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Principles and Practice of Insurance and Survey and Loss Assessment - IC S01 Practice Exam

Principles and Practice of Insurance and Survey and Loss Assessment - IC S01 Practice Exam

The Principles and Practice of Insurance and Survey and Loss Assessment - IC S01 exam is offered by Insurance Institute of India Insurance exams consisting of papers either in Life or Non-Life or Combined. The exam consists of 100 Multiple Choice Questions to be completed in 2 hours. There are no Negative Marks for wrong answers or unanswered questions.

Course Outline

The Principles and Practice of Insurance and Survey and Loss Assessment - IC S01 Exam covers the following topics - 

Module 1: Understand Risk and Theory of Probability

  • Learn Concept of Risk
  • Learn Pure Risk
  • Overview of Minimisation of Risks
  • Explain Classification of Risk
  • Learn Insurable Risks
  • Overview of Theory of Probability
  • Learn Insurance System

Module 2: Understand Origin, Development and Present Status of Insurance

  • Overview of Development of Insurance
  • Understand the present Status of Insurance.

Module 3: Understand Fire and Loss of Profits (Fire) Insurance

  • Learn Fire Insurance
  • Learn Special Policies
  • Learn Reinstatement Value Policy
  • Learn Declaration Policies
  • Learn Floating Policy
  • Learn Industrial All Risks Policy
  • Learn Petrochemical Risks
  • Overview of Loss of Profits (Fire Insurance)
  • Learn Indemnity Period
  • Learn Material Damage Clause
  • Learn Extensions of the Policy
  • Learn Insurance of Wages 
  • Overview Lay – off/Retrenchment Compensation 

Module 4: Understand Motor and Engineering Insurance

  • Learn about Motor Insurance
  • Learn about Types of Policies
  • Explain Engineering Insurance
  • Learn about types of Engineering Insurance

Module 5: Understand Miscellaneous Insurance

  • Overview of Burglary Insurance
  • Overview of Baggage Insurance
  • Learn Different Miscellaneous Insurance
  • Overview of Types of Policies
  • Learn Court Bonds
  • Learn Excise Bonds
  • Learn Bankers Indemnity Policy
  • Learn Legal Liability Insurance
  • Learn Personal Accident Insurance
  • Learn Group Personal Accident Policy
  • Learn Mediclaim Insurance 
  • Learn Rural Insurance
  • Learn Property Insurance.

Module 6: Understand Marine Cargo and Hull Insurance

  • Explain Marine Cargo Insurance
  • Explain Institute Cargo Clauses
  • Explain Special Declaration Policy
  • Explain Types of Marine Policies
  • Explain Insurance Annual Policies
  • Explain Duty and Increased Value Insurance Package Policy for Exporters,
  • Explain Marine Hull Insurance
  • Explain War and Strike Risks

Module 7: Understand utmost Good Fait

  • Learn about Duty of Disclosure
  • Overview of Material Costs
  • Explain Risk Inspection
  • Overview of Duty of Agent
  • Explain Representations and Warranties
  • Explain Reciprocal Duty of Insurers.

Module 8: Describe Insurable Interest

  • Learn about Insurable Interest
  • Explain Marine Insurance
  • Explain Reinsurance
  • Explain Assignment
  • Explain Marine Policy
  • Explain Motor Policies
  • Explain Personal Accident Policies

Module 9: Describe Indemnity

  • Explain Fire Insurance
  • Explain Building and Machinery
  • Explain Stocks
  • Explain Consequential Loss
  • Explain Modifications of the Principle
  • Explain Marine Insurance
  • Explain Motor Insurance
  • Explain Engineering Insurance
  • Explain Miscellaneous Insurance
  • Explain Insurances of Property
  • Explain Insurances of Liability
  • Explain Marine Hull

Module 10: Describe Subrogation and Contribution: Subrogation

  • Explain Marine
  • Explain Duty of insured
  • Explain Miscellaneous Insurance
  • Explain Insurances of Liabilities
  • Explain Insurance of Interest
  • Explain Limitations of subrogation rights
  • Application of Contribution of Various Branches of Insurance.

Module 11: Describe Proximate Cause

  • Explain General Guidelines
  • Explain Rules
  • Explain Fire
  • Explain Marine.

Module 12: Describe Underwriting Practices

  • Explain Specified perils vs all Risks 
  • Explain Implied and Express Conditions.
  • Explain Warranties
  • Explain Representation and Warranties
  • Explain Proposal Forms
  • Explain Implied Warranties
  • Explain Fire insurance
  • Explain Escalation Clause
  • Explain Physical Hazard and Moral Hazard
  • Explain Fidelity Guarantee
  • Explain Incorporative Clauses

Module 13: Describe Types of Loss

  • Explain Actual Total Loss
  • Explain Salvage Loss
  • Explain Partial Loss
  • Explain Consequential Loss.

Module 14: Describe Layout

  • Explain Hazards and Risk Exposures
  • Explain Exposure Hazards
  • Explain External Exposures and Internal Exposures
  • Explain Segregation of Processes
  • Explain Layout for Fire
  • Explain Protection Systems
  • Explain Petrochemical Complexes

Module 15: Describe Law and Relating to Insurance Business

  • Explain Insurance Act 1938
  • Explain Insurance Regulatory and Development Authority Act 1999
  • Explain The Insurance (Amendment) Act 2002
  • Explain Consumer Protection Act 2002
  • Explain Consumer Forum Orders
  • Explain Indian Contract Act
  • Explain Offer and Acceptance
  • Explain Legality of the Contract
  • Explain Construction of Policies
  • Explain Insurance Policies Acts
  • Explain Exchange Control Regulation
  • Explain the Indian Penal Code
  • Explain Offences Against Property
  • Explain Offences relating to documents
  • Explain Offences affecting the Public Health
  • Explain Safety Convenience
  • Explain Decency and Morals.

Module 17: Describe Surveys

  • Explain Human Element
  • Explain Technical Element 
  • Explain Contractual Element
  • Explain Administrative Element.

Module 18: Describe Admissibility of Claims

  • Explain Factors affecting the Admissibility of the claim
  • Explain Examination of policy contents
  • Explain Verification of Multiple Policies
  • Explain Insurable Interest
  • Explain Proximate Cause of Loss
  • Explain Operation of Exclusions
  • Overview of Examination of Warranties.

Module 19: Describe the Evaluation and Loss Assessment

  • Explain Basis of Indemnity
  • Explain Basis of Valuation
  • Explain Valued Policies
  • Explain Market Value Policies
  • Explain Reinstatement Policies 
  • Explain Protecting Property from damages
  • Explain Insurer’s Liability/ Breach of Warranties

Module 20: Describe Loss Adjustment

  • Explain Depreciation
  • Explain Salvage Recovery
  • Explain Methods of Salvage
  • Explain Disposal
  • Explain Private Sale
  • Explain Adjustment for “Deductible/Excess”
  • Explain Contribution

Module 21: Reporting

  • Explain Survey Report
  • Explain Policy Particulars
  • Explain Insurable Interest
  • Explain Extent of Damage
  • Explain Insurer’s Liability/Breach of Warranties

Module 22: Describe Insurance Objectives and Processes 

  • Explain Insurance Contract/ Policy
  • Explain Nature and Conduct of the Insured
  • Explain Business Expediency of the Insurer
  • Explain Business Expediency of the Third Parties
  • Explain Surveyors Limitations
  • Explain Professional Skills
  • Explain Investigation Skills
  • Explain Negotiation Skills

Module 23: Describe Accounting Principles and Practices

  • Explain Book Keeping
  • Explain Double-Entry
  • Explain Book Keeping
  • Explain Trial Balance
  • Explain Final Account
  • Overview of Manufacturing Account
  • Overview of Trading Account
  • Overview of Profit and Loss Account
  • Overview of Balance Sheet
  • Overview of Applicability of Accounting Knowledge
  • Overview Limitations of Scrutiny of Books of Accounts.

Module 24: Describe Survey 

  • Explain Licensing of Surveyors
  • Explain Licensing Procedure
  • Explain Constitution and Functions of Surveyors and Loss Assessors Committee
  • Explain Duties and Responsibilities of a Surveyor and Loss Assessor
  • Explain Categorization of Surveyors

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