Unit of competency Outline

Date retreived
22/07/2026 11:28 PM AWST

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Issue insurance cancellation advice

Issue insurance cancellation advice

Unit of competency
National Code
FNSISV305
State Code
AUR97
TGA Status
Deleted
DTWD Status
Deleted
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
10
Description
This unit describes the skills and knowledge required to issue notices to insured and other relevant parties advising of cancellation of policy.It applies to individuals carrying out customer services, claims and processing roles in a range of insurance sectors and may be applied within organisations of various sizes and across a range of customer 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 policy for cancellation
  • 1.1 Verify request to cancel policy with customer or relevant personnel and ensure it is in appropriate format
  • 1.2 Establish and record reason for cancellation according to organisational operating procedures
2. Process cancellation details
  • 2.1 Enter details of cancellation into organisation’s database
  • 2.2 Contact insured or relevant parties to obtain further details required to process cancellation, where necessary taking into consideration privacy obligations
3. Finalise refunds or payments owing
  • 3.1 Calculate refunds according to organisational policy and procedures, and verify with relevant personnel
  • 3.2 Obtain authority to remit refund or amounts owing from relevant personnel
  • 3.3 Despatch payments within the required timeframe
  • 3.4 Copy and file documents for auditing purposes according to organisational operating procedures
4. Issue relevant documentation
  • 4.1 Send notices required by legislation and codes of practice to insured parties within required timeframes and according to operating procedures
  • 4.2 Advise financiers of cancellation of insurance, where necessary
No information
No information
Replaces
State Code National Code Title Type
D4227 FNSISV305A Issue cancellation advice Unit of competency
State Code National Code Title Type
AVZ8 FNS30515 Certificate III in General Insurance Qualification