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Evidence Guide: FNSISV308 - Process facultative and treaty reinsurance claims

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

 

FNSISV308 - Process facultative and treaty reinsurance claims

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

Receive reinsurance claim

  1. Receive and check information relating to facultative or treaty reinsurance claim
  2. Check completeness of information
  3. Confirm coverage of a claim, or series of claims, under specific customer, policy or treaty
Receive and check information relating to facultative or treaty reinsurance claim

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Check completeness of information

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Confirm coverage of a claim, or series of claims, under specific customer, policy or treaty

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Calculate recovery, including reinstatements

  1. Calculate payment amount or amount outstanding according to organisational policy and procedures, and treaty and facultative obligations
  2. Notify reinsurers of claim amount and details under relevant reinsurance arrangements
  3. Request payment from reinsurer
  4. Pass payment information on to appropriate staff, where required
  5. Accurately record or enter on the system all claim information
Calculate payment amount or amount outstanding according to organisational policy and procedures, and treaty and facultative obligations

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Notify reinsurers of claim amount and details under relevant reinsurance arrangements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Request payment from reinsurer

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Pass payment information on to appropriate staff, where required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Accurately record or enter on the system all claim information

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. Receive reinsurance claim

1.1 Receive and check information relating to facultative or treaty reinsurance claim

1.2 Check completeness of information

1.3 Confirm coverage of a claim, or series of claims, under specific customer, policy or treaty

2. Calculate recovery, including reinstatements

2.1 Calculate payment amount or amount outstanding according to organisational policy and procedures, and treaty and facultative obligations

2.2 Notify reinsurers of claim amount and details under relevant reinsurance arrangements

2.3 Request payment from reinsurer

2.4 Pass payment information on to appropriate staff, where required

2.5 Accurately record or enter on the system all claim information

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. Receive reinsurance claim

1.1 Receive and check information relating to facultative or treaty reinsurance claim

1.2 Check completeness of information

1.3 Confirm coverage of a claim, or series of claims, under specific customer, policy or treaty

2. Calculate recovery, including reinstatements

2.1 Calculate payment amount or amount outstanding according to organisational policy and procedures, and treaty and facultative obligations

2.2 Notify reinsurers of claim amount and details under relevant reinsurance arrangements

2.3 Request payment from reinsurer

2.4 Pass payment information on to appropriate staff, where required

2.5 Accurately record or enter on the system all claim information

Evidence of the ability to:

accurately process facultative and treaty reinsurance claims across a representative range of products, customers and conditions by:

receiving, recording and clarifying the reinsurance claim information

notifying the customer of claim and payment outcomes

documenting and communicating outcomes to the reinsurer

calculate payments within facultative and reinsurance arrangements.

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:

describe the difference between facultative and treaty reinsurance

outline key features of relevant legislation, regulations and organisational policy and procedures for processing facultative and treaty reinsurance claims

interpret key wording used in policies relating to facultative and treaty reinsurance

explain reinsurance terminology and concepts such as:

any one risk

any one event

reinstatement premium

outline principles and methods of filing and storing documentation

outline terms and conditions of reinsurance arrangements between insurers and reinsurers.