Unit of competency Outline

Date retreived
23/07/2026 2:32 AM AWST

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Underwrite insurance business

Underwrite insurance business

Unit of competency
National Code
FNSISV412
State Code
OCZ21
TGA Status
Current
DTWD Status
Approved
Current Release Number
1.00
Current Release Date
02/02/2021
View on TGA
State Implementation and Classification
Approved Date
22/04/2021
Field of Education
081103 - Insurance And Actuarial Studies
Original Release Date
22/04/2021
Nominal Hours
45
Description
This unit describes the skills and knowledge required to underwrite a new or renewing business, including determining the terms and conditions, risk acceptance, evaluating the response of the client, negotiating and finalising the cover.The unit applies to those working in underwriting roles across range of insurance sectors, in organisations of various sizes and across a range of client bases.Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Users are advised to check with the relevant state and territory regulatory authorities to confirm those requirements.
Notes
Elements and Performance Criteria
1. Determine terms and conditions of risk acceptability
  • 1.1 Collect risk acceptance information and determine terms and conditions of acceptance
  • 1.2 Determine risk acceptability within authority limitations and capacities
  • 1.3 Determine terms and conditions of risk acceptance according to risk acceptance criteria and client history as required
  • 1.4 Determine referrals, as required
  • 1.5 Place facultative reinsurance, as required
2. Communicate result of risk assessment
  • 2.1 Prepare and communicate quotation, as required
  • 2.2 Advise client of terms and conditions of risk acceptance according to organisational timeframes
  • 2.3 Advise rejection of risk as required according to organisational timeframes and guidelines
3. Negotiate agreement
  • 3.1 Determine whether action to modify terms and conditions is required by assessing client response
  • 3.2 Modify offer as required and prepare advice to client according to organisational policies and procedures
  • 3.3 Confirm offer complies with underwriting acceptance authorities and criteria and seek referral approval, as required
  • 3.4 Negotiate revised offer and establish reinsurance as required
  • 3.5 Advise client of acceptance or rejection of risk according to organisational policies and procedures
4. Finalise agreement
  • 4.1 Specify disclosure requirements
  • 4.2 Issue documentation to client according to organisational policies and procedures
  • 4.3 Confirm reinsurance cover, as required
  • 4.4 Record documents according to organisational policies and procedures
  • 4.5 Monitor expiry of interim cover according to organisational policies and procedures as required
No information
No information
Replaces
State Code National Code Title Type
AUS01 FNSISV402 Underwrite new business Unit of competency
AUS10 FNSISV404 Underwrite renewal business Unit of competency