Unit of Competency Mapping – Information for Teachers/Assessors – Information for Learners

FNSISV305 Mapping and Delivery Guide
Issue insurance cancellation advice

Version 1.0
Issue Date: June 2024


Qualification -
Unit of Competency FNSISV305 - Issue insurance cancellation advice
Description
Employability Skills
Learning Outcomes and Application 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.
Duration and Setting X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting.

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the insurance services field of work and include access to:

organisational records

organisational policy, procedures, legislation and regulations as they relate to contracts of insurance

a range of common technology and software

an appropriate work environment and conditions.

Assessors must satisfy NVR/AQTF assessor requirements.
Prerequisites/co-requisites
Competency Field
Development and validation strategy and guide for assessors and learners Student Learning Resources Handouts
Activities 		Slides
PPT 		Assessment 1 Assessment 2 Assessment 3 Assessment 4
Elements of Competency Performance Criteria              
Element: Identify policy for cancellation
  • Verify request to cancel policy with customer or relevant personnel and ensure it is in appropriate format
  • Establish and record reason for cancellation according to organisational operating procedures
       
Element: Process cancellation details
  • Enter details of cancellation into organisation’s database
  • Contact insured or relevant parties to obtain further details required to process cancellation, where necessary taking into consideration privacy obligations
       
Element: Finalise refunds or payments owing
  • Calculate refunds according to organisational policy and procedures, and verify with relevant personnel
  • Obtain authority to remit refund or amounts owing from relevant personnel
  • Despatch payments within the required timeframe
  • Copy and file documents for auditing purposes according to organisational operating procedures
       
Element: Issue relevant documentation
  • Send notices required by legislation and codes of practice to insured parties within required timeframes and according to operating procedures
  • Advise financiers of cancellation of insurance, where necessary
       


Evidence Required

List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

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

Evidence of the ability to:

comply with regulatory requirements and industry codes of practice

issue cancellation advice accurately and with attention to detail, following organisational policy and procedures

finalise refunds and payments according to organisational procedures.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

To complete the unit requirements safely and effectively, the individual must:

identify relevant industry legislation and regulations as they apply to insurance

explain the wording of the industry sector insurance policies in terms of organisational and departmental policy, procedures and authorities

identify and describe the organisation’s insurance products available to customers

explain how information technology and communication systems are used in processing insurance cancellations

outline the relevant industry sector compliance requirements

explain the term ‘duty of disclosure’

outline the principles of privacy policy when dealing with customers.

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assignment, checklist) and due date here

Assessment task 1: [title]      Due date:

(add new lines for each of the assessment tasks)

Assessment Tasks

Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

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

Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.

Observation Checklist

Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice Yes No Comments/feedback
Verify request to cancel policy with customer or relevant personnel and ensure it is in appropriate format 
Establish and record reason for cancellation according to organisational operating procedures 
Enter details of cancellation into organisation’s database 
Contact insured or relevant parties to obtain further details required to process cancellation, where necessary taking into consideration privacy obligations 
Calculate refunds according to organisational policy and procedures, and verify with relevant personnel 
Obtain authority to remit refund or amounts owing from relevant personnel 
Despatch payments within the required timeframe 
Copy and file documents for auditing purposes according to organisational operating procedures 
Send notices required by legislation and codes of practice to insured parties within required timeframes and according to operating procedures 
Advise financiers of cancellation of insurance, where necessary 

Forms

Assessment Cover Sheet

FNSISV305 - Issue insurance cancellation advice
Assessment task 1: [title]

Student name:

Student ID:

I declare that the assessment tasks submitted for this unit are my own work.

Student signature:

Result: Competent Not yet competent

Feedback to student

 

 

 

 

 

 

 

 

Assessor name:

Signature:

Date:

Assessment Record Sheet

FNSISV305 - Issue insurance cancellation advice

Student name:

Student ID:

Assessment task 1: [title] Result: Competent Not yet competent

(add lines for each task)

Feedback to student:

 

 

 

 

 

 

 

 

Overall assessment result: Competent Not yet competent

Assessor name:

Signature:

Date:

Student signature:

Date: