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Skills Unit
LI20115-20
Underwrite complex risks
This unit describes the skills and knowledge required to apply complex risk assessments to the underwriting of a life insurance application.
The unit applies to individuals who use specialised knowledge to assess risk and make decisions, within the 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 complex risks
AUD $425
Life and Retirement Income
Claims
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:
- identify non-routine, complex aspects of a life insurance risk
- review and interpret risk information
- complete and document a risk assessment in accordance with organisational processes and procedures
- explore the underwriter’s scope of authority
- determine the appropriate approach to take regarding the risk and establish terms, conditions and premium of contract.
Competencies
FNSILF512 Underwrite complex risks
Topics Covered
Week 1: Introduction to life insurance
- the major risks covered by life risk policies
- the different types of life insurance products
- various types of policy ownership
- regulatory requirements that apply to the life insurance applicant and underwriter
- the role of the underwriter in complex risk assessment.
Week 2: Identifying complex life insurance risks
- the different types of life risks
- interpreting medical information that are associated with complex risks
- identifying resources to support the review of life risks.
Week 3: Assessing life insurance risk
- reviewing the application form
- assessing complex risks and determining different risk factors
- requesting and reviewing supporting information
Week 4: Establishing the terms and conditions
- establishing acceptability of life risks
- determining appropriate terms and conditions
- finalising and issuing life insurance policies according to legislative and regulatory requirements.
Assessment
1 Exam, 1 Integrated Workbook and 1 Observation Checklist
See the Assessment and Academic Calendar pages for more information.