Unit of competency details
FNSILA508 - Provide specialist liability loss adjusting advice and services (Release 1)
Summary
Usage recommendation:
Current
Releases:
| 1 1 (this release) |
02/Feb/2021 |
Companion volumes:
Unit of competency
Assessment requirements
Training packages that include this unit
Qualifications that include this unit
Classifications
Classification history
| ASCED Module/Unit of Competency Field of Education Identifier | 081103 | Insurance And Actuarial Studies | 10/Mar/2021 | |
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Unit of competency
Modification History
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Release
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Comments
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Release 1
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This version first released with FNS Financial Services Training Package Version 6.0.
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Application
This unit describes the skills and knowledge required to select techniques and provide appropriate advice and services when loss adjusting liability claims. It includes determining liability and extent of loss, and loss mitigation and recovery options for liability types of insurance loss or damage.
The unit applies to individuals working in the loss adjusting sector who use specialised knowledge, analytical skills and techniques to complete their work 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. Users are advised to check with the relevant state and territory regulatory authorities to confirm those requirements.
Unit Sector
Insurance loss adjusting
Elements and Performance Criteria
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ELEMENT
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PERFORMANCE CRITERIA
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Elements describe the essential outcomes.
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Performance criteria describe the performance needed to demonstrate achievement of the element.
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1. Establish facts and options for loss mitigation
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1.1 Collect evidence required to confirm circumstances of loss, damage or injury for liability claim
1.2 Identify information deficiencies and obtain additional information from required sources
1.3 Review insurance policy conditions and determine if loss falls within policy coverage
1.4 Identify and evaluate options for loss mitigation relating to claim
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2. Analyse facts and determine liability and extent of loss
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2.1 Assess collected evidence and information
2.2 Identify fraud indicators
2.3 Assess validity of loss situation and claim against reported circumstances, available evidence and policy specifications
2.4 Determine extent of liability and loss according to legislative requirements and organisational policies and guidelines
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3. Determine options for recovery
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3.1 Identify required contributory insurances
3.2 Identify and assess cases for potential subrogation action
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4. Communicate with required parties
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4.1 Identify the need for specialist assistance
4.2 Convey facts and outcomes to client and other required parties
4.3 Communicate with authorities as required
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Foundation Skills
This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.
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S KILL
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DESCRIPTION
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Numeracy
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- Uses a range of mathematical problem-solving techniques to analyse and estimate numerical and financial data
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Oral communication
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- Uses active listening and questioning to convey and clarify information and to confirm understanding
- Presents information using clear and convincing language, tone and pace appropriate for the audience and purpose
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Planning and organising
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- Accepts responsibility for planning and sequencing complex tasks and workload, negotiating key aspects with others and considers capabilities, efficiencies and effectiveness
- Implements strategies for a diverse range of colleagues and clients to build rapport and foster strong relationships
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Problem solving
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- Applies systematic and analytical decision-making processes for complex and non-routine situations
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Reading
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- Analyses and consolidates information and data from a range of sources, against defined criteria and requirements, and checks for accuracy and completeness
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Self-management
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- Takes responsibility for following policies, guidelines and legislative requirements and identifies organisational implications of new legislation or regulation
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Technologies
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- Uses digital technologies to access, enter and store information required to complete work tasks
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Writing
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- Records and completes organisational documents and correspondence using clear language and correct spelling, grammar and terminology
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Unit Mapping Information
No equivalent unit. New unit.
Links
Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe
Assessment requirements
Modification History
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Release
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Comments
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Release 1
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This version first released with FNS Financial Services Training Package Version 6.0.
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Performance Evidence
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:
- provide specialist liability loss adjusting advice and services for at least two different clients.
Knowledge Evidence
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 and regulatory guidelines and industry sector compliance requirements relating to job role
- organisational policies and guidelines relating to the provision of specialist liability loss adjusting advice and services
- types and features of liability insurance policies including the scope of cover and key terms and conditions
- defences to liability claims
- fraud indicators
- loss mitigation measures for liability claims
- impacts of liability loss on involved stakeholders
- principles used to determine legal liability, including:
- law of torts
- contract law
- statute law
- equity
- role of loss adjuster in managing liability claims
- indicators and characteristics of subrogation actions relating to liability claims
- specialist services required for loss adjusting liability claims
- techniques required for estimating the extent of loss in liability claims
- techniques required for investigating and verifying liability claims
- techniques to analyse and estimate numerical and financial data.
Assessment Conditions
Skills in this unit must be demonstrated in a workplace or simulated environment where the conditions are typical of those in a working environment in this industry.
This includes access to:
- common office equipment, technology, software and consumables
- organisational records
- organisational policies and guidelines.
Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.
Links
Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe
