Unit of competency Outline

Date retreived
22/07/2026 5:07 PM 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.

Develop and maintain knowledge of personal injury management insurance

Develop and maintain knowledge of personal injury management insurance

Unit of competency
National Code
FNSPIM406
State Code
AUS47
TGA Status
Current
DTWD Status
Approved
Current Release Number
1.00
Current Release Date
25/03/2015
View on TGA
State Implementation and Classification
Approved Date
16/09/2015
Field of Education
081105 - Investment And Securities
Original Release Date
16/09/2015
Nominal Hours
35
Description
This unit describes the skills and knowledge required to maintain current knowledge of personal injury management insurance and apply sound industry and product knowledge to current insurance policies and practices.It applies to individuals who develop and apply specialised knowledge within the underwriting area. They may provide leadership to others and have responsibility for the supervision of work.Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.
Notes
Elements and Performance Criteria
1. Advise clients on varying characteristics of personal injury management insurance
  • 1.1 Identify characteristics of personal injury management insurance
  • 1.2 Determine strengths, weaknesses, terms and conditions of personal injury management insurance and communicate to clients where applicable
  • 1.3 Access and apply appropriate promotional strategy in business activities
2. Determine compliance implications of personal injury management insurance for client
  • 2.1 Establish and document compliance implications
  • 2.2 Provide client with all necessary information and documentation as per compliance requirements
3. Review and update current information about personal injury management insurance
  • 3.1 Review relevant personal injury management insurance regularly, identify any changes to terms and conditions and apply in daily work
  • 3.2 Establish systems for keeping up with changes and maintaining up-to-date knowledge about relevant personal injury management insurance
  • 3.3 Continually review emerging trends affecting industry and apply to knowledge of personal injury management insurance
4. Maintain knowledge of personal injury management premium systems
  • 4.1 Demonstrate knowledge of factors affecting industry classification rates and how industry classification rates are set and allocated to employer
  • 4.2 Update knowledge of premium formula, impact of its elements on employer premium and actuarial reasoning behind formula
  • 4.3 Maintain knowledge of alternate premium options and when and why employer could use them
No information
No information
Replaces
State Code National Code Title Type
D4283 FNSPIM406A Develop and maintain knowledge of personal injury management insurance Unit of competency