INSU07015 2022 Commercial General Insurance 2 (Practice)

Demonstrate a critical understanding of the nature of the adviser-client relationship to establish a consumer risk profile and identify their insurance needs; taking account of up-to-date knowledge of products and insurance providers.

Analyse the information gathered and develop effective solutions to meet the risks faced by the client; with required documentation; while highlighting the issues that are of particular importance to a range of commercial general insurances.

Demonstrate specialist knowledge of the scope of commercial lines insurance products available in the Irish market.

Demonstrate the step-by-step procedures involved in insurance claims.

Act effectively under guidance in a peer relationship with qualified practitioners; learn to act in variable unfamiliar learning contexts managing tasks independently, professionally and ethically.

This module will be delivered through self-directed learning with the support of a supervisor and mentor in the student's workplace. This module complements "Personal General Insurance 1" module and allows the student to integrate their academic knowledge gained into a practical work-based setting in the completion of a number of case studies and on-the-job tasks. The student will have ample choice to enable them to pick an agreed number of case studies and tasks from the work-based syllabus. The student should focus on case studies that are appropriate to their working environment. The completed case studies will be submitted through the learning management system having been signed off by their supervisor. The completed case studies will be reviewed by IT Sligo's academic programme leader.

There are specific requirements which must be met by the student in completing the experience-based syllabus. The work-based supervisor is required to validate that the case studies and tasks meet the attainment of the learning outcomes of the module. Specific criteria are provided for each of the case study areas. The student must answer the relevant questions posed in the prescribed format. The work-based supervisor will assess the case study/task on a pass / fail basis and the completed case studies (with the supervisor's report) are uploaded to the learner management system by the student. The case studies will not be considered/accepted as complete if they are not submitted with the supervisor's signature/report.

This module will be assessed 100% by continuous assessment.

This module has been designed to complement the ‘Commercial General Insurance 1’ module. The student will relate the topics covered in that module to their workplace environment and will work on these learnings in a business context.

This assessment examines the student's understanding and application of knowledge. These questions will require students to link pieces of information together in a cause-and-effect relationship and apply their knowledge and/or understanding to a given set of circumstances.

The answers will involve an essay-type response.

The work-based supervisor must sign-off on the student's submission. The student has a maximum of 3 opportunities to submit their work to their supervisor.

A submission will not be accepted or considered complete if the work-based supervisor has not signed off on the work and the sign-off sheet is not included with the submission.

LO1 KNOWING THE CLIENT AND SUITABILITY

• Identify the benefits of establishing a positive relationship with a commercial client, explain the information-gathering process for commercial clients and identify the main elements of a commercial risk presentation to insurers.
• Explain the criteria used to make recommendations to commercial clients with regard to both insurance products and providers.
• Outline the scope of a statement of suitability used to detail the reasons underlying any advice or information given to the consumer regarding a commercial insurance policy.

LO2 & LO3 COMMERCIAL MOTOR INSURANCES

• Demonstrate the key elements of commercial motor policy cover, determine the appropriate underwriting information applicable to different commercial vehicle insurances, and identify the main differences between commercial and private motor insurance.
• Demonstrate situations where specific forms of commercial motor insurance may be required for different types of commercial vehicles and state the main features of these insurances.
• Outline the circumstances in which motor insurances may be fleet-rated, and the different options available in the market.
• Identify the underwriting considerations relating to light commercial vehicle cover.
• Identify the main questions that an adviser should ask a client when advising about or arranging commercial motor insurance.

LO2 & LO3 COMMERCIAL PROPERTY INSURANCES – INSURABLE VALUES AND PRESENTATION OF INFORMATION

• Identify the main types of policy that provide property damage covers and demonstrate the means of establishing accurate sums insured under property policies.
• Identify questions that encourage disclosure of the necessary material information to provide consumers with the most suitable commercial property insurance products and the main elements of a commercial property submission.

LO2 & LO3 COMMERCIAL PROPERTY INSURANCES – POLICY COVER

• Demonstrate the key elements of policy cover to determine appropriate underwriting information applicable to commercial property, glass, money, computer, goods in transit, farm and contractor’s ‘all risk’ and marine cargo insurance.

LO2 & LO3 OTHER PROPERTY-RELATED INSURANCES

• Demonstrate key elements of policy cover, and identify the key questions an adviser should ask a client when advising about business interruption insurance.
• Outline situations where fidelity guarantee, engineering insurance and cyber insurance are needed and identify the key elements of policy cover.

LO2 & LO3 COMMERCIAL LIABILITY INSURANCES

• Outline the basis of liability cover, and demonstrate the impact of different policy triggers for liability insurances.
• Demonstrate key elements of policy cover to determine appropriate underwriting information applicable to different liability insurances, and illustrate the underpinning knowledge by drafting a suitable client questionnaire for commercial liability classes.
• Outline the scope of cover provided by directors and officers liability, professional indemnity insurance and commercial legal expenses insurance.

LO4 THE CLAIMS PROCESS

• Identify the stages of the claims process and demonstrate the role of the intermediary in this process.
• Demonstrate the general insurance claims process, and explain the roles and responsibilities of all parties throughout the claim settlement process.