Unit of competency Outline

Date retreived
22/07/2026 10:46 PM AWST

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Evaluate insurance risk for business

Evaluate insurance risk for business

Unit of competency
National Code
FNSISV411
State Code
OCZ60
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
35
Description
This unit describes the skills and knowledge required to evaluate risk for insurance for a new or renewing business, including gathering risk information, and reviewing and assessing it against appropriate risk criteria.The unit applies to those performing underwriting roles in a 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. Identify and obtain risk information
  • 1.1 Identify, record and gather all sources of risk information and rectify deficiencies
  • 1.2 Determine relevance and reliability of gathered information and integrity of its source
  • 1.3 Prepare data according to organisational policies and procedures
  • 1.4 Confirm compliance with legislative and regulatory requirements
2. Assess information against underwriting guidelines
  • 2.1 Review and initiate required surveys and reports
  • 2.2 Interpret data on risk exposure from survey and reports
  • 2.3 Compare risk information against underwriting guidelines and organisational capacity to assess and accept risk according to terms and conditions
  • 2.4 Liaise with internal stakeholders to assess impact on business as required
  • 2.5 Review and assess proposed amendments against underwriting guidelines and according to organisational policies and procedures
  • 2.6 Document risk assessment data according to organisational policies and procedures
3. Issue quotation
  • 3.1 Prepare quotation based on risk assessment data according to underwriting guidelines
  • 3.2 Communicate information regarding quote to required stakeholders
No information
No information
Replaces
State Code National Code Title Type
AUS17 FNSISV401 Evaluate risk for new business Unit of competency