Unit of competency Outline
Date retreived
23/07/2026 6:22 AM AWST
23/07/2026 6:22 AM 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.
Evaluate risk for renewal business
Evaluate risk for renewal business
Unit of competency
National Code
FNSISV301A
FNSISV301A
State Code
D4223
D4223
TGA Status
Replaced
Replaced
DTWD Status
Replaced
Replaced
State Implementation and Classification
Approved Date
21/02/2012
Field of Education
081103 - Insurance And Actuarial Studies
Original Release Date
21/02/2012
Nominal Hours
30
Description
This unit describes the performance outcomes, skills and knowledge required to evaluate the risk for renewal business including gathering the risk information, and reviewing and assessing it against appropriate risk criteria such as underwriting risk.This unit applies to insurance broking roles and may be applied within organisations of various sizes and across a range of customer bases.This unit is applicable to individuals working within enterprises and job roles subject to licensing, legislative, regulatory or certification requirements including legislation administered by the Australian Securities and Investments Commission (ASIC).
Notes
Elements and Performance Criteria
1. Obtain information on risk
- 1.1. Information is gathered in accordance with organisation guidelines on risk changes since prior acceptance, if required
- 1.2. Any claims on risk are identified
- 1.3. Information is gathered on client history if applicable
- 1.4. Surveys/reports are commissioned if applicable to risk
- 1.5. Exception reporting is utilised if applicable
- 1.6. Legislative and compliance requirements are adhered to in all cases
2. Review risk information
- 2.1. Information is reviewed to determine its relevance and reliability
- 2.2. Any claims on risk are checked and documented
- 2.3. Compliance with risk management conditions is checked
3. Assess information against established risk criteria
- 3.1. Risk acceptance criteria/net retentions are checked for any changes over past period
- 3.2. Risk information is compared against risk acceptance criteria and procedures to assess acceptability of risk
- 3.3. Liaison with other internal departments is conducted to assess impact on business if applicable
- 3.4. Risk assessment data is documented according to organisation policy and procedures
RANGE STATEMENT
The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.
Client history may include:
claims records
financial results
number and type of policies
time insured.
Reports may include:
pre-underwriting reports which are usually computer reports on policy premiums and claims
reports regarding reinsurance requirements and changes in the physical risk exposure.
Legislative and compliance requirements may include:
codes of practice
Corporations Act
Financial Services Reform Act (FSRA)
relevant Australian Securities and Investments Commission (ASIC) requirements.
Sources of information may include:
amendments
assessor reports
broker slips
claims
customer duties of disclosure and renewal
proposals
stock exchange
surveys
telephone contacts.
Risk acceptance criteria may include:
claims history
class of business
driving and/or accident history
locality
minimum security levels.
The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.
Client history may include:
claims records
financial results
number and type of policies
time insured.
Reports may include:
pre-underwriting reports which are usually computer reports on policy premiums and claims
reports regarding reinsurance requirements and changes in the physical risk exposure.
Legislative and compliance requirements may include:
codes of practice
Corporations Act
Financial Services Reform Act (FSRA)
relevant Australian Securities and Investments Commission (ASIC) requirements.
Sources of information may include:
amendments
assessor reports
broker slips
claims
customer duties of disclosure and renewal
proposals
stock exchange
surveys
telephone contacts.
Risk acceptance criteria may include:
claims history
class of business
driving and/or accident history
locality
minimum security levels.
EVIDENCE GUIDE
The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.
Overview of assessment
Critical aspects for assessment and evidence required to demonstrate competency in this unit
Evidence of the ability to:
understand and apply all relevant legal obligations and organisation procedures when identifying and evaluating risks for renewal business
maintain and apply sound understanding of relevant organisation products and services
follow relevant underwriting guidelines and procedures
identify and investigate risk as it relates to renewal business in accordance with underwriting and organisation guidelines
document risk assessment data in accordance with organisation guidelines.
Context of and specific resources for assessment
Assessment must ensure:
competency is demonstrated in the context of the work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment
access to and the use of a range of common office equipment, technology, software and consumables
access to organisation records
access to organisational policies and procedures.
Method of assessment
A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:
evaluating an integrated activity, which combines the elements of competency for the unit, or a cluster of related units of competency
observing processes and procedures in workplaces
verbal or written questioning on underpinning knowledge and skills
evaluating samples of work
accessing and validating third party reports.
Guidance information for assessment
The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.
Overview of assessment
Critical aspects for assessment and evidence required to demonstrate competency in this unit
Evidence of the ability to:
understand and apply all relevant legal obligations and organisation procedures when identifying and evaluating risks for renewal business
maintain and apply sound understanding of relevant organisation products and services
follow relevant underwriting guidelines and procedures
identify and investigate risk as it relates to renewal business in accordance with underwriting and organisation guidelines
document risk assessment data in accordance with organisation guidelines.
Context of and specific resources for assessment
Assessment must ensure:
competency is demonstrated in the context of the work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment
access to and the use of a range of common office equipment, technology, software and consumables
access to organisation records
access to organisational policies and procedures.
Method of assessment
A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:
evaluating an integrated activity, which combines the elements of competency for the unit, or a cluster of related units of competency
observing processes and procedures in workplaces
verbal or written questioning on underpinning knowledge and skills
evaluating samples of work
accessing and validating third party reports.
Guidance information for assessment
Replaces
| State Code | National Code | Title | Type |
|---|---|---|---|
| C9828 | FNSINSV301B | Evaluate risk for renewal business | Unit of competency |
Replaced By
| State Code | National Code | Title | Type |
|---|---|---|---|
| AUS11 | FNSISV301 | Evaluate risk for renewal business | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| S697 | FNS30510 | Certificate III in General Insurance | Qualification |
| D704 | FNS30511 | Certificate III in General Insurance | Qualification |