Unit of competency Outline

Date retreived
22/07/2026 9:28 PM AWST

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Evaluate risk for renewal business

Evaluate risk for renewal business

Unit of competency
National Code
FNSISV301
State Code
AUS11
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
30
Description
This unit describes the 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.It applies to individuals carrying out insurance broking roles in a range of insurance sectors 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. Obtain information on risk
  • 1.1 Gather information in accordance with organisational guidelines on changes in risk since initial acceptance, if required
  • 1.2 Identify claims on risk
  • 1.3 Gather information on customer history, if applicable
  • 1.4 Commission surveys or reports, if applicable to risk
  • 1.5 Use exception reporting, if applicable
  • 1.6 Adhere to legislative and compliance requirements in all cases
2. Review risk information
  • 2.1 Review information to determine its relevance and reliability
  • 2.2 Check and document any claims on risk
  • 2.3 Check compliance with risk management conditions
3. Assess information against established risk criteria
  • 3.1 Check risk acceptance criteria, including net retentions, for any changes over past period
  • 3.2 Compare and assess risk information against risk acceptance criteria and procedures
  • 3.3 Liaise with other internal departments to assess impact on business, if applicable
  • 3.4 Document risk assessment data according to organisational policy and procedures
No information
No information
Replaces
State Code National Code Title Type
D4223 FNSISV301A Evaluate risk for renewal business Unit of competency
State Code National Code Title Type
AVZ8 FNS30515 Certificate III in General Insurance Qualification