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Unit of competency details

FNSILA512 - Evaluate collected information and report findings in loss adjusting (Release 1)

Summary

Usage recommendation:
Current
Mapping:
MappingNotesDate
Supersedes FNSILA502 - Evaluate collected information 01/Feb/2021
Supersedes FNSILA503 - Report findings and provide guidance to involved parties 01/Feb/2021

Release Status:
Current
Releases:
ReleaseRelease date
1 1 (this release) 02/Feb/2021

Companion volumes:
Unit of competency Assessment requirements

Delivery:
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Training packages that include this unit

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Classifications

SchemeCodeClassification value
ASCED Module/Unit of Competency Field of Education Identifier 081103 Insurance And Actuarial Studies  

Classification history

SchemeCodeClassification valueStart dateEnd date
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

Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 6.0.

Application

This unit describes the skills and knowledge required to apply diagnostic and mathematical skills to determine liability and extent of loss, damage or injury, and report on loss investigation findings. It encompasses providing guidance and information to involved parties on issues such as recovery rights and success relating to a loss situation.

The unit applies to individuals who use specialised knowledge, analytical skills and, systematic approaches and techniques to problem solve. It also includes skills required to prepare data, present information and communicate effectively with clients.

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

ELEMENT 

PERFORMANCE CRITERIA 

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Analyse established facts

1.1 Assess evidence and information gathered during investigative activities

1.2 Identify fraud indicators

1.3 Assess validity of claim against reported circumstances, available evidence and information

1.4 Assess validity of claim against policy coverage and policy specifications

1.5 Document data analysis techniques and procedures used

2. Assess liability and recovery options

2.1 Determine extent of liability and amount of loss according to insurance policy, legislative and regulatory requirements and organisational policies and guidelines

2.2 Carry out cost–benefit analysis on available recovery options as required

3. Determine recovery rights

3.1 Identify contributory insurances

3.2 Identify and assess cases for potential subrogation action and evaluate likelihood of recovery success

3.3 Identify and evaluate methods of salvage and disposal and potential returns

3.4 Inform involved parties of required steps to preserve salvageable materials

3.5 Notify other parties of the intent to seek recovery where required

4. Report findings

4.1 Prepare reports according to client or organisational policies and guidelines, legislative requirements and codes of practice

4.2 Provide reports to required parties

4.3 Prepare and update reports to reflect current status of assignment

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

S KILL 

DESCRIPTION 

Numeracy
  • Interprets numerical and financial information against a range of criteria to calculate and estimate loss
  • Applies data analysis techniques and procedures, and business mathematics and statistics relevant to assessing insurance loss

Planning and organising
  • Accepts responsibility for planning and sequencing complex tasks and workload, negotiating key aspects with others and taking into account capabilities, efficiencies and effectiveness

Problem solving
  • Applies systematic and analytical decision-making processes for complex and non-routine situations

Reading
  • Critically analyses complex documentation from a variety of sources and consolidates information relating to specific criteria to determine requirements

Self-management
  • Takes responsibility for following policies, guidelines and legislative requirements

Technology
  • Uses digital technologies to access, enter, check and store information required to complete work tasks

Writing
  • Records and completes organisational documents and correspondence using clear language and correct spelling, grammar and terminology
  • Reports specific information logically and revises and updates documentation based on outcomes of action

Unit Mapping Information

No equivalent unit. Supersedes and is not equivalent to:

  • FNSILA502 Evaluate collected information
  • FNSILA503 Report findings and provide guidance to involved parties.

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

Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 6.0.

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:

  • evaluate and validate loss situation and report findings on at least two different occasions.

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 codes of practice relevant to loss investigations
  • business mathematics relating to assessing insurance loss
  • evidence and data analysis techniques and procedures required to assess insurance loss
  • common fraud indicators relating to loss adjusting
  • insurance, contract and commercial law principles relating to loss investigations
  • key features of insurance loss, including:
  • claims management process
  • insurable interest
  • types of insurance policies and key terms and conditions
  • loss adjusting principles and practice
  • principles of cost estimating
  • recovery options, including salvage and disposal methods and subrogation
  • types of liabilities to be considered in assessing loss
  • workplace reporting requirements.

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:

  • organisational records
  • organisational policies, guidelines, legislation and regulations as they relate to contracts of insurance
  • common office equipment, technology, software and consumables.

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

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