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

What do we offer?

• Full-Length Mock Test with unique questions in each test set
• Practice objective questions with section-wise scores
• In-depth and exhaustive explanation for every question
• Reliable exam reports evaluating strengths and weaknesses
• Latest Questions with an updated version
• Tips & Tricks to crack the test
• Unlimited access

What are our Practice Exams?

• Practice exams have been designed by professionals and domain experts that simulate real-time exam scenario.
• Practice exam questions have been created on the basis of content outlined in the official documentation.
• Each set in the practice exam contains unique questions built with the intent to provide real-time experience to the candidates as well as gain more confidence during exam preparation.
• Practice exams help to self-evaluate against the exam content and work towards building strength to clear the exam.
• You can also create your own practice exam based on your choice and preference 

100% Assured Test Pass Guarantee