Unit of competency
Modification History
Release |
Comments |
Release 2 |
This version first released with FNS Financial Services Training Package Version 1.1 Version 2 created to correct mapping information |
Release 1 |
This version first released with FNS Financial Services Training Package Version 1 |
Application
This unit describes the skills and knowledge required to complete an agreed insurance transaction by following the correct processes to place and confirm a client's insurance with an insurer.
It applies to individuals who show accurate attention to detail, work systematically and communicate capably with clients. Individuals may work in organisations of various sizes and across a range of customer bases.
Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.
Unit Sector
Insurance broking
Elements and Performance Criteria
ELEMENT |
PERFORMANCE CRITERIA |
Elements describe the essential outcomes. |
Performance criteria describe the performance needed to demonstrate achievement of the element. |
1. Obtain confirmation of interim cover |
1.1 Notify insurer of details of cover required immediately instructions are received from client 1.2 Seek formal evidence of interim cover within relevant legislative, underwriting and brokerage policy requirements 1.3 Check interim cover details for completeness and accuracy |
2. Confirm insurance cover with client |
2.1 Forward confirmation of correct interim cover to insurers according to company operating guidelines 2.2 Complete required documentation accurately and according to company operating guidelines 2.3 Collect fees and premiums according to company operating guidelines 2.4 Provide all original documentary evidence of cover to client and place copies in client file |
3. Complete required documentation |
3.1 Arrange for documentation and/or declarations to be completed where required prior to expiry of interim cover 3.2 Check client documentation for omissions and errors, and adjust where necessary 3.3 Calculate premium and statutory imposts accurately where required 3.4 Process premium and applicable endorsements and exclusions as required 3.5 Provide instructions for completion of cover to insurer within required timeframes to ensure policy can be issued |
4. Obtain and record documentary evidence of insurance cover |
4.1 Make regular checks of receipt of documentation to ensure timely delivery to meet client requirements 4.2 Check insurer’s documentation for omissions and errors 4.3 Record insurer’s documentation on receipt as required by brokerage’s policy and guidelines |
5. Remit premium to insurers |
5.1 Ensure compliance with relevant legislation and brokerage’s policy and guidelines when remitting premiums 5.2 Remit premiums to insurers in compliance with prearranged credit terms |
6. Update relevant files and records |
6.1 Update business and disclosure records without delay to comply with brokerage guidelines and procedures 6.2 Check all records for accuracy and completeness |
Foundation Skills
This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.
Skill |
Performance Criteria |
Description |
Reading |
1.3, 3.2, 4.1, 4.2, 6.2 |
|
Writing |
1.1, 2.1, 2.2, 3.5, 4.3, 6.1 |
|
Oral Communication |
1.1, 3.5 |
|
Numeracy |
1.3, 2.3, 3.3, 3.4, 5.2 |
|
Navigate the world of work |
1.2, 2.1, 5.1, 5.2, 6.1 |
|
Interact with others |
2.4, 3.5 |
|
Get the work done |
1.1, 1.2, 2.1-2.4, 3.1-3.5, 4.1-4.3, 5.2, 6.1 |
|
Unit Mapping Information
Code and title current version |
Code and title previous version |
Comments |
Equivalence status |
FNSIBK403 Place client insurances with insurer and confirm cover with clients |
FNSIBK403A Implement an agreed insurance program for a broking client |
Updated to meet Standards for Training Packages Title changed Changes to elements and performance criteria to better reflect work practices |
No equivalent unit |
Links
Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe