Principle of Insurance Exam Overview
Principle of Insurance Exam Overview
The Principles of Insurance - IC 01 Licentiate Practice Exam aims to provide a fundamental understanding of how insurance works. It covers various topics such as the concept of risk management, insurance as a business, the relationship between insurers and their customers, and the significance of insurance contracts.
The exam consists of 100 multiple-choice questions that need to be answered in two hours. The passing score is 60% or above.
The course outline includes eight modules, which cover different aspects of insurance. Module 1 discusses risk management and loss minimization techniques. Module 2 covers the basic features, nature, and evolution of insurance, different classes of insurance, and the significance of insurance. Module 3 focuses on how individuals and insurers manage risk, the concept of fixing premiums, reinsurance, and the role of insurance in economic development and social security. Module 4 describes the insurance market, including the operations of insurance companies, intermediaries, specialist insurance companies, and regulators. Module 5 explores insurance customers, their needs, satisfaction, and behavior at the purchase point, and the importance of ethical behavior. Module 6 provides an overview of the insurance contract, its terms, and the principles of insurance such as insurable interest, indemnity, subrogation, contribution, utmost good faith, and proximate cause. Module 7 covers the common terms used in insurance, their use, and their application to life and non-life insurance. Module 8 focuses on life insurance products, including term plans, pure endowment plans, traditional products, linked policies, and annuities. Module 9 covers general insurance products, including fire and allied perils, marine and transit risks, financial losses due to accidents, hospitalization, and miscellaneous risks.
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