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Skills Unit
LI20114-20
Underwrite retrospective risk in a life insurance policy
This unit describes the skills and knowledge required to review life insurance policies in order to underwrite associated retrospective risks.
The unit applies to individuals who use specialised knowledge to determine retrospective risk within a level of delegated authority in the life insurance industry.
No licensing, legislative or certification requirements apply to this unit at the time of publication.
10 CIP Points
Underwrite retrospective risk in a life insurance policy
AUD $425
Life and Retirement Income
General Insurance
5-week Study Period
10 Credit Points
Intermediate
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What you'll learn
By the end of this learning pathway, you should be able to:
- prepare prepare to underwrite retrospective risks
- assess assess level of retrospective risks
- finalise finalise underwriting decisions.
Competencies
FNSILF412 Underwrite retrospective risk in life insurance policies
Topics Covered
Week 1: Introduction to retrospective underwriting
- Explore the Claims context and triggers for retrospective underwriting
- Use a Retrospective underwriting form to capture customer application and medical information
- Follow recommended methods for completing organisational forms
- Determine and document customer information that is relevant to retrospective decision-making
- Compare your work with an experienced underwriter’’s recommendations
Week 2: Assess original and new evidence
- Review what we covered in Week 1: the context, triggers, organisational form and required information for retrospective underwriting
- Follow legislative and organisational requirements
- Follow recommended methods for analysing customer applications and medical information
- Work with legislation and guidelines relevant to a customer policy inception date
- Determine risk implications that will impact a retrospective decision
- Make a retrospective underwriting decision supported by organisational and reinsurer guidelines
- Use a Retrospective underwriting form to document a retrospective underwriting decision
- Compare your work with an experienced underwriter’’s recommendations
Week 3: More retrospective processes
- Explore what happens after a Retrospective underwriting form is submitted and a prudent insurer opinion is sought
- Complete a Retrospective underwriting form and process for a case with more complex decisions
- Identify risk and determine suitable guidelines to minimise the risk
- Compare your own work with the work of an experienced Retrospective underwriter
Week 4: Retrospective underwriting in context
- Consider legislative and holistic risk assessment responsibilities relevant to Retrospective underwriting
- Explore the skills required to be a successful Retrospective underwriter
- Consider the implications of various Retrospective underwriting cases and circumstances
- Respond in real time to typical situations where written and verbal communication skills are required
- eflect on your verbal communication responses and consider how to further develop your skills.
Assessment
1 Exam, 1 Integrated Workbook and 1 Observation Checklist
See the Assessment and Academic Calendar pages for more information.