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Liability Insurances (M96)

The objective of this unit is to develop knowledge and understanding of the fundamental principles and practices of liability insurances practice.

The default Enrolment option for this unit includes:

  • Latest version of the core learning content, in digital format only.
  • Assessment entry.

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Liability Insurances (M96) focuses on assessing and managing liability risks; employer's, public and product, specialist and directors' and officers' liability, and; professional indemnity insurance.

Liability insurance provides an indemnity to the insured in respect of their legal liability to other parties. Such obligation to reimburse a third party must arise as a consequence of a breach by the insured of certain rights of the third party. The main purpose of liability insurance is to compensate the victim and at the same time to protect the wrongdoers from the financial consequences of their negligent acts or omissions, breach of statutory duty, and trespass or nuisance, with the added benefit of having a professional party (the insurer) handling the claim.

Building a successful career in insurance

At this stage in your studies it is likely that you are already working in the insurance market and may well have a good understanding of liability insurance. This course is ideal for anyone seeking to develop their knowledge and understanding if liability insurances to build a successful career in the insurance profession or support function. Liability Insurances (M96) counts towards a Diploma in Insurance. It may also count towards the Advanced Diploma in Insurance.

Please note it is assumed that you already have knowledge of the fundamental principles of insurance as covered in Insurance, Legal and Regulatory (IF1) or equivalent examinations.

 

Summary of learning outcomes 

  1. Understand the identification, evaluation and management of liability risk.
  2. Understand the main considerations of liability underwriting.
  3. Understand the risks, cover and practices of employers’ liability insurance.
  4. Understand the risks, cover and practices of public and products liability insurance.
  5. Understand the risks, cover and practices of directors’ and officers’ liability and corporate reimbursement insurance.
  6. Understand the risks, cover and practices of professional indemnity insurance.

Assessment

  • Coursework assignment with 10 compulsory short answer questions; and a 1 hour exam comprising 50 multiple-choice questions (MCQs)
  • 60% coursework nominal pass mark
  • 65% exam nominal pass mark
  • The average pass rate for those completing Diploma in Insurance mixed assessment units in full is currently 91.2%

Study material - editions available

2021-22 edition (applicable to exams sat 01 May 2021 to 30 Apr 2022).