Diploma of Loss Adjusting |
This course meets the requirements of the following FNS10 qualification: FNS51410 Diploma of Financial Services. This means that the modules in the course include coverage of the competency standards required for issuance of this national qualification. Students must complete seven core modules and any two electives to attain the qualification.
Core Modules
Electives
A summary of the employability skills developed through this qualification can be downloaded from http://employabilityskills.training.com.au/.
Covers how the loss adjusting industry has evolved, and the roles, responsibilities and the key skills required of a loss adjuster; including the parties they may deal with.
This module will also cover general insurance and the legal knowledge a loss adjuster needs to possess, the key elements of a loss adjuster’s terms of engagement and the steps involved in the loss adjusting process.
Learning Outcomes:
- Explain how the loss adjusting industry has evolved
- Describe the current trends in the loss adjusting industry in Australia and New Zealand
- Identify and explain the role and responsibilities of a loss adjuster
- Describe the key skills required by a loss adjuster
- Identify and describe the key parties a loss adjuster may deal with
- Describe the general insurance and legal knowledge a loss adjuster needs to possess
- List the key elements of a loss adjuster’s terms of engagement
- Identify and explain the steps in the loss adjusting process.
National Competencies:
- FNSICGEN302B Use technology in the workplace.
Concentrates on the types of instructions received by loss adjusters, the terms of reference and how they impact on the loss adjusting assignment, and the steps involved in planning loss adjusting investigation.
This module also covers the key techniques used when collecting and analysing evidence, the steps involved in validating a claim and establishing quantum, and recovery rights and demands.
Learning Outcomes:
- Describe the types of instructions received by loss adjusters and from whom
- Define terms of reference and explain how they impact on the loss adjusting assignment
- Identify and explain the steps involved in planning the loss adjusting investigation
- Describe the key techniques used when collecting and analysing evidence
- Identify and explain the steps involved in validating a claim
- Identify and explain the steps involved in establishing quantum
- Define recovery rights and explain how to issue a recovery demand
- Identify the key sources of recovery rights
- Identify and explain the steps involved in reporting findings of the loss adjusting investigation
- Explain the types of guidance provided by loss adjusters and to whom.
National Competencies:
- FNSLOSS501B Plan and implement loss investigation
- FNSLOSS502B Evaluate collected information requirements
- FNSLOSS503B Report findings and provide guidance to involved parties
- FNSICIND401B Apply principles of professional practice to work in the financial services industry.
Examines how negotiation applies to loss adjusting, including the skills needed for successful negotiation, and analysing the costbenefit on settlement options.
Students will also learn to document and administer negotiation meetings, and the key options for resolving negotiation disputes.
Learning Outcomes:
- Explain how negotiation applies to loss adjusting
- Identify the key skills needed to effect successful negotiation
- Identify the key parties to a loss adjusting negotiation and their relationship
- Identify and support relevant issues and settlement options
- Perform cost benefit analysis on identified settlement options
- Prepare necessary documentation for negotiation meetings
- Undertake arrangement for negotiation meetings with all parties
- Identify key issues relating to negotiation meetings
- Conduct negotiation meetings
- Document and follow up meeting outcomes
- Identify and apply the key options for resolving negotiation disputes.
National Competencies:
- FNSLOSS504B Negotiate/effect settlement
- FNSICGEN301B Communicate in the workplace.
Explains why loss adjusters need to know about the law, including researching the law, the legal system, how laws are developed and interpreted, underlying legal concepts, applying relevant laws, regulations, codes and principles.
Learning Outcomes:
- Explain why loss adjusters need to know about the law
- Describe the process of researching the law
- Describe the legal system that operates within Australia and New Zealand
- Explain how laws are developed and interpreted
- Outline underlying legal concepts
- Explain and apply relevant laws, regulations, codes and principles.
National Competencies:
- FNSCOMP601B Interpret and manage statutory, contractual, legislative and regulatory obligations for organisational compliance
- FNSICGEN304B Apply health and safety practices in the workplace.
Covers the characteristics of loss adjusting businesses, including their scope, operations and client groups. Students will look at how the role of the manager contributes to the effective operational management of an organisation and the purpose and characteristics of business plans.
This module will also cover the process of developing business plans and the key steps involved in monitoring operational performance.
Learning Outcomes:
- Describe the characteristics of loss adjusting businesses, including their scope or operations and
client groups - Explain how the role of the manager contributes to the effective operational management of an organisation
- Explain the purpose and characteristics of business plans
- Describe the process of developing business plans
- Describe the process of recruiting appropriate staff to achieve business plans
- Explain how appropriate physical resources and equipment are identified and systems are put in place
to ensure the business plan is achieved - Describe the key steps involved in monitoring operational performance.
National Competencies:
- FNSICORG503B Develop an operational plan
- FNSICORG504B Implement an operational plan.
This module looks at the role of the loss adjuster in relation to property claims, the purpose of property cover and loss, insurable interest, property policies, the cover provided and issues relating to property cover.
Students will also study the reasons for physical measurement or photographic evidence when verifying loss, interviewing processes of an insured, types of combustions, fire spreads, common causes of ignition and evidence of forced entry in a fire loss. Also covered is commercial stock loss, the insured and insurers rights in loss mitigation, the purpose of casualty cover and the effects of a casualty loss.
Learning Outcomes:
- Explain the purpose of property cover
- Explain the effects property loss can have and on whom
- Explain the meaning and implications for loss adjusting on insurable interest
- Describe the types of property policies available and the cover they provide
- Describe some of the issues relating to property cover
- Explain the meaning and implications for loss adjusting on the following insurance principles:
- Duty of disclosure
- Proximate cause
- Indemnity
- Subrogation
- Contribution
- Co–insurance. - Explain the role of the loss adjuster in the preparation and assessment of property claims
- Explain why it is sometimes necessary to undertake physical measurement or use photographic evidence to
verify a loss - Outline the process of interviewing an insured
- Describe the types of combustions and the means through which fire spreads
- List the common causes of ignition
- Describe the motives behind arson
- Explain the significance of evidence of forced entry in a fire loss
- Outline the factor that the adjuster should consider in verifying a commercial stock loss
- Explain the insured’s and insurer’s rights and obligations in regard to loss mitigation
- Explain the role of the loss adjuster in mitigating property loss when:
-Preparing the scope of works
-Handling a claim involving the loss of jewellery
-Handling a claim involving the loss of domestic content
-Handling a commercial loss - Explain the purpose of casualty cover
- Explain the effects casualty loss can have and on whom
- Identify the key principles of casualty insurance.
National Competencies:
- FNSLOSS505B Provide ancillary services.
Addresses the skills and knowledge required to identify professional approaches to procedures guidelines, policies and standards including ethical requirements, and to contribute to the implementation of strategies to control occupational health and safety risks. It also identifies industry professional approaches to procedures, policies and standards.
Discusses the business interruption policies available, the purpose of business interruption cover and the effect business interruption can have on business.
Students will learn about the role of the loss adjuster in the preparation and assessment of business interruption claims, the claim triggers to business interruption and the calculations and preparation costs needed to assess a claim under an Industrial Special Risks (ISR) policy.
Learning Outcomes:
- Explain the purpose of business interruption cover
- Explain the effects business interruption can have on business
- Describe the business interruption policies available to businesses
- Explain the role of the loss adjuster in the preparation and assessment of business interruption claims
- Describe the three claim triggers to a business interruption claim
- Describe the calculations needed to assess a claim for loss of gross profit and loss of payroll under a typical ISR policy wording
- Describe the cover provided for claim preparation costs and additional increased costs of working under a typical ISR policy wording
- Describe the conditions and issues surrounding business interruption policies.
Examines the purpose of liability cover and the effects of legal liability, determining circumstances of a claim, establishing liability and triggering indemnity under a liability policy.
This module will also look at the types of liability policies available and the cover they provide, defences to liability claims and the role of the loss adjuster in:
(a) the preparation and assessment, and
(b) the investigation and verification of liability claims.
Learning Outcomes:
- Explain the purpose of liability cover
- Explain the effects legal liability can have and on whom
- Describe the role of the loss adjuster in determining the circumstances, establishing liability and triggering indemnity under a liability policy
- Describe the types of liability policies available and the cover they provide
- Describe the defences to liability claims
- Explain the role of the loss adjuster in the preparation and assessment of liability claims
- Describe the role of the loss adjuster in the investigation and verification of the claim.
Looks at the purpose of building insurance and what constitutes a loss, insurable interest and proximate cause, differences between the building insurance policies available and the types
of issues when conducting a building loss adjustment.
This module also covers the loss adjuster’s role in building claims, the process of investigation and verification of a building claim and investigating a loss caused by fire.
Learning Outcomes:
- Describe the purpose of building insurance
- Explain what constitutes a loss
- Explain the concept of insurable interest
- Identify and explain the differences between the building insurance policies available on the market
- Explain the loss adjuster’s role in building claims
- Explain the concept of proximate cause
- Explain the process of investigation and verification of a building claim
- Identify and describe the types of issues loss adjusters must deal with when conducting a building loss
adjustment - Identify and describe what is involved when investigating a loss caused by a fire
- Identify and describe the types of information that must be assessed prior to forming an opinion regarding the cause of a fire.
Concentrates on the role of the loss adjuster in theft, money and fidelity loss, including the effects of each type of loss, the policies available, their purpose, scope of cover and typical claim triggers.
Students will learn about the concepts of limit of liability and sum insured, conditions, exclusions and extensions, settlement, investigation and reconciling stock loss. The module will also cover physical measurement, photographic evidence and market intelligence in claims evaluation, minimising loss through salvage, contribution, recovery and restitution and common physical security considerations used to protect a risk.
Learning Outcomes:
- Define theft, money and fidelity loss
- Describe the effects of theft, money and fidelity loss
- Outline theft, money and fidelity loss policies available, their purpose and scope of cover
- Describe the typical claim triggers for theft, money and fidelity claims
- Outline the role of the loss adjuster in theft, money and fidelity claims
- Explain with respect to theft, money and fidelity insurance the concepts of limit of liability and sum
insured - Outline the typical conditions, exclusions and extensions that appear in theft, money and fidelity
policies - Explain the basis of settlement in theft, money and fidelity policies
- Outline the purpose of the investigation into a theft, money or fidelity loss and the factors that a loss adjuster needs to consider when investigating such a loss
- Outline the methods and techniques that help a loss adjuster evaluate a theft, money or fidelity loss
- Explain the process of reconciling a stock loss
- List and describe the various types of documentation used in the investigation and adjustment of theft, money and fidelity claims
- Explain the value of physical measurement, photographic evidence and market intelligence in
claims evaluation - Explain how a loss can be minimised through (a) salvage, (b) contribution, (c) recovery and restitution
and (d) rewards - Explain the factors that a loss adjuster must consider in relation to restitution
- Describe common physical security considerations which can help protect a risk.
Investigates the cover provided by a typical construction insurance policy including policy cover, extensions, exclusions and conditions, and their affect on construction loss.
This module also covers the types of contracts that can be encountered on a construction project and their implications for a construction loss and the loss adjustment process. Students will also learn what is required for the successful completion of a construction loss adjustment, relevant case law and legislation applicable to construction losses and types of enquiries that are required for a specific construction loss situation.
Learning Outcomes:
- Describe the cover provided by a typical construction insurance policy
- Explain the policy cover, extensions, exclusions and conditions and their effect on construction loss
- Describe the types of contracts that can be encountered on a construction site and explain their
implications for a construction loss - Describe the interrelationships of the various parties that are required for the successful completion of a construction loss adjustment
- Explain the features of different types of contracts and their relevance to the loss adjustment process
- Identify and describe the relevant case law and legislation applicable to construction losses and how
these should be applied - Identify the types of enquiries that are required for a specific construction loss situation.