After completing this course you will be able to:

Session 1:

• Explain the difference between buyers, sellers and intermediaries in the UK Insurance Market

• Outline the nature of the main insurance sellers including Insurance Companies – Mutuals, proprietary, direct; Mutual Indemnity Associations; Lloyd’s and Captives

• Outline the responsibilities of an agent

• Identify the role of a broker

• Explain the advantages to the insurance buyer and seller when using a broker

Session 2:

• Describe the membership and main functions of six organisations associated with the UK insurance market that are not buyers, sellers or intermediaries

• Summarise the intention of Financial Services and Markets Act 2000

• Explain the process of Regulation by the FSA

• Outline of the eleven FSA Principles for Business eight ICOB Rules

• Explain the risk transfer process

• State the seven features of an Insurable Risk

• Outline the types of insurance that are Compulsory by Statute in the UK

• Explain why some insurances are compulsory

Session 3:

• Identify the benefits of insurance

• Distinguish between benefit and indemnity policies

• Summarise the different Benefits payable under PA or Sickness policies

• Outline the methods of providing settlement under indemnity policies including payment by cheque, repair, replacement and reinstatement

• Identify the limitations to the amount offered in settlement of indemnity claims – Sum Insured, Limit of Indemnity, Loss Limit, Single Article Limit, Pro Rata Condition of Average, Excess and Franchise

• Outline the extensions of New for Old/ Reinstatement and Agreed Value policies

• Briefly explain the importance of subrogation and contribution in the operation of indemnity policies

Session 4:

• Outline the requirements of a valid contract and apply to insurance contracts – offer, acceptance, consideration, capacity, legal purpose, legally binding and consensus ad idem.

• Explain the importance of Utmost Good Faith in the process of arranging insurance

• Explain the operation of Perils and Hazards with reference to the nature of material facts and the operation of Utmost Good Faith

• Explain the importance of premium payment and distinguish between the main options for its payment including in full, in instalments and adjustable premiums

• State the rate of Insurance Premium Tax that applies to which policies

• Summarise the operation of Proximate Cause in settling claims

Course Close