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
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" certification from the Insurance Institute of India is designed to equip professionals with a comprehensive understanding of the fundamental principles of insurance, including risk management, policy formulation, and loss assessment techniques. The certification includes the legal framework of insurance, underwriting practices, the role of surveyors in loss assessment, and the intricacies of claims management. The certification attests to your skills to assess losses accurately, enhancing their professional expertise in the field. Why is Principles and Practice of Insurance and Survey and Loss Assessment - IC S01 important?
Provides foundational knowledge of insurance principles and practices.
Enhances skills in risk assessment and loss evaluation.
Improves understanding of claims management processes.
Increases employability in the insurance and risk management sectors.
Validates expertise for career advancement in insurance-related roles.
Who should take the Principles and Practice of Insurance and Survey and Loss Assessment - IC S01 Exam?
Insurance Surveyor
Claims Adjuster
Risk Manager
Underwriter
Insurance Broker
Skills Evaluated
Candidates taking the certification exam on the Principles and Practice of Insurance and Survey and Loss Assessment - IC S01 is evaluated for the following skills:
Knowledge of insurance fundamentals and terminology.
Ability to assess risks and evaluate potential losses.
Understanding of underwriting principles and practices.
Proficiency in claims management and processing.
Awareness of regulatory and legal frameworks in insurance.
Principles and Practice of Insurance and Survey and Loss Assessment - IC S01 Certification Course Outline
The Principles and Practice of Insurance and Survey and Loss Assessment - IC S01 Certification covers the following topics -
Module 1. Risk and Theory of Probability.
The Concept of Risk
Pure Risk
Minimisation of Risks
Classification of Risk
Insurable Risks
Exceptions
Theory of Probability
Insurance System.
Module 2. Origin, Development and Present Status of Insurance.
Development of Insurance
Present Status of Insurance.
Module 3. Fire and Loss of Profits (Fire) Insurance.
Fire Insurance
Exclusions
Special Policies
Reinstatement Value Policy
Declaration Policies
Floating Policy
Industrial All Risks Policy
Petrochemical Risks
Loss of Profits (Fire Insurance)
Indemnity Period
Perils Cover Material Damage Clause
Extensions of the Policy
Insurance of Wages
Lay-off/Retrenchment Compensation
Special Policies.
Module 4. Motor and Engineering Insurance.
Motor Insurance
Types of Policies
Engineering Insurance
Classification of Engineering Insurance.
Module 5. Miscellaneous Insurance.
Burglary Insurance
All risks insurance policy
Baggage Insurance
Different Miscellaneous Insurance
Types of Policies
Court
Bonds
Excise Bonds
Bankers Indemnity Policy
Legal Liability Insurance
Personal Accident Insurance
Group Personal Accident Policy
Mediclaim Insurance
Rural Insurance
Property Insurance.
Module 6. Marine Cargo and Hull Insurance.
Marine Cargo Insurance
Institute
Cargo Clauses
Special Declaration Policy
Types of Marine Policies
Insurance
Annual Policies
Duty and Increased Value Insurance Package Policy for Exporters,
Marine Hull Insurance, War and Strike Risks.
Module 7. Utmost Good Faith.
Duty of Disclosure
Material Costs
Risk Inspection
Duty of Agent
Representations and Warranties
Reciprocal Duty of Insurers.
Module 8. Insurable Interest.
Definition
Essentials
Examples of Insurable
Interest
Marine Insurance
Reinsurance
Assignment
Marine Policy
Motor
Policies
Personal Accident Policies.
Module 9. Indemnity.
Fire Insurance
Building
Machinery
Stocks
Consequential Loss
Modifications of the Principle
Marine Insurance
Motor
Insurance
Engineering Insurance
Miscellaneous Insurance
Insurances of Property
Insurances of Liability
Reinstatement of Sun Insurance After Loss
Marine Hull.
Module 10. Subrogation and Contribution.
Subrogation
Marine
Duty of insured
Miscellaneous Insurance
Insurances of Liabilities
Insurance of Interest
Limitations of subrogation rights
Contribution
Module 11. Proximate Cause.
General Guidelines
Rules
Fire
Marine.
Module 12. Underwriting Practices -1.
Introduction
Specified perils vs all Risks
Implied and Express Conditions.
Module 13. Underwriting Practices -2.
Warranties
Different examples of
Warranties
Representation and Warranties
Proposal Forms
Implied Warranties
Fire insurance
Escalation Clause
Miscellaneous Insurance
Physical Hazard and
Moral Hazard
Fidelity Guarantee
Incorporative Clauses.
Module 14. Types of Loss.
Actual Total Loss
Salvage Loss
Partial Loss
Consequential Loss.
Module 15. Layout - Hazards and Risk Exposures.
Exposure Hazards
External
Exposures and Internal Exposures
Segregation of Processes
Layout for Fire
Protection Systems
Petrochemical Complexes
Other Industries.
Module 16. Law & Relating to Insurance Business1.
Insurance Act 1938
Insurance Regulatory and Development Authority Act 1999
Important Amendments
The Insurance (Amendment) Act 2002
Consumer Protection Act 2002
Consumer
Forum Orders
Recommendations.
Module 17. Laws Relating to Insurance Business-2.
Indian Contract Act
Offer
and Acceptance
Legality of the Contract
Legality of the Contract
Construction of
Policies
Insurance Policies Acts
Exchange Control Regulation
Indian Penal Code
Offences Against Property
Offences relating to documents
Offences affecting the
Public Health
Safety Convenience
Decency and Morals.
Module 18. Introduction to Surveys.
Human Element
Technical Element
Contractual Element
Administrative Element.
Module 19. Admissibility of Claims.
Factors affecting the Admissibility of the claim
Examination of policy contents
Verification of Multiple Policies
Insurable
Interest
Proximate Cause of Loss
Operation of Exclusions
Examination of
Warranties.
Module 20. Evaluation and Loss Assessment.
Basis of Indemnity
Basis of
Valuation
Valued Policies
Market Value Policies
Reinstatement Policies
Protecting Property from damages
Insurer’s Liability/ Breach of Warranties, other
issues.
Module 21. Loss Adjustment.
Depreciation
Salvage Recovery
Methods of Salvage
Disposal
Private Sale
Adjustment for “Deductible/Excess”
Contribution.
Module 22. Reporting.
Survey Report
Policy Particulars
Insurable Interest
Extent of Damage
Insurer’s Liability/Breach of Warranties.
Module 23. Objectives, Processes and Professional Skills.