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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• 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.
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