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Unit of competency details

FNSIGN406 - Inspect property for saleable items and determine their value (Release 1)

Summary

Usage recommendation:
Deleted
The Deleted usage recommendation was implemented on 13 June 2017 to describe training components that have no replacement. Enrolments in training components and statements of attainment or qualifications issued before 13 June 2017 are valid. For any components marked as deleted after 13 June 2017, the applicable transition/teach-out periods apply. For specific questions regarding the enrolment, delivery or issuance of a statement of attainment/qualification, please contact your training regulator.
Mapping:
MappingNotesDate
DeletedDeleted from FNS Financial Services Training Package14/Jun/2022
Supersedes FNSIGN406A - Inspect vehicle or property for saleable items and determine their valueUpdated to meet Standards for Training Packages Industry update - reference to vehicles removed from unit24/Mar/2015

Releases:
ReleaseRelease date
1 1 (this release) 25/Mar/2015

Companion volumes:
Unit of competency Assessment requirements

Delivery:
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Training packages that include this unit

Qualifications that include this unit

Classifications

SchemeCodeClassification value
ASCED Module/Unit of Competency Field of Education Identifier 080503 Real Estate  

Classification history

SchemeCodeClassification valueStart dateEnd date
ASCED Module/Unit of Competency Field of Education Identifier 080503 Real Estate  30/Jul/2015 
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Unit of competency

Modification History

Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 1.0.

Application

This unit describes the skills and knowledge required to inspect property subject to a claim, and identify serviceable and saleable property and items to determine whether they can be sold and what their value would be.

It applies to individuals who may use specialist techniques to carry out inspections within 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 general

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. Carry out inspection of property to identify serviceable and saleable items and components

1.1 Complete inspection safely without causing damage to any property, component or system

1.2 Access and interpret correct information

1.3 Inspect property, components and items to identify serviceable and saleable components

1.4 Include planned action and expected result of sale in final loss calculation

1.5 Carry out inspection activities according to industry regulations and guidelines

2. Determine property, component and item retail or salvage price

2.1 Undertake valuation of identified property serviceable and saleable items and components to calculate final value

2.2 Estimate retail price and salvage cost

2.3 Recommend action and record according to organisational policy, legislation and regulations

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

1.2, 1.5, 2.2, 2.3
  • Accesses, analyses and evaluates textual information from a variety of sources to identify details and determine requirements

Writing

1.3, 1.4, 2.1, 2.2, 2.3
  • Documents inspection outcomes and recommendations using industry specific language

Numeracy

1.2, 1.4, 2.1, 2.2
  • Accesses and interprets numerical information and performs calculations using formal mathematical language and symbols to estimate and record results

Navigate the world of work

1.1, 1.5, 2.3
  • Takes personal responsibility for following explicit and implicit policies, procedures and legislative requirements

Get the work done

1.1, 1.2, 1.3, 1.4, 1.5, 2.1, 2.3
  • Plans, organises and implements routine and non-routine tasks, aiming to achieve them efficiently and in accordance with organisational and legislative requirements
  • Makes routine decisions and implements standard procedures for routine tasks, using formal decision-making processes for more complex and non-routine situations
  • Uses digital technologies and systems to locate information, enter or update data and present information

Unit Mapping Information

Code and title  

current version 

Code and title 

previous version 

Comments 

Equivalence status 

FNSIGN406 Inspect property for saleable items and determine their value

FNSIGN406A Inspect vehicle or property for saleable items and determine their value

Updated to meet Standards for Training Packages

Industry updates - reference to vehicles removed from unit and title

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

 

Assessment requirements

Modification History

Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 1.0.

Performance Evidence

Evidence of the ability to:

  • carry out inspections of property to identify serviceable and saleable items and components in compliance with industry codes of practice, legislation and regulations
  • determine retail or salvage price of property component or item
  • undertake loss calculations to determine recommended action.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

Knowledge Evidence

To complete the unit requirements safely and effectively, the individual must:

  • explain the key requirements of legislation, regulations and industry codes of practice relating to safety and standard of goods for sale
  • describe the technical knowledge needed to estimate the value of items and components, and determine whether salvage or sale is a viable option
  • describe the characteristics and operation of the market for salvaged items
  • outline the factors to be considered when determining if items or components can be salvaged.

Assessment Conditions

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the general insurance field of work and include access to:

  • organisational records, policy and procedures
  • common office equipment, technology, software and consumables.

Assessors must satisfy NVR/AQTF assessor requirements.

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

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