Packaged Commercial Insurances (IF8) provides knowledge and understanding of the development and design of packaged commercial policies, scope of cover provided by the most common forms of packaged commercial policy; and arrangement and operation of packaged commercial insurance contracts.
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.
This unit gives an overview of the products, practices and procedures of packaged commercial insurance in the UK. It covers the range of insurances, types of losses, common extensions and exclusions and the channels small businesses use to access cover.
We look at information required for a proposal form, how this is used to calculate a premium and the legal and regulatory requirements surrounding the quotation process. We examine how rates and policy terms reflect the characteristics of packaged commercial policies, including the ways premiums are calculated.
We look at the legal significance of procedures relating to the issue of policies, the structure of a policy document, the operation of warranties and the consequences for the insured of breaching a policy warranty.
We examine administrative processes in the renewal process, regulatory requirements, the cancellation condition typically included and the regulatory rules relating to 'cooling off' periods.
Finally, we look at claims procedures, the responsibilities of both insurers and the insured and how claims are investigated and settled.
Building a successful career in insurance
This course is relevant for anyone seeking to develop their knowledge and skills for a rewarding career in the insurance profession or in a support role. Packaged Commercial Insurances (IF8) 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 development of packaged commercial insurances
- Understand the basic features and scope of packaged commercial insurances and associated services
- Know how packaged commercial insurances are arranged
- Understand underwriting procedures and policy wordings for packaged commercial insurances
- Understand mid-term policy amendments, renewals and cancellation for packaged commercial insurances
- Understand claims procedures in relation to packaged commercial insurances
- 2 hour exam
- 75 multiple choice questions
- 70% nominal pass mark
- The 2022 pass rate for this unit was 80%
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.