise clients on varying characteristics of personal injury management insurance

  1. Identify characteristics of personal injury management insurance
  2. Determine strengths, weaknesses, terms and conditions of personal injury management insurance and communicate to clients where applicable
  3. Access and apply appropriate promotional strategy in business activities
Identify characteristics of personal injury management insurance

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Determine strengths, weaknesses, terms and conditions of personal injury management insurance and communicate to clients where applicable

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Access and apply appropriate promotional strategy in business activities

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Determine compliance implications of personal injury management insurance for client

  1. Establish and document compliance implications
  2. Provide client with all necessary information and documentation as per compliance requirements
Establish and document compliance implications

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Provide client with all necessary information and documentation as per compliance requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Review and update current information about personal injury management insurance

  1. Review relevant personal injury management insurance regularly, identify any changes to terms and conditions and apply in daily work
  2. Establish systems for keeping up with changes and maintaining up-to-date knowledge about relevant personal injury management insurance
  3. Continually review emerging trends affecting industry and apply to knowledge of personal injury management insurance
Review relevant personal injury management insurance regularly, identify any changes to terms and conditions and apply in daily work

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish systems for keeping up with changes and maintaining up-to-date knowledge about relevant personal injury management insurance

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Continually review emerging trends affecting industry and apply to knowledge of personal injury management insurance

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Maintain knowledge of personal injury management premium systems

  1. Demonstrate knowledge of factors affecting industry classification rates and how industry classification rates are set and allocated to employer
  2. Update knowledge of premium formula, impact of its elements on employer premium and actuarial reasoning behind formula
  3. Maintain knowledge of alternate premium options and when and why employer could use them
Demonstrate knowledge of factors affecting industry classification rates and how industry classification rates are set and allocated to employer

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Update knowledge of premium formula, impact of its elements on employer premium and actuarial reasoning behind formula

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Maintain knowledge of alternate premium options and when and why employer could use them

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. Advise clients on varying characteristics of personal injury management insurance

1.1 Identify characteristics of personal injury management insurance

1.2 Determine strengths, weaknesses, terms and conditions of personal injury management insurance and communicate to clients where applicable

1.3 Access and apply appropriate promotional strategy in business activities

2. Determine compliance implications of personal injury management insurance for client

2.1 Establish and document compliance implications

2.2 Provide client with all necessary information and documentation as per compliance requirements

3. Review and update current information about personal injury management insurance

3.1 Review relevant personal injury management insurance regularly, identify any changes to terms and conditions and apply in daily work

3.2 Establish systems for keeping up with changes and maintaining up-to-date knowledge about relevant personal injury management insurance

3.3 Continually review emerging trends affecting industry and apply to knowledge of personal injury management insurance

4. Maintain knowledge of personal injury management premium systems

4.1 Demonstrate knowledge of factors affecting industry classification rates and how industry classification rates are set and allocated to employer

4.2 Update knowledge of premium formula, impact of its elements on employer premium and actuarial reasoning behind formula

4.3 Maintain knowledge of alternate premium options and when and why employer could use them

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. Advise clients on varying characteristics of personal injury management insurance

1.1 Identify characteristics of personal injury management insurance

1.2 Determine strengths, weaknesses, terms and conditions of personal injury management insurance and communicate to clients where applicable

1.3 Access and apply appropriate promotional strategy in business activities

2. Determine compliance implications of personal injury management insurance for client

2.1 Establish and document compliance implications

2.2 Provide client with all necessary information and documentation as per compliance requirements

3. Review and update current information about personal injury management insurance

3.1 Review relevant personal injury management insurance regularly, identify any changes to terms and conditions and apply in daily work

3.2 Establish systems for keeping up with changes and maintaining up-to-date knowledge about relevant personal injury management insurance

3.3 Continually review emerging trends affecting industry and apply to knowledge of personal injury management insurance

4. Maintain knowledge of personal injury management premium systems

4.1 Demonstrate knowledge of factors affecting industry classification rates and how industry classification rates are set and allocated to employer

4.2 Update knowledge of premium formula, impact of its elements on employer premium and actuarial reasoning behind formula

4.3 Maintain knowledge of alternate premium options and when and why employer could use them

Evidence of the ability to:

interpret and comply with industry and organisational obligations and objectives, including relevant legislative requirements

provide relevant information and deal with questions relating to all aspects of the business and policy issues that arise for clients

effectively manage policy and product data and information

identify and present on issues of relevance to clients.

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:

analyse and explain the key features of current personal injury management sector policy, products and compliance requirements

analyse the key insurance industry trends and developments, and discuss likely impacts

describe the key features of:

insurance management systems

insurance promotional programs

premium classification rates and systems.