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Evidence Guide: FNSISV305 - Issue insurance cancellation advice

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!

From the Wiki University

 

FNSISV305 - Issue insurance cancellation advice

What evidence can you provide to prove your understanding of each of the following citeria?

Identify policy for cancellation

  1. Verify request to cancel policy with customer or relevant personnel and ensure it is in appropriate format
  2. Establish and record reason for cancellation according to organisational operating procedures
Verify request to cancel policy with customer or relevant personnel and ensure it is in appropriate format

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish and record reason for cancellation according to organisational operating procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Process cancellation details

  1. Enter details of cancellation into organisation’s database
  2. Contact insured or relevant parties to obtain further details required to process cancellation, where necessary taking into consideration privacy obligations
Enter details of cancellation into organisation’s database

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Finalise refunds or payments owing

  1. Calculate refunds according to organisational policy and procedures, and verify with relevant personnel
  2. Obtain authority to remit refund or amounts owing from relevant personnel
  3. Despatch payments within the required timeframe
  4. Copy and file documents for auditing purposes according to organisational operating procedures
Calculate refunds according to organisational policy and procedures, and verify with relevant personnel

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Obtain authority to remit refund or amounts owing from relevant personnel

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Despatch payments within the required timeframe

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Issue relevant documentation

  1. Send notices required by legislation and codes of practice to insured parties within required timeframes and according to operating procedures
  2. Advise financiers of cancellation of insurance, where necessary
Send notices required by legislation and codes of practice to insured parties within required timeframes and according to operating procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Advise financiers of cancellation of insurance, where necessary

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

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

Required Skills and Knowledge

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

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.

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.