Unit of competency Outline

Date retreived
23/07/2026 6:53 AM AWST

Whilst all efforts are made to provide accurate and timely information from the relevant source/documentation, please be aware that the information supplied may not be the most current version. The accuracy of the detail has not been confirmed by the Department and therefore should not be relied upon without first confirming the contents.

Underwrite complex risks

Underwrite complex risks

Unit of competency
National Code
FNSILF512
State Code
ODR86
TGA Status
Current
DTWD Status
Approved
Current Release Number
1.00
Current Release Date
27/01/2022
View on TGA
State Implementation and Classification
Approved Date
08/04/2022
Field of Education
081103 - Insurance And Actuarial Studies
Original Release Date
08/04/2022
Nominal Hours
55
Description
This unit describes the skills and knowledge required to apply complex risk assessments to the underwriting of a life insurance application.The unit applies to individuals who use specialised knowledge to assess risk and make decisions, within the level of delegated authority in the life insurance industry.No licensing, legislative or certification requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
1. Identify complex risks in a life insurance application
  • 1.1 Review applications and associated documentation and identify required information
  • 1.2 Interpret information and identify complex risk factors
  • 1.3 Review need for additional information and collect supporting documents
2. Assess level of risk
  • 2.1 Identify potential life insurance risk implications of supplied information
  • 2.2 Determine medical risk factor implications of comorbidities
  • 2.3 Determine financial risk factor implications
  • 2.4 Determine occupational, avocational and other risk factors presented
  • 2.5 Select and apply required risk-assessment criteria and risk-handling techniques
  • 2.6 Confirm application of risk-assessment criteria with persons of authority
3. Determine and advise terms and conditions of risk acceptability
  • 3.1 Assess acceptability of risk against all available information according to underwriting guidelines
  • 3.2 Document assessment rationale according to organisational policies and procedures
  • 3.3 Establish terms and conditions that minimise risk liability, within delegated authority and in line with codes of ethics and professional practice
  • 3.4 Advise required parties of application outcome and communicate next steps, according to legislative and regulatory requirements
No information
No information
Replaces
State Code National Code Title Type
AUR77 FNSILF502 Underwrite complex medical risks Unit of competency
State Code National Code Title Type
BHU8 FNS51822 Diploma of Financial Services Qualification
BFE8 FNS51820 Diploma of Financial Services Qualification
BHK4 FNS41521 Certificate IV in Life Insurance Qualification