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Principles of Insurance - IC 01 Licentiate Practice Exam

Principles of Insurance - IC 01 Licentiate Practice Exam


About Principles of Insurance - IC 01 Licentiate Practice Exam

This Principles of Insurance - IC 01 Licentiate has been developed to offer a core understanding of the insurance mechanism. The Principles of Insurance - IC 01 Licentiate Exam covers the concept of -

  • Insurance and methods used to cover the risk
  • insurance transacted as a business
  • Functions and operations of insurance
  • The relationship between insurers and their customers
  • Significance of insurance contracts 


Exam Details

  • Exam Duration: 2 hours
  • Exam Type: Multiple Choice Questions
  • Total Questions: 100 questions
  • Passing score: 60% and above


Course Outline

The Principles of Insurance - IC 01 Licentiate Exam covers the following topics - 

Module 1: Understanding the concept of Risk Management

  • Understanding of risk management
  • Learn about Different types of risks
  • Overview of actual and consequential losses
  • Understanding management of risks
  • Describe loss minimization techniques.


Module 2: Describe Insurance and its Evolution

  • Basic features and nature of insurance
  • Evolution and nature of insurance
  • Functions of insurance operate
  • Understand the different classes of insurance
  • Significance of insurance
  • Managing unexpected eventualities


Module 3: Describe the Business of Insurance

  • Understanding Management of risk by individuals
  • Understanding Management of risk by insurers
  • Concept of Fixing of premiums
  • Overview of reinsurance and its significance for insurers
  • Understanding the role of insurance in economic development and social security
  • Learn about the contribution of insurance to society.


Module 4: Describe the Insurance Market

  • Understanding the various constituents of the insurance market
  • Learn the operations of insurance companies
  • Understand the operations of intermediaries
  • Learn about specialist insurance companies
  • Overview of insurance specialists and the role of regulators 


Module 5: Describe the Insurance Customers

  • Understanding insurance customers
  • Understand different customer needs
  • Significance of customers and customer mindsets
  • Overview of customer satisfaction
  • Learn about customer behavior at the purchase point
  • Understand the importance of ethical behavior.


Module 6: Describe the Insurance Contract

  • Understand the terms of an insurance contract
  • Overview of the foundation of the principles of insurance
  • Learn about the importance of the principle of insurable interest
  • Understand the principle of indemnity
  • Understand the principle of subrogation
  • Understand the principle of contribution
  • Principle of utmost good faith
  • Understand the relevance of the proximate cause
  • Overview of the insurance contract.


Module 7: Describe the Insurance Terminology

  • Learn common terms used in insurance
  • Learn terms common to both life and non-life insurance
  • Learn terms are specific to life and non-life insurance
  • Understand the use of insurance terms 


Module 8: Describe the Life Insurance products

  • Understanding the risk of dying early
  • Understand the risk of living too long
  • Learn different products offered by life insurers
  • Understand the term plans, pure endowment plans
  • Learn the combinations of plans
  • Understand the traditional products
  • Overview of Linked policies
  • Understand the features of annuities and policies. 


Module 9: Describe General Insurance Products

  • Understand Risks faced by the owner of assets
  • Learn 3exposure to perils 
  • Understand the features of products covering fire and allied perils
  • Overview of products covering marine and transit risks 
  • Overview of products covering financial losses due to accidents
  • Overview of products covering financial losses due hospitalization
  • Understand the products covering miscellaneous risks. 


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