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Personal Insurances (M86)

The objective of this unit is to develop knowledge and understanding of the fundamental principles and practices of personal insurances, market practises and the business environment for personal insurances.

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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Personal insurances are those directed or related to the individual and includes products such as buildings, contents, personal possessions, caravan insurance, personal accident and sickness, legal expenses, travel and mobile phone insurance. It also includes personal motor insurance, although this is dealt with separately in the study text Motor Insurance (M94) and will not be covered here.

Personal Insurances (M86) considers the general market practices of personal insurances. It looks at policy coverage, underwriting and rating considerations and the topics claims notification, investigation and settlement procedures, including relevant case law.

Building a successful career in insurance

This course is relevant for anyone seeking to develop their knowledge and understanding of personal insurances to build a rewarding career in the insurance profession in a support role. Personal Insurances (M86) 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 general market practices of personal insurances.
  2. Understand the policy coverage, underwriting and rating considerations of household insurances.
  3. Understand the policy coverage, underwriting and rating considerations of other personal insurance products.
  4. Understand the claims notification, investigation and settlement procedures for personal insurances, including relevant case law.
  5. Understand the main aspects of the business environment of personal insurances.

Assessment

  • Coursework assignment with 10 compulsory short answer questions; and a 60 minute 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 91.7%

Study material - editions available

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