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Insurance Law 2019–20 Study Text

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Insurance Law 2019–20 Study Text M05 Insurance law 2019–20 Study text Insurance law M05 Study text: 20192019––2020 RevisionMate Available for the life of your study text enrolment, RevisionMate offers an unrivalled suite of online services to support your studies and improve your chances of exam success. Availability of each service varies depending on the unit, but typically includes: • Study planner – build a routine and manage your time more effectively. • Digital study text – view, print or download your study text. • Student discussion forum – share common queries and learn with your peers. • Quiz questions – check understanding of the study text as you progress. • Examination guide – practise your exam technique. To explore the benefits for yourself, visit www.revisionmate.com Please note: If you have received this study text as part of your update service, access to RevisionMate will only be available for the remainder of your enrolment. Updates and amendments to this study text As part of your enrolment, any changes to the exam or syllabus, and any updates to the content of this study text, will be posted online so that you have access to the latest information. You will be notified via email when an update has been published. To view updates: 1. Visit www.cii.co.uk/qualifications 2. Select the appropriate qualification 3. Select your unit on the right hand side of the page Under ‘Unit updates’, examination changes and the testing position are shown under ‘Qualifications update’; study text updates are shown under ‘Learning solutions update’. Please ensure your email address is current to receive notifications. © The Chartered Insurance Institute 2019 All rights reserved. Material included in this publication is copyright and may not be reproduced in whole or in part including photocopying or recording, for any purpose without the written permission of the copyright holder. Such written permission must also be obtained before any part of this publication is stored in a retrieval system of any nature. This publication is supplied for study by the original purchaser only and must not be sold, lent, hired or given to anyone else. Every attempt has been made to ensure the accuracy of this publication. However, no liability can be accepted for any loss incurred in any way whatsoever by any person relying solely on the information contained within it. The publication has been produced solely for the purpose of examination and should not be taken as definitive of the legal position. Specific advice should always be obtained before undertaking any investments. Print edition ISBN: 978 1 78642 569 0 Electronic edition ISBN: 978 1 78642 570 6 This revised and updated edition published in 2019 The author Chris Parsons, BA, LLB, PGCert Ed, PHD, FCII, Chartered Insurance Institute Practitioner is Professor in Insurance at Sir John Cass Business School, City of London and Director of its masters (MSc) degree in Insurance and Risk Management. Updaters and reviewers for the 20192019––2020 edition The CII would like to thank Patrick Hayward, LLB, ACII, Board Member for the Society of Claims Professionals, for updating this edition. We would also like to thank Dr ÖÖzlemzlem Gurses, Reader in Insurance and Commercial Law, KingKing’’ss College London, for reviewing this edition, and for her assistance with previous editions. The CII would also like to thank Vera G. McEwan, MA, LLM, MSc, Barrister, for writing the scenarios, and Lynne Broadhead, BSc, ACII, MBA, for reviewing them. Acknowledgement The CII would like to thank Samantha James, FCII, CPCU, Solicitor, Chartered Insurer, for her assistance with previous editions. While every effort has been made to trace the owners of copyright material, we regret that this may not have been possible in every instance and welcome any information that would enable us to do so. Unless otherwise stated, the authors have drawn material attributed to other sources from lectures, conferences, or private communications. Typesetting, page make-up and editorial services CII Learning Solutions. Printed and collated in Great Britain. This paper has been manufactured using raw materials harvested from certified sources or controlled wood sources. 3 Using this study text Welcome to the M05: Insurance law study text which is designed to support the M05 syllabus, a copy of which is included in the next section. Please note that in order to create a logical and effective study path, the contents of this study text do not necessarily mirror the order of the syllabus, which forms the basis of the assessment. To assist you in your learning we have followed the syllabus with a table that indicates where each syllabus learning outcome is covered in the study text. These are also listed on the first page of each chapter. Each chapter also has stated learning objectives to help you further assess your progress in understanding the topics covered. Contained within the study text are a number of features which we hope will enhance your study: Activities: reinforces learning through Learning points: provide clear practical exercises. direction to assist with understanding of a key topic. Be aware: draws attention to Refer to: Refer to: located in the margin, important points or areas that may extracts from other CII study texts, need further clarification or which provide valuable information on consideration. or background to the topic. The sections referred to are available for you to view and download on RevisionMate. Case studies: short scenarios that will Reinforce: encourages you to revisit a test your understanding of what you point previously learned in the course have read in a real life context. to embed understanding. Consider this: stimulating thought Revision questions: to test your recall around points made in the text for of topics. which there is no absolute right or wrong answer. Examples: provide practical Sources/quotations: cast further light illustrations of points made in the text. on the subject from industry sources. Key points: act as a memory jogger at Think Think back to: located in the margin, the end of each chapter. back to: highlights areas of assumed knowledge that you might find helpful to revisit. The sections referred to are available for you to view and download on RevisionMate. Key terms: introduce the key Useful websites: introduce you to concepts and specialist terms covered other information sources that help to in each chapter. supplement the text. At the end of every chapter there is also a set of self-test questions that you should use to check your knowledge and understanding of what you have just studied. Compare your answers with those given at the back of the book. By referring back to the learning outcomes after you have completed your study of each chapter and attempting the end of chapter self-test questions, you will be able to assess your progress and identify any areas that you may need to revisit. Not all features appear in every study text. Note Website references correct at the time of publication. Revision just got a whole lot easier RevisionMate is an online study support tool that helps you revise. Key features typically include: • Study planner* – helps you build a routine and manage time effectively • Digital study text – view, print or download your study text • Student discussion forum – interact with your peers and share queries • Quiz questions – check understanding of the study text as you progress • Examination guide – useful hints, tips and a specimen paper with answers to help prepare you for the exam *not available on RevisionMate app Download the RevisionMate app from the Apple and Google Play app stores for use on iOS and Android devices. Find out more www.revisionmate.com 5 Examination syllabus Insurance law Purpose At the end of this unit, candidates should be able to: • demonstrate a knowledge and understanding of the laws which form the background to the operation of insurance; • demonstrate a knowledge and understanding of the system within which these laws operate and are administered; • apply knowledge and skills to practical situations. Assumed knowledge It is assumed that the candidate has knowledge of the fundamental principles of insurance as covered in IF1 Insurance, legal and regulatory or equivalent examinations. Summary of learning outcomes Number of questions in the examination* 1. Understand the nature and sources of English law and the concept of natural 5 legal persons. 2. Understand the principles of the law of torts and the characteristics of the 4 main torts. 3. Understand the law of contract. 4 4. Understand the law of agency and its application to insurance. 4 5. Understand the main principles governing the formation of insurance 9 contracts. 6. Understand the classification and interpretation of insurance contract 8 terms, the effects of their breach and other vitiating factors. 7. Understand the main legal principles governing the making of an insurance 6 claim. 8. Understand how losses are measured and how the principle of indemnity 4 applies to insurance claims. 9. Understand how the principles of subrogation and contribution apply to 6 insurance claims. *The test specification has an in-built element of flexibility. It is designed to be used as a guide for study and is not a statement of actual number of questions that will appear in every exam. However, the number of questions testing each learning outcome will generally be within the range plus or minus 2 of the number indicated. Published February 2019 M05 Copyright © 2019 The Chartered Insurance Institute. All rights reserved. 6 M05/March 2019 Insurance law Examination syllabus Important notes • Method of assessment: Mixed assessment consisting of two components, both of which must be passed. One component is a coursework assignment and one is a multiple choice question (MCQ) examination. The details are: 1. an online coursework assignment using RevisionMate consisting of 10 questions which sequentially follow the learning outcomes.
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