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, delivered on RevisionMate.
Revision aids: Key Facts Booklet, Knowledge Checker, E-learn (delivered on RevisionMate).
- Assessment entry.
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
- Understand the marketplace for motor insurance products
- Apply the principles contained within motor insurance to a given set of circumstances
- Understand the scope of cover provided by motor insurance products
- Apply the principles contained within the scope of cover provided by motor insurance products to a given set of circumstances
- Understand the legal and regulatory considerations for motor insurance
- Apply the legal and regulatory principles for motor insurance to a given set of circumstances
- Understand risk assessment, rating and underwriting for motor insurance
- Apply the principles contained within risk assessment, rating and underwriting for motor insurance to a given set of circumstances
- Understand claims procedures for motor insurance products
- Apply the principles of claims procedures for motor insurance to a given set of circumstances
- Understand information and communication technology as this relates to motor insurance
- Apply the principles of information and communication technology as this relates to motor insurance to a given set of circumstances
- 2 hour exam
- 50 multiple choice questions (MCQs) plus 5 case studies, each comprising 5 MCQs
- 70% nominal pass mark
- The 2022 pass rate for this unit was 71%
Instructions on accessing your course on RevisionMate will be sent to your registered email address. This is typically within two working days of your order being placed, but may be longer, particularly if payment is made by bank transfer or the unit is available as a pre-order.
Study material - editions available
2024 edition (applicable to exams sat 01 Jan 24 to 31 Dec 2024)
Revision aids available
The revision aids available for this unit are listed below. Find out more details. **Please see individual shop pages for 2024 edition availability**
- Key Facts Booklet
- Knowledge Checker
Note for purchasing revision aids: please make sure you do not already have the revision aid(s) as part of any Enrolment plus purchase.