Unit of competency Outline

Date retreived
23/07/2026 6:25 AM AWST

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Evaluate risk for new business

Evaluate risk for new business

Unit of competency
National Code
FNSISV401
State Code
AUS17
TGA Status
Replaced
DTWD Status
Replaced
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
081103 - Insurance And Actuarial Studies
Original Release Date
16/09/2015
Nominal Hours
40
Description
This unit describes the skills and knowledge required to evaluate risk for new business, including gathering the risk information, and reviewing and assessing it against appropriate risk criteria.It applies to individuals 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. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on 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 Review information to determine its relevance and reliability, and the integrity of its source
  • 1.3 Format data for easy access
  • 1.4 Adhere to legislative and compliance requirements in all cases
2. Assess information against established risk acceptance criteria
  • 2.1 Assess all relevant risk information to determine if it is comprehensive and pertinent to nature of the risk
  • 2.2 Review and commission surveys and/or reports, if applicable to risk
  • 2.3 Interpret data on risk exposure from survey report
  • 2.4 Compare risk information against risk acceptance criteria and organisational capacity to assess and accept risk according to terms and conditions of risk assessment
  • 2.5 Liaise with other internal departments to assess impact on business, if applicable
  • 2.6 Review and compare proposed amendments to organisational wording and compare to acceptance criteria
  • 2.7 Document risk assessment data according to organisational policy and procedures
3. Issue quotation
  • 3.1 Prepare quote based on all risk assessment data
  • 3.2 Communicate information regarding quote to relevant personnel if required
No information
No information
Replaces
State Code National Code Title Type
D4233 FNSISV401A Evaluate risk for new business Unit of competency
Replaced By
State Code National Code Title Type
OCZ60 FNSISV411 Evaluate insurance risk for business Unit of competency