Insurance & Business Law - The Insurance Institute MDI-01 syllabus and learning outcomes contained...

Insurance & Business LawMDI-01 LEARNING PLAN

Advancing Your Career.

1

How to use your learning plan 2

Using the syllabus for your study 4and exam preparation

Available study supports 9

Planning your study and managing your time 10

CONTENTS

DisclaimerThis learning plan was prepared by The Insurance Institute of Ireland (‘The Insurance Institute’) as a comprehensive support for members who are engaged in private study leading to a professional qualification. The learning plan has been prepared solely for use by these students and every effort has been made to ensure accuracy. While efforts have been made to identify and obtain prior clearance from rights owners, whose work has been included in these materials, it may be that some copyright material has unintentionally been reproduced herein. Please contact The Insurance Institute of Ireland should you consider this to be the case. The Insurance Institute of Ireland, the authors, verifiers or contributors do not accept any legal responsibility whatsoever for consequences that may arise from any errors or omissions or any opinions or advice in the learning plan.

Copyright © The Insurance Institute of Ireland 2016This learning plan is issued by The Insurance Institute of Ireland to members taking courses and/or examinations offered by The Insurance Institute of Ireland. It may not be used in whole or in part for any course of study/examination of any other body whatsoever without prior permission in writing of The Insurance Institute of Ireland. This learning plan, or any part thereof, may not be made available in any library and it may not be reproduced, in whole or in part, stored in a retrieval system or transmitted in any form or by any means – electronic, electrostatic, magnetic, mechanical, photocopying, recording or otherwise, without prior permission in writing of The Insurance Institute of Ireland.

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HOW TO USE YOUR LEARNING PLAN

Studying while you work can be challenging, but leaving it all until the last minute is not the solution as it simply adds to stress and ultimately doesn’t work. This learning plan includes a revision plan which suggests what content to cover in each week of the 20 week term. Learn more on page 10.

MANAGE YOUR TIME

The MDI-01 syllabus and learning outcomes contained in this document highlight what you’re expected to learn in each chapter and how you can expect to be examined on it. By referring back to the learning outcomes for each chapter, you can chart your progress and ensure that you’re covering the textbook material correctly. Learn more about the MDI-01 learning outcomes on page 4.

FOCUS YOUR STUDY

I’d like to take this opportunity to wish you well in your studies and encourage you to contact the Member Services team if you have any queries. They can be contacted on (01) 6456670 or [email protected]

We always welcome feedback so if you have any ideas or suggestions on how this learning plan (or any of our products or services) can be made more effective, please forward them to Member Services. Alternatively, you can include them in the end of term student survey.

CONTACT US

Advancing your technical knowledge through the Management Diploma in Insurance (MDI) may prove more demanding than your studies for the Professional Certificate or Diploma in Insurance (APA, CIP). Therefore, we’ve put together enhanced supports to help you. All online supports are available through iiiConnect. Learn more on page 9.

USE THE SUPPORTS AVAILABLE

All of your study builds towards the exam. Keep this in mind during your study and practice past papers in exam conditions to ensure that you can reproduce all that you have learned in an exam-type scenario.

MASTER EXAM TECHNIQUE

Welcome to the MDI-01 Insurance and Business Law learning plan, designed to help and support you in your blended learning study programme. This document should be your first stop before you even open your MDI-01 textbook. Some students achieve lower marks in their exams due to poor preparation and/or exam technique. This learning plan encourages you to organise your study in a way that will help you to perform at your best on exam day.

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HOW TO USE YOUR LEARNING PLAN

KEY WORDS USED IN EXAM QUESTIONS

KEY WORD KNOWLEDGE RESPONSE RATING

Identify K Identify the facts requested in the question without any further elaboration.

State K Provide a brief factual report with no explanation or opinion.

List K Write down bullet points – not an essay; brief.

Define K State all essential elements in precise terms (quote legal definitions if appropriate) without interpretation.

Outline K Provide a concise description of the key features of a complex area.

Explain K / U Give clear reasoning – don’t restate the question. Provide a clear and comprehensive account of a subject area including the features, results and consequences in context.

Describe U Give a detailed account of the key features with examples.

Discuss U / A Give a considered view setting out both sides of the case – a full reasoned argument of both sides of a topic.

Differentiate U / A Identify the key characteristics of each concept and highlight differences. Provide a contrasting explanation of concepts and topics.

Demonstrate U / A Show how a theory manifests itself in a particular scenario.

Justify U / A Discuss (as defined above) and choose one side of an argument, citing your reasons for this.

Advise A State the possibilities, giving a reasoned view for your conclusion. The provision of information and a reasoned view to allow a stance to be taken or a decision to be made.

Apply A Put a theory or framework into practical operation in a given situation; noting its relevance, applicability or when it would require modification.

Illustrate A Give actual examples of a given theory in practice.

Calculate A Solve a given problem by using a mathematical procedure.

K = Knowledge U = Understanding A = Application

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USING THE SYLLABUS FOR YOUR STUDY AND EXAM PREPARATION

A syllabus is an outline and summary of topics covered in the textbook. The correct use of the syllabus is vital to the quality and focus of your MDI-01 study because it;

• outlinesthetopicstobestudied

• containsthelearningoutcomesexpectedfromeachofthesetopics

• indicatesexactlyhowthismaterialistobeexamined.

WHAT IS A SYLLABUS?

Firstly, if a learning outcome in the syllabus has an associated knowledge rating of (K), then you know you will be asked to recall factual information about that material in the exam.

Secondly, as you attempt sample or past exam papers, you will see that each question begins with a key word. These key words are also linked to the knowledge ratings (i.e. Knowledge (K), Understanding (U) or Application (A)). Therefore, each key word is an instant indicator of what you are being asked and how you should present your answer. Table 1 on the previous page lists examples of the key words linked to each knowledge rating and how you should frame your answer in response.

So you can see how referring to the module syllabus and learning outcomes throughout your studies will give you a head start before you even see the exam paper.

HOW DOES THE KNOWLEDGE RATING RELATE TO MY EXAM?

Table 2 outlines the learning outcomes for MDI-01 by chapter, section and knowledge ratings. Learning outcomes are categorised into the following knowledge ratings – Knowledge (K), Understanding (U) or Application (A), which are defined as follows:

• (K):Requiresyoutorecallfactual information

• (U):Requiresyoutolink pieces of information in a cause and effect relationship

• (A):Requiresyoutoapply or analyse your knowledge and/or understanding in a given set of circumstances

You can improve the focus of your study and performance by noting the knowledge rating associated with each learning outcome. This will assist you in identifying:

• whattopicsareimportant

• thelevelofdetailrequired

• howeachspecificlearningoutcomewillbetestedintheexam.

HOW TO USE THE LEARNING OUTCOMES

MDI-01 is assessed by a 100% end-of-term written exam. The 3 hour exam paper is in two parts. Part I consists of 14 short answer questions (carrying 140 marks) that examines material from the whole course i.e. Chapters 1-12 of the textbook. Part II features two long answer questions from a choice of three (each carrying 30 marks) from Chapters 7-12. The MDI-01 pass mark is 55%.

EXAM FORMAT

Part I of the MDI-01 exam paper examines material from the whole course i.e. chapters 1 – 12, while Part II of the MDI-01 exam paper is restricted to material fromchapters7–12.RefertotheMDI-01 Exam preparation & advice learning support on iiiConnect for further details on exam format.

EXAM PAPER

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USING THE SYLLABUS FOR YOUR STUDY AND EXAM PREPARATION

Table continues on next page...

MDI-01 INSURANCE AND BUSINESS LAW SYLLABUS

CHAPTER 1: THE IRISH LEGAL SYSTEM

Section Learning outcome Knowledge rating

A & B State how laws are classified and outline the history of common law in Ireland and the effect of judicial precedent.

K

C Describe the sources and types of Irish and European Union law. U

D Demonstrate the civil procedure in a personal injuries case and describe the structure of the Irish Court system and the legal professions operating therein.

U

E Discuss the rules for interpretation of written law. U

CHAPTER 2: LEGAL PERSONALITY


A Explain the status and capacity of the various classes of legal persons. U

B1 Describe the legal constitution and legal capacity of a juristic person (corporation). U

B2 Explain the formal legal requirements of a juristic person (corporation). U

B3 Differentiate between the types of companies that exist in Ireland. A

C Explain the legal capacity of unincorporated associations. U

D Summarise the legal capacity of partnerships and distinguish between the requirements of a limited company, a partnership and a Lloyd’s underwriter.

U

E Recognisethelegalbasisforandcapacityoftradeunions. K

CHAPTER 3: LAW OF TORTS 1


A Explain the nature of torts and recognise how they are classified. K & U

B Describe the characteristics of the tort of negligence and the principles governing it. U

C Describe the characteristics of the tort of trespass and the forms it may take. U & A

D Differentiate between the torts of public and private nuisance and the key principles governing them.

U

E Explain the rule in Rylands v. Fletcher. U

F Describe the nature of a ‘breach of statutory duty’ and illustrate its application to employers’ liability, occupiers’ liability and product liability.

U

G Describe the characteristics of the tort of defamation, the principles governing it and the unique defences available for it.

U

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CHAPTER 4: LAW OF TORTS 2


A Explain the principle of vicarious liability. U

B Explain the main defences in tort. U

C Outline the main remedies in tort. U

D Describe the time limitation of actions in tort. U

CHAPTER 5: THE LAW OF CONTRACT


A Define a contract and recognise the various classifications of contracts. K

B Describe the elements essential to the formation of a valid contract. U

C Describe how contract terms are classified and the effect of legislation on their classifications.

U & A

D Describe the elements that affect the validity of contracts. U

E Explain the circumstances in which a contract may be discharged. U

F Describe the remedies for breach of contract. U

G Outline the doctrine of privity of contract. U

H Outline the key considerations in the assignment of a contract. U

CHAPTER 6: AGENCY


A Explain the nature of agency and its creation. U

B Discuss the nature of an agent’s duties and state the remedies for the breach of such duties.

K & U

C Discuss the nature of an agent’s rights. U

D Discuss the nature of an agent’s authority. U

E Describe the affect that the disclosed and undisclosed principles have on the relationships between agents, principals and third parties.

U

F Explain how an agency can be terminated and its effect. U

CHAPTER 7: INSURANCE CONTRACTS AND INSURABLE INTEREST


A Apply the essential elements of contract formation to insurance. A

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B Apply the law of agency to insurance. A

C Explain the concept of insurable interest and why it is necessary. U

D Describe the legal basis for the concept of insurable interest. U

E Recognisehowinsurableinterestiscreatedandwhenitisrequired. K

F Apply the principle of insurable interest to reinsurance and the major classes of insurance. A

CHAPTER 8: UTMOST GOOD FAITH


A Outline the doctrine of utmost good faith. U

B Identify the various forms of misrepresentation and distinguish between misrepresentation and non-disclosure.

K & U

C1 & C2 Discuss the duty of disclosure in the context of insurance. U

C3–C5 Discuss the significance of material facts in insurance and outline which facts must and must not be disclosed.

U

C6 State when disclosure is required and how the timing of the duty of disclosure can be modified by policy wordings.

K & U

C7 Explain how the duty of disclosure operates with regard to compulsory insurances. U

D1 & D2 State the forms that breach of good faith may take and the remedies available. K

D3 Explain the effects of the Insurance Ireland Non-Life Insurance General Code and the Central Bank Consumer Protection Code on the duty of good faith.

U

E StatetheobjectiveandscopeoftheLawReformCommission’sReport2015. K

CHAPTER 9: INSURANCE CONTRACTS – WARRANTIES, CO-INSURANCE AND ASSIGNMENT


A1–A4 Differentiate between the meaning and use of warranties and conditions in insurance and non-insurance contracts.

U

A5 Explain the effect of a breach of warranty or condition in insurance. U

A6–A8 Explain the effects of Insurance Ireland Non-Life Insurance General Code, the Central Bank Consumer Protection Code and special conditions relating to compulsory insurance on the use and breach of warranties and conditions.

U

B State the difference between void and voidable insurance contracts. K

C Distinguish between joint and composite insurance contracts and explain the rights under them.

U

D Illustrate the rules that govern the assignment of insurance contracts. A

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CHAPTER 10: MAKING A CLAIM


A Discuss who can enforce an insurance contract and who benefits from it. U

B Explain the rules governing notice and proof of loss. U

C Explain the main rules governing the construction and interpretation of insurance contracts.

U

D Discuss the doctrine of proximate cause and explain the effect that specific policy wordings have on its operation.

U

CHAPTER 11: MEASURING THE LOSS – THE PRINCIPLE OF INDEMNITY


A Define indemnity. K

B Explain the methods that insurers can use to provide indemnity. U

C Explain the various methods of calculating the measure of indemnity for the main classes of insurance.

U

D Discuss and apply the factors which limit, reduce, extend or modify the principle of indemnity.

A

E Explain the doctrine of salvage. U

F State how claim payments affect policy cover. K

CHAPTER 12: SUBROGATION AND CONTRIBUTION


A Define the principle and nature of subrogation as a corollary of indemnity. K

B Explain how subrogation operates and applies. U & A

C Discuss the source of subrogation rights and how they may be modified or denied. U

D Describe the nature of double insurance and contribution. U

E Explain when contribution arises at common law. U

F Describe the operation of contribution at common law and the effect of common contribution conditions.

U & A

G1 & G2 Explain and apply the maximum liability and independent liability methods of contribution.

U & A

G3 & G4 Explain the methods of contribution used for property and liability insurance. U

H State the effect of market agreements on the principles of subrogation and contribution.

K

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AVAILABLE STUDY SUPPORTS

Study on the move when it suits your schedule with additional online supports available through iiiConnect.

• Virtualclasses

• Textbooksine-booksformforallmodulesinformatscompatiblewithe-readers including Kindle, Nook and Kobo

• Webinars(recordedlectures)

FLEXIBLE LEARNING

When you learn you depend on your senses to process the information. Most people use one sense more than others. There are four basic types of learning styles and by identifying your preference – visual, auditory, read/write or active (kinaesthetic) – you can work out how best to approach your studies. Access a quick and simple quiz in the induction session of your learning supports on iiiConnect to identify your learning supports and the most appropriate study support made available to you by The Insurance Institute.

PLAY TO YOUR STRENGTHS

• Gotowww.iii.ie and click ‘Member Area Login’ in the top right hand corner

• Enteryourmembershipnumberandpassword

• YouarenowintheMemberArea.Click‘iiiConnect’onsidebar.

• Accesssupportsandbookintotheface-to-facelectures

HOW DO I ACCESS ONLINE SUPPORTS AND BOOK LECTURES?

• Reviewpastpaperswithexaminer’snotesonhowbesttoanswer

• Completesamplepapersunderexamconditionsasthiswillallowyoutomanage your exam timings, practice your handwriting and test your knowledge

• Submityourassignmentformarkingtogaugeyourprogressduringtheterm

• Perfectyourexamtechniquethroughlectures,onlinesupportsandadviceinthis learning plan

PREPARE THROUGH PRACTICE

Get to grips with MDI-01 content by attending lectures with industry experts across a 20 week term.

• Face-to-facelectureswithsubjectmatterexperts

• Notetakingguidetohelpyoumakethemostofattendinglectures

• Copyoflecturer’sPowerPointslides

• Keypointsperchapterforallmodules

MASTER THE MATERIAL

As an advanced qualification the course material for the Management Diploma in Insurance (MDI) is more demanding than the Professional Certificate and Diploma (APA, CIP). Therefore, it is only fitting that those registered for this qualification are afforded enhanced supports.

Remember:Thetextbookinitsentirety,includinganyappendices,isexaminable.Allstudysupportsaredesignedtosupportyou in covering the material and achieving the module learning outcomes. Supports are not substitutes for the textbook.

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PLANNING YOUR STUDY AND MANAGING YOUR TIME

To help you prepare for the exam a detailed revision plan broken down by chapter and week of term is outlined in table 3. Please note that this is a suggested plan to help you in your studies. You may wish to adjust this to suit your personal schedule.

REVISION PLAN

Blended learning offers great flexibility for students, but it can also involve specific challenges including time management.

It is not possible to cover the MDI-01 learning outcomes, in the detail required, through last minute cramming. In fact the work you do at the start of term is probably what will stand to you most as you move closer to the exam, as you’ll be revising concepts you took the time to understand fully at the beginning.

START AS YOU MEAN TO GO ON

MDI-01 REVISION PLAN

WEEK 1 • LogontoiiiConnect – view range of study supports available to you

• Accessthelearning plan

• Scanthroughtextbook to view topics covered in the module

• AccesstheMDI-01 Exam preparation & advice and study skills learning supports.

WEEK 2 Study Chapter 1 – The Irish legal system – quick questions and self-assessment questions will help direct your learning.

Use webinar ‘MDI-01 Chapter 1’, as an aid in your studies.

WEEK 3 Use key points for Chapter 1 as a revision tool.

Study Chapter 2 – Legal personality and Chapter 3 – Law of Torts 1 (Sections A – C) – quick questions and self-assessment questions will help direct your learning.



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PLANNING YOUR STUDY AND MANAGING YOUR TIME

WEEK 4 Use key points for Chapter 2 and 3 as a revision tool.

Study Chapter 3 – Law of Torts 1 (Sections D – G) – quick questions and self-assessment questions will help direct your learning.

Use webinar ‘MDI-01 Chapter 3’ as an aid in your studies.

Study Chapter 4 – Law of Torts 2 – quick questions and self-assessment questions will help direct your learning.

Use webinar, ‘MDI-01 Chapter 4’ as an aid in your studies.


Use key points for Chapter 4 as a revision tool.

Study Chapter 5 – Law of contract – quick questions and self-assessment questions will help direct your learning.



Study Chapter 6 – Agency – quick questions and self-assessment questions will help direct your learning.

Use webinar ‘MDI-01 Chapter 6 Webinar’ as an aid in your studies.

Access mid-term assignment.


Work on mid-term assignment.

Study Chapter 7 – Insurance contracts and insurable interest – quick questions and self-assessment questions will help direct your learning.




Study Chapter 8 – Utmost good faith – quick questions and self-assessment questions will help direct your learning.

Use webinar ‘MDI-01 Chapter 8 Webinar’ as an aid in your studies

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WEEK 9 Access the learning plan – focus on exam structure, key words (list, explain etc.) and knowledge ratings of questions – K/U/A.

Log on to iiiConnect to access past papers – types of questions (long and short) that can be asked from Chapter 1 and 2. Take note of the breakdown of marks for each question.



Study Chapter 9 – Insurance contracts – warranty, co-insurance and assignment – quick questions and self-assessment questions will help direct your learning.

Use webinar, ‘MDI-01 Chapter 9’ as an aid in your studies.

WEEK 10 Face-to-face lecture 1 – revise Chapters 1, 2, 3, 4 and 5 in preparation. Face-to-face lecture dates change from term to term so always refer to iiiConnect for confirmed dates.

Access the learning plan – focus on exam structure, key words (list, explain etc) and knowledge ratings of questions – K/U/A.



Study Chapter 10 – Making the claim – quick questions and self-assessment questions will help direct your learning.




Study Chapter 11 – Measuring the loss – the principle of indemnity – quick questions and self-assessment questions will help direct your learning.




WEEK 12 Face-to-face lecture 2 – revise Chapters 6, 7, 8 and 9 in preparation. Face-to-face lecture dates change from term to term so always refer to iiiConnect for confirmed dates.


Study Chapter 12 – Subrogation and contribution – quick questions and self-assessment questions will help direct your learning.




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WEEK 13 Submission of mid-term assignment. Mid-term assignment details change from term to term so always refer to iiiConnect for finalised information.




WEEK 14 Access the learning plan – focus on exam structure, key words (list, explain etc) and knowledge ratings of questions – K/U/A.


WEEK 15 Access the learning plan – focus on exam structure, key words (list, explain etc) and knowledge ratings of questions – K/U/A.

Log on to iiiConnect to access past papers – revise the types of questions (long and short) that can be asked from Chapter 1–12. Take note of the breakdown of marks for each question.

WEEK 16 Face-to-face lecture 3 – revise Chapters 10, 11 and 12 in preparation. Face-to-face lecture dates change from term to term so always refer to iiiConnect for confirmed dates.

Virtual class.VirtualclassdatescanchangefromtermtotermsoalwaysrefertoiiiConnectforconfirmed dates.

ReviseChapters1,2and3.

Access key / ancillary learning supports which you may not have accessed already on iiiConnect as a revision tool.

Access past papers used in Weeks 9 and 10 – practice handwriting answers adhering to suggested timings.

WEEK 17 Readthroughindividual feedback provided to you from your assignment – try to address any areas identified as needing more work.

ReviseChapters4,5and6.


WEEK 18 ReviseChapters7,8and9.


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WEEK 19 ReviseChapters10,11and12.

Access the exam preparation and advice learning support.

Watch exam preparation webinar – pay attention to tips on preparing for the exam, suggested exam techniques, keywords, important examiner feedback, managing your time, summary of pitfalls and presentation.

Revisekey points for each chapter.

Focus on areas of the module you find challenging.

WEEK 20 Exam Week.

Reviseyournotes,key points and sample/exam paper answers.

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NOTES

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NOTES

Insurance Centre, 5 Harbourmaster Place, IFSC, Dublin 1, D01 E7E8

01 645 6600 [email protected]

Insurance & Business Law - The Insurance Institute MDI-01 syllabus and learning outcomes contained...

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