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Motor Insurance Products (IF5)

Motor Insurance Products (IF5) provides you with knowledge and understanding of the practices and procedures connected with private motor, motorcycle and commercial motor insurance.

The default Enrolment option for this unit includes:

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

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Motor Insurance Products (IF5) provides an overview of motor insurance products available to consumers and commercial clients, the distribution channels and legal and regulatory obligations.

We consider motor insurance products designed to cover private cars, commercial vehicles, motorcycles and motor fleets, as well as important bodies such as the Motor Insurer’s Bureau.  We examine the Road Traffic Acts and EU Directive and legislative instruments relevant to the provision and transaction of motor insurance, including the duties placed upon consumers and commercial customers when proposing insurance cover.

Documentation central to the transaction of motor insurance in the UK is considered, including the certificate of motor insurance, legal requirements concerning its issue and content and the policy schedule.

The construction of motor insurance policies as a contract of insurance is explored and the component parts of the policy booklet are explained together with common policy conditions and exclusions.

We view claims handling procedures, how claims may be notified, and information commonly requested. Databases used to identify and reduce fraudulent claims and uninsured driving are considered, and finally the roles of the Financial Ombudsman Service and Financial Services Compensation Scheme.

Building a successful career in insurance

This course is for you if you work in insurance or aspire for a rewarding career in insurance.

Motor Insurance Products (IF5) counts towards achieving the Certificate in Insurance. It may also count towards the Diploma in Insurance and the Advanced Diploma in Insurance.

Summary of learning outcomes  

  1. Understand the marketplace for motor insurance products
  2. Apply the principles contained within motor insurance to a given set of circumstances
  3. Understand the scope of cover provided by motor insurance products
  4. Apply the principles contained within the scope of cover provided by motor insurance products to a given set of circumstances
  5. Understand the legal and regulatory considerations for motor insurance
  6. Apply the legal and regulatory principles for motor insurance to a given set of circumstances
  7. Understand risk assessment, rating and underwriting for motor insurance
  8. Apply the principles contained within risk assessment, rating and underwriting for motor insurance to a given set of circumstances
  9. Understand claims procedures for motor insurance products
  10. Apply the principles of claims procedures for motor insurance to a given set of circumstances
  11. Understand information and communication technology as this relates to motor insurance
  12. Apply the principles of information and communication technology as this relates to motor insurance to a given set of circumstances

Assessment

  • 2 hour exam
  • 50 multiple choice questions (MCQs) plus 5 case studies, each comprising 5 MCQs
  • 70% nominal pass mark
  • The 2020 pass rate for this unit was 61%

Study material - editions available

2021 edition (applicable to exams sat 01 Jan 21 to 31 Dec 2021)