NTISthis.com

Evidence Guide: FNSISV507 - Implement claim recovery procedures

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

 

FNSISV507 - Implement claim recovery procedures

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

Establish viability of recovery

  1. Identify sources and rights of recovery
  2. Make accurate calculation of achievable recovery amounts
  3. Evaluate extent of recovery success
Identify sources and rights of recovery

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Make accurate calculation of achievable recovery amounts

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Evaluate extent of recovery success

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Evaluate recovery methods

  1. Determine benefit to organisation of using each of available recovery methods, following organisational operating procedures
  2. Assess methods for compliance with relevant legislative and organisational policy requirements
  3. Ensure recovery action selected is appropriate to circumstances of loss
  4. Instigate recovery of correct amount from reinsurers, where appropriate
  5. Appoint agents to undertake loss recovery, where necessary
Determine benefit to organisation of using each of available recovery methods, following organisational operating procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assess methods for compliance with relevant legislative and organisational policy requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Ensure recovery action selected is appropriate to circumstances of loss

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Instigate recovery of correct amount from reinsurers, where appropriate

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Appoint agents to undertake loss recovery, where necessary

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Implement and monitor recovery progress

  1. Issue demand to responsible party
  2. Confirm knock for knock, if applicable
  3. Utilise diary system to monitor follow up
  4. Make referral to solicitor or other relevant service provider, if applicable
  5. Implement and follow up recovery within specified timeframes and organisational guidelines
Issue demand to responsible party

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Confirm knock for knock, if applicable

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Utilise diary system to monitor follow up

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Make referral to solicitor or other relevant service provider, if applicable

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Implement and follow up recovery within specified timeframes and organisational guidelines

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Negotiate recovery settlement

  1. Negotiate recovery settlement on best terms according to organisational policy
  2. Complete negotiation within timeframes and organisational procedures
Negotiate recovery settlement on best terms according to organisational policy

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Complete negotiation within timeframes and organisational procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Process monies

  1. Check file to determine whether recovery money has been received
  2. Prepare payment information and enter on system to facilitate payment of claim by finance department, where applicable
  3. Pay promptly client’s share of recovery money, where applicable
  4. Finalise claims according to legislation, regulations, organisational operating procedures and codes of practice, if applicable
Check file to determine whether recovery money has been received

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare payment information and enter on system to facilitate payment of claim by finance department, where applicable

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Pay promptly client’s share of recovery money, where applicable

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Finalise claims according to legislation, regulations, organisational operating procedures and codes of practice, if applicable

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Record outcome

  1. Update promptly all relevant records and files to display recovery action, amounts and other pertinent detail
  2. Advise underwriter of any special circumstances, if applicable
Update promptly all relevant records and files to display recovery action, amounts and other pertinent detail

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Advise underwriter of any special circumstances, if applicable

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. Establish viability of recovery

1.1 Identify sources and rights of recovery

1.2 Make accurate calculation of achievable recovery amounts

1.3 Evaluate extent of recovery success

2. Evaluate recovery methods

2.1 Determine benefit to organisation of using each of available recovery methods, following organisational operating procedures

2.2 Assess methods for compliance with relevant legislative and organisational policy requirements

2.3 Ensure recovery action selected is appropriate to circumstances of loss

2.4 Instigate recovery of correct amount from reinsurers, where appropriate

2.5 Appoint agents to undertake loss recovery, where necessary

3. Implement and monitor recovery progress

3.1 Issue demand to responsible party

3.2 Confirm knock for knock, if applicable

3.3 Utilise diary system to monitor follow up

3.4 Make referral to solicitor or other relevant service provider, if applicable

3.5 Implement and follow up recovery within specified timeframes and organisational guidelines

4. Negotiate recovery settlement

4.1 Negotiate recovery settlement on best terms according to organisational policy

4.2 Complete negotiation within timeframes and organisational procedures

5. Process monies

5.1 Check file to determine whether recovery money has been received

5.2 Prepare payment information and enter on system to facilitate payment of claim by finance department, where applicable

5.3 Pay promptly client’s share of recovery money, where applicable

5.4 Finalise claims according to legislation, regulations, organisational operating procedures and codes of practice, if applicable

6. Record outcome

6.1 Update promptly all relevant records and files to display recovery action, amounts and other pertinent detail

6.2 Advise underwriter of any special circumstances, if applicable

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. Establish viability of recovery

1.1 Identify sources and rights of recovery

1.2 Make accurate calculation of achievable recovery amounts

1.3 Evaluate extent of recovery success

2. Evaluate recovery methods

2.1 Determine benefit to organisation of using each of available recovery methods, following organisational operating procedures

2.2 Assess methods for compliance with relevant legislative and organisational policy requirements

2.3 Ensure recovery action selected is appropriate to circumstances of loss

2.4 Instigate recovery of correct amount from reinsurers, where appropriate

2.5 Appoint agents to undertake loss recovery, where necessary

3. Implement and monitor recovery progress

3.1 Issue demand to responsible party

3.2 Confirm knock for knock, if applicable

3.3 Utilise diary system to monitor follow up

3.4 Make referral to solicitor or other relevant service provider, if applicable

3.5 Implement and follow up recovery within specified timeframes and organisational guidelines

4. Negotiate recovery settlement

4.1 Negotiate recovery settlement on best terms according to organisational policy

4.2 Complete negotiation within timeframes and organisational procedures

5. Process monies

5.1 Check file to determine whether recovery money has been received

5.2 Prepare payment information and enter on system to facilitate payment of claim by finance department, where applicable

5.3 Pay promptly client’s share of recovery money, where applicable

5.4 Finalise claims according to legislation, regulations, organisational operating procedures and codes of practice, if applicable

6. Record outcome

6.1 Update promptly all relevant records and files to display recovery action, amounts and other pertinent detail

6.2 Advise underwriter of any special circumstances, if applicable

Evidence of the ability to:

collate information and determine the viability of a recovery

review options and determine a suitable claim recovery method

initiate recovery and monitor the progress

engage in negotiations to secure settlement conditions

calculate achievable recovery amounts

oversee the financial transactions of payments

maintain accurate records

make referrals to solicitors or other service providers for recoveries.

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 and apply relevant legislation, regulatory guidelines and industry sector compliance requirements as they apply to:

insurance contracts

consumer protection

privacy

taxation laws

credit laws

describe the importance of the legal aspects of insurance agents and brokers

identify and describe legal precedents and previous organisational results for claims recovery

explain the importance of wording of insurance policies in keeping with the organisation or industry sector

outline organisational policy, procedures, insurance guidelines and levels of authority in claim recovery processes

explain relative industry sector hazards associated with claims recovery.