General Insurance Business (IF2) provides you with knowledge and understanding of insurance products and practice, including underwriting and policy wordings, claims, customer service and information and communication technology.
The default Enrolment option for this unit includes:
- Latest version of the core learning content, in digital format only.
- Additional revision aids.
- Assessment entry.
General Insurance Business (IF2) provides an overview of the products and services in the UK market, including the basic features and outlines of the typical covers provided within the main classes of insurance, i.e. motor, health, property, pecuniary and liability.
It looks at the need for the underwriter to understand the risks and for the insured to understand their part in providing appropriate information and ensuring the cover provided, based on this information, meets their requirements.
We look at legislation that requires consumers of personal lines insurance to take reasonable care not to make a misrepresentation and for insurers to ask the right questions clearly. We also look at provisions that apply to commercial insurances, including the duty to make a fair presentation of the risk.
It looks at premiums and how they are calculated, the cost of claims and how processes of proof, reserving and compliance with policy terms, conditions and current legislation are managed and understood.
Building a successful career in insurance
This course is for you if you work in insurance or aspire for a rewarding career in insurance.
General Insurance Business (IF2) counts towards achieving the Certificate in Insurance. It may also count towards the Diploma in Insurance and the Advanced Diploma in Insurance.
Please note: Life insurance falls outside the scope of the General Insurance Business (IF2) syllabus.
Summary of learning outcomes
- Know insurance products and associated services for general insurance business.
- Understand underwriting and policy wordings for general insurance business.
- Know how to apply knowledge of principles of premium calculation of general insurance business to a given set of circumstances.
- Understand claims within the context of general insurance business.
- Know how to apply knowledge of principles concerning the operation of policy conditions affecting claims for general insurance business to a given set of circumstances
- Understand information and communication technology, security, confidential information and data protection within general insurance business.
- Understand customer service within general insurance business.
- 2-hour exam
- 100 multiple choice questions
- 70% nominal pass mark
- The 2020 pass rate for this unit was 78%
Study material - editions available
2021 edition (applicable to exams sat 01 Jan 21 to 31 Dec 2021)