Tips for passing M05 Insurance Law - Empower Development

30th January 2020 samantha

Insurance Law – M05, revision tips to help you pass

I’ve always felt bad for the Insurance Law module; it holds a reputation by many CII students for being the ‘hardest’ exam. Personally, I found this exam to be one of the most interesting. It connects the dots and explains why things are done the way they are in insurance, and although undoubtedly, it’s a large book with a lot of content to absorb, it fits together well.

Truth be told, there are no shortcuts for this exam, however there are some ways you can make your revision more effective and increase your chances of success.

BOOK YOUR EXAM STRAIGHT AWAY. Motivation is essential for this exam and for anyone like me, a deadline helps build commitment. From your enrolment you will have six months to submit your coursework and twelve months for your multiple choice exam. This may lead to a delay in commencing your studies as you can be lured into a false sense of security with the generous timeframe. I suggest not to enrol until you are ready to allocate your time and once you are enrolled, book your exam in straight away. Three months is a realistic timeframe to complete your coursework and revision so long as you are scheduling revision each week. If you like more time to revise or have not recently done any exams, I suggest allowing yourself slightly longer.

DO YOUR COURSEWORK FIRST. This one may sound obvious and I’m sure it’s what everyone intends to do but its not always what ends up happening. The diploma exams are designed to test your knowledge and understanding of the theory included in the textbook, this means your coursework requires you to identify the relevant section of the syllabus and relate it to the questions. The work you complete when writing up your coursework is highly beneficial for your revision, so you’ll get a much greater value from the time spent completing it before your exam.

READ THE FULL BOOK ONCE. There’s a lot of content within the book and it’s a heavy one to carry around so it’s best to read it once to support you in your understanding of the theory and then write up notes to condense the book. If at any stage, you need more information you can refer to the book for the full theory. The CII provide ‘Key Facts’ books which are fantastic to support you with regular revision and are conveniently pocket sized, so they are ideal for commuting.

DON’T GET TOO BOGGED DOWN WITH CASES. You do need to understand the cases however the principles of the case are more essential than the names and dates. In our M05 revision session we provide practise questions and revision cards to support you when digesting the most important cases.

CREATE STORIES. You may find it’s much easier to remember the cases if you relate them to people you know or famous people with a similar name. Those with a visual memory may find illustrating the case, for example, drawing a tankship with an Australian flag in a pool of oil may help you remember the Wagon Mound case or adding a number four with glasses for the ‘foreseeable’ principle.

PRACTISE QUESTIONS. One of the best ways to test your knowledge before the exam and to identify the areas you need to spend more time on is to practise questions similar to those you might get in the exam. The CII provide some questions in their exam guide and you can also obtain practise questions through our revision materials.

IDENTIFY WHERE THE QUESTIONS ARE COMING FROM. The CII outline how many questions come from each section of the learning outcomes within their exam guide. As an example, you will get nine questions on understanding ‘the main principles governing the formation of insurance contracts’ and six questions on ‘subrogation and contribution’ combined. It’s worth making sure you are even more confident in the areas that will produce the most questions.

SEEK OUT HELP. If you can identify other people studying for the exam at the same time, then you may be able to create a study group. It’s helpful to have people around to talk things through and make sure you are confident that you have interpreted the content correctly, particularly if you are completing the exam without attending any revision sessions.

Once this exam is done you will find it provides a great foundation of knowledge for your future modules so it can be a great advantage to complete it ahead of the rest of your diploma and advance diploma modules.

We’d love to hear your tips, please share any you have in the comments.

Good luck to those studying.

Empower Development Ltd.

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