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Follow the links below to find material targeted to the unit's elements, performance criteria, required skills and knowledge

Elements and Performance Criteria

1. Identify policy for cancellation
   • Verify request to cancel policy with customer or relevant personnel and ensure it is in appropriate format
   • Establish and record reason for cancellation according to organisational operating procedures
2. Process cancellation details
   • Enter details of cancellation into organisation’s database
   • 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
   • Calculate refunds according to organisational policy and procedures, and verify with relevant personnel
   • Obtain authority to remit refund or amounts owing from relevant personnel
   • Despatch payments within the required timeframe
   • Copy and file documents for auditing purposes according to organisational operating procedures
4. Issue relevant documentation
   • Send notices required by legislation and codes of practice to insured parties within required timeframes and according to operating procedures
   • Advise financiers of cancellation of insurance, where necessary

Performance Evidence

Evidence of the ability to:

comply with regulatory requirements and industry codes of practice

issue cancellation advice accurately and with attention to detail, following organisational policy and procedures

finalise refunds and payments according to organisational procedures.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

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Knowledge Evidence

To complete the unit requirements safely and effectively, the individual must:

identify relevant industry legislation and regulations as they apply to insurance

explain the wording of the industry sector insurance policies in terms of organisational and departmental policy, procedures and authorities

identify and describe the organisation’s insurance products available to customers

explain how information technology and communication systems are used in processing insurance cancellations

outline the relevant industry sector compliance requirements

explain the term ‘duty of disclosure’

outline the principles of privacy policy when dealing with customers.

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