Assessment Requirements for FNSILF501 Assess extraordinary risks

Release: 1

Assessment Requirements for FNSILF501 Assess extraordinary risks

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:

establish criteria and undertake risk assessment for extraordinary risks

negotiate reinsurance and establish and document appropriate terms and conditions.

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:

describe the types of extraordinary risks within the life insurance sector

define relevant medical terminology, and identify diseases and injuries that lead to extraordinary risks

describe the nature of liability arising out of extraordinary risks

list the relevant information required to assist with negotiating reinsurance

outline the relevant actuarial, financial and legislative requirements including the Australian Securities and Investments Commission (ASIC), Australian Prudential Regulation Authority (APRA) and the Life Insurance Act

describe the methods used to mitigate risk through reinsurance

describe the key players in the reinsurance industry and their involvement in reinsurance.

Assessment Conditions

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

office equipment, technology, software and consumables

organisational records, policy and procedures.

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