Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.
Required skills
communication skills to:
gather and check information
liaise and share information with others
communicate appropriately with people from diverse backgrounds
IT skills to:
use computer applications (word processing, spreadsheet, database, specific purpose computer systems)
access web-based information services
numeracy skills to interpret numeric data and relevant statistics relative to financial information being assessed
organisational skills to efficiently plan and sequence work
problem solving skills to address errors in life insurance documentation
reading skills to:
read and understand relevant procedures
read and understand life insurance policies
read and interpret life insurance applications and supporting documentation
research and analysis skills to:
identify and interpret relevant information
analyse information and data
maintain currency of products and services knowledge
writing skills to:
accurately record information
prepare professional letters and emails.
Required knowledge
the ability to apply and explain as relevant to the underwriting of complex non-medical risks:
integrated actuarial and underwriting information associated with non-medical risk
life insurance administrative requirements
life insurance policy terms and conditions
life insurance risk management practices
organisational procedures
product information
relevant financial and lifestyle information
relevant regulatory requirements
types of financial and lifestyle risk and actuarial considerations.
The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.
Financial and lifestyle information may include: | adviser reports occupation employer position description term of employment professional affiliations and memberships income tax returns & notices of assessment balance sheets profit/loss statements estate planning documentation relevant pastimes, hobbies and leisure activities location of residence location of occupation access to medical services exposure to disease previous insurance history supplementary questionnaires. |
Non-medical risk factors may include: | financial circumstances moral hazards occupation pastimes and activities place of residence travel. |
Life risk is a potential change to health or wellbeing that would have an adverse effect on the financial sustainability of an individual, a family or a group, and may include: | death total and permanent disablement temporary loss of income resulting from accident or sickness traumatic sickness or injury. |
Moral risk factors may include: | illegal acts improper acts wilful acts criminal history claims history over insurance non-disclosure an intention to commit suicide unsustainable or uncertain financial circumstances other circumstances that increase the likelihood of a claim but are unrelated to any genuine and disclosed risk of mortality or morbidity. |
Risks rating systems may include: | cash extra loadings class systems numerical systems. |
Risk acceptance criteria may include: | exclusions loadings other specific terms and conditions standard cover conditions. |
Procedures may include: | organisational complaints handling processes organisational customer service charter organisational guidelines organisational policy organisational privacy and confidentiality guidelines organisational procedures. |
Regulatory requirements may include: | insurance contracts legislation life insurance legislation corporations legislation privacy legislation Australian Securities and Investments Commission (ASIC) regulatory guides. |
Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.
Observation Checklist