Motor Insurance Products (IF5)

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
• The standard pass mark is 70% (for more information on standard pass marks please see here)
• The 2024 pass rate for this unit was 62.0%

Revision aids available 

The revision aids available for this unit are listed below. Find out more details. 

• Key Facts Booklet
• Knowledge Checker
• E-learn

Note for purchasing revision aids: please make sure you do not already have the revision aid(s) as part of any Enrolment plus purchase.