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SOUTH AFRICAN QUALIFICATIONS AUTHORITY 
REGISTERED UNIT STANDARD: 

Apply technical knowledge and skill to underwrite risk in short term corporate insurance 
SAQA US ID UNIT STANDARD TITLE
243171  Apply technical knowledge and skill to underwrite risk in short term corporate insurance 
ORIGINATOR
SGB Insurance and Investment 
PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY
-  
FIELD SUBFIELD
Field 03 - Business, Commerce and Management Studies Finance, Economics and Accounting 
ABET BAND UNIT STANDARD TYPE PRE-2009 NQF LEVEL NQF LEVEL CREDITS
Undefined  Regular  Level 5  Level TBA: Pre-2009 was L5  10 
REGISTRATION STATUS REGISTRATION START DATE REGISTRATION END DATE SAQA DECISION NUMBER
Reregistered  2018-07-01  2023-06-30  SAQA 06120/18 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2024-06-30   2027-06-30  

In all of the tables in this document, both the pre-2009 NQF Level and the NQF Level is shown. In the text (purpose statements, qualification rules, etc), any references to NQF Levels are to the pre-2009 levels unless specifically stated otherwise.  

This unit standard does not replace any other unit standard and is not replaced by any other unit standard. 

PURPOSE OF THE UNIT STANDARD 
The key purpose of underwriting risk in short term corporate insurance is to enable senior/experienced underwriters to make an underwriting decision for a large and diversified corporate account in consultation with internal or external specialists. This Unit Standard will be useful for Underwriters and Claims Assessors.

The qualifying learner is capable of:
  • Investigating the background and circumstances of the corporate proposer.
  • Analysing the insurance risk for a corporate insurance buyer.
  • Investigating the loss history of a corporate proposer.
  • Applying technical knowledge to recommend and substantiate and underwriting decision. 

  • LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
    It is assumed that learners are competent in Communication and Mathematical Literacy at NQF Level 4. 

    UNIT STANDARD RANGE 
    The typical scope of this Unit Standard is the intricacies of the corporate world and their relationship to insurance. 

    Specific Outcomes and Assessment Criteria: 

    SPECIFIC OUTCOME 1 
    Investigate the background and circumstances of the corporate proposer. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The concepts of a corporate proposer and the corporate insured are explained with reference to the difference between the proposer and the insured. 

    ASSESSMENT CRITERION 2 
    The concept of a risk is explained with reference to corporate activities or occupations and exposures that pose a high risk. 

    ASSESSMENT CRITERION 3 
    Location, environmental and health and safety factors that could indicate a high-risk exposure are analysed for a specific corporate client. 

    ASSESSMENT CRITERION 4 
    Underwriting notes, site survey reports and other supporting documents are analysed and elements that could indicate a higher than usual risk are identified and investigated further for a specific Corporate proposer. 

    SPECIFIC OUTCOME 2 
    Analyse the insurance risk for a corporate insurance buyer. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The subject matter of insurance, insurable interest and indemnity in corporate insurance are explained with reference to underwriting notes, survey reports and other information. 

    ASSESSMENT CRITERION 2 
    Industries and occupations within a corporate are analysed and classified according to the associated risk. 

    ASSESSMENT CRITERION 3 
    Different assets that could affect the risk are analysed and classified for a selected corporate account. 

    ASSESSMENT CRITERION 4 
    Resources and materials used by the corporate are analysed and classified according to the asset risk. 

    SPECIFIC OUTCOME 3 
    Investigate the loss history of a corporate proposer. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The information in the underwriting notes is verified, additional information relating to previous losses is requested and corrective measures taken to reduce risk are ascertained from the proposer. 

    ASSESSMENT CRITERION 2 
    The financial implications of the size and frequency of previous losses are ascertained and an indication is given of the previous claims' trend and the preferred risk when faced with a low frequency high risk or high frequency low risk. 

    ASSESSMENT CRITERION 3 
    The level of self-insurance is determined for a specific corporate client. 

    ASSESSMENT CRITERION 4 
    Post loss surveys are scrutinised in order to determine the adequacy of risk improvement measures. 

    SPECIFIC OUTCOME 4 
    Apply technical knowledge to recommend and substantiate an underwriting decision. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    Factors that warrant a loading or reduction are analysed in terms of reducing perils, applying deductions, excesses and physical protection of assets. 

    ASSESSMENT CRITERION 2 
    The concepts of excess, deductibles and self-insurance are explained with reference to a specific corporate policy. 

    ASSESSMENT CRITERION 3 
    Specialist reports are used to determine acceptance and premium rate or declination of the risk. 

    ASSESSMENT CRITERION 4 
    The relationship between underwriting retentions and insurance reinsurance is explained with reference to underwriting criteria used to determine the need for reinsurance. 

    ASSESSMENT CRITERION 5 
    The premiums, terms and conditions are collated from specialist reports and presented in a quotation and corporate policy document. 


    UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS 
  • Anyone assessing a candidate against this Unit Standard must be registered as an assessor with the relevant ETQA or ETQA where a Memorandum of Understanding (MOU) exists with the relevant ETQA.
  • Any institution offering learning that will enable achievement of this Unit Standard must be accredited as a provider through the relevant ETQA or ETQA where a Memorandum of Understanding (MOU) exists with the relevant ETQA.
  • Moderation of assessment will be overseen by the relevant ETQA according to the moderation guidelines and the agreed ETQA procedures. 

  • UNIT STANDARD ESSENTIAL EMBEDDED KNOWLEDGE 
    N/A 

    UNIT STANDARD DEVELOPMENTAL OUTCOME 
    N/A 

    UNIT STANDARD LINKAGES 
    N/A 


    Critical Cross-field Outcomes (CCFO): 

    UNIT STANDARD CCFO IDENTIFYING 
    Learners are capable of identifying and solving problems in which responses show that responsible decisions using critical and creative thinking have been made in substantiating a recommendation to accept or decline a risk. 

    UNIT STANDARD CCFO WORKING 
    Learners are capable of working effectively as a member of a team as underwriting decisions at this level are never made by a senior underwriter alone. 

    UNIT STANDARD CCFO COLLECTING 
    Learners are capable of collecting, organising and evaluating information in making a recommendation about a corporate risk. 

    UNIT STANDARD CCFO COMMUNICATING 
    Learners are capable of communicating effectively in writing reports and compiling a policy document. 

    UNIT STANDARD CCFO SCIENCE 
    Learners are capable of using technology effectively in using a computer to assist in processing information required to assess short-term corporate risk. 

    UNIT STANDARD CCFO DEMONSTRATING 
    Learners are capable of demonstrating an understanding of the world as a set of related systems by recognising that problem-solving contexts do not exist in isolation by recognising that a variety of systems are involved in assessing a short term corporate risk. 

    UNIT STANDARD ASSESSOR CRITERIA 
    N/A 

    REREGISTRATION HISTORY 
    As per the SAQA Board decision/s at that time, this unit standard was Reregistered in 2012; 2015. 

    UNIT STANDARD NOTES 
    N/A 

    QUALIFICATIONS UTILISING THIS UNIT STANDARD: 
      ID QUALIFICATION TITLE PRE-2009 NQF LEVEL NQF LEVEL STATUS END DATE PRIMARY OR DELEGATED QA FUNCTIONARY
    Elective  57918   National Certificate: Short Term Insurance  Level 5  Level TBA: Pre-2009 was L5  Reregistered  2023-06-30  INSETA 


    PROVIDERS CURRENTLY ACCREDITED TO OFFER THIS UNIT STANDARD: 
    This information shows the current accreditations (i.e. those not past their accreditation end dates), and is the most complete record available to SAQA as of today. Some Primary or Delegated Quality Assurance Functionaries have a lag in their recording systems for provider accreditation, in turn leading to a lag in notifying SAQA of all the providers that they have accredited to offer qualifications and unit standards, as well as any extensions to accreditation end dates. The relevant Primary or Delegated Quality Assurance Functionary should be notified if a record appears to be missing from here.
     
    1. African Resources & Financial Training (Pty) Ltd 
    2. Invuya Institute of Learning (Pty) Ltd 
    3. Masifunde Training Centre (Pty) Ltd 
    4. Ripple Effect 4 (Pty) Ltd 



    All qualifications and part qualifications registered on the National Qualifications Framework are public property. Thus the only payment that can be made for them is for service and reproduction. It is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source.