Release 

Comments 

Release 1

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

ELEMENT 

PERFORMANCE CRITERIA 

Elements describe the essential outcomes.

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

1. Identify policy for cancellation

1.1 Verify request to cancel policy with customer or relevant personnel and ensure it is in appropriate format

1.2 Establish and record reason for cancellation according to organisational operating procedures

2. Process cancellation details

2.1 Enter details of cancellation into organisation’s database

2.2 Contact insured or relevant parties to obtain further details required to process cancellation, where necessary taking into consideration privacy obligations

3. Finalise refunds or payments owing

3.1 Calculate refunds according to organisational policy and procedures, and verify with relevant personnel

3.2 Obtain authority to remit refund or amounts owing from relevant personnel

3.3 Despatch payments within the required timeframe

3.4 Copy and file documents for auditing purposes according to organisational operating procedures

4. Issue relevant documentation

4.1 Send notices required by legislation and codes of practice to insured parties within required timeframes and according to operating procedures

4.2 Advise financiers of cancellation of insurance, where necessary

Skill 

Performance Criteria 

Description 

Reading

1.1, 3.1

• Interprets, consolidates and checks completeness and accuracy of information and data

Writing

1.1, 1.2, 2.1, 2.2, 3.1, 3.2, 4.2

• Accurately records and completes organisational documents and correspondence using clear language and correct spelling, grammar and terminology

Oral Communication

1.1, 2.2, 3.1, 3.2, 4.2

• Interacts effectively in verbal exchanges, using active listening and questioning to convey and clarify information
• Clearly explains detailed information using language, tone and pace appropriate to audience

Numeracy

3.1

• Performs mathematical calculations to check, interpret and confirm information

Navigate the world of work

1.2, 3.1, 3.4, 4.1

• Complies with legal and regulatory requirements and explicit policies and procedures

Interact with others

1.1, 2.2, 3.1, 3.2, 4.2

• Identifies and takes steps to follow accepted communication practices and protocols
• Uses a limited range of accepted practices for communicating in a work environment

Get the work done

1.1, 2.1, 3.3, 3.4, 4.1

• Plans and implements routine tasks and workload, making limited decisions on sequencing, timing and collaboration, and seeking assistance in setting priorities
• Responds to predictable routine problems by implementing standard or logical solutions
• Uses digital technologies to access, enter and store information required to complete work tasks

Code and title 

current version 

Code and title 

previous version 

Comments 

Equivalence status 

FNSISV305 Issue insurance cancellation advice

FNSISV305A Issue cancellation advice

Updated to meet Standards for Training Packages

Equivalent unit

Release 

Comments 

Release 1

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