IC 72 Motor Insurance Mock Tests

IC 72 Motor Insurance Examination: Objectives, Assessment Structure & Chapter Syllabus Weightage

The IC 72 Motor Insurance examination, conducted by the Insurance Institute of India (III) for professional Associateship and Fellowship qualifications, is a benchmark certification covering motor insurance laws, underwriting principles, claims management, and regulatory frameworks in India.

1. Examination Objectives:

The primary objective of the IC 72 Motor Insurance course is to provide insurance professionals, candidates, and industry practitioners with an in-depth, end-to-end understanding of vehicle insurance contracts, statutory liabilities, and operational practices.

Key Learning Objectives Include:

• Legal & Statutory Framework: Mastering the legal provisions of the Motor Vehicles Act, 1988 (and subsequent amendments), including compulsory Third-Party (TP) insurance requirements under Section 146, vehicle registration rules, driver licensing, and traffic safety laws.
• Core Insurance Contract Principles: Understanding how fundamental legal doctrines—such as Utmost Good Faith (uberrimae fides), Insurable Interest, Indemnity, Subrogation, Contribution, and Proximate Cause (causa proxima)—apply specifically to motor policies.
• Underwriting & Premium Rating: Comprehending the detariffed Own Damage (OD) pricing environment, statutory IRDAI-regulated Third-Party tariffs, risk profiling, Insured’s Declared Value (IDV) calculation schedules, No Claim Bonus (NCB) structures, and General Regulations (GRs).
• Claims Procedures & Loss Assessment: Navigating Own Damage (OD) claim workflows, independent surveyor assessment mandates (for claims exceeding ₹50,000), total loss/constructive total loss (CTL) rules, and salvage handling.
• Third-Party Claims & Litigation: Understanding Motor Accident Claims Tribunal (MACT) procedures, structured compensation formulas (Section 163A), fault vs. no-fault liability, quantum fixation under the Multiplier Method, and out-of-court dispute resolutions via Lok Adalat and conciliatory committees (DICC/RICC).
• Technology, Analytics & Fraud Control: Exploring digital IT applications, the Insurance Information Bureau of India (IIBI) national data repository, predictive analytics, fraud mitigation in OD/TP claims, and customer relationship management (Consumer Delight).

2. Examination Assessment Structure:

The assessment scheme for IC 72 is structured to evaluate both foundational knowledge and practical problem-solving capabilities in motor insurance underwriting and claims handling.

• Exam Conducting Body: Insurance Institute of India (III).
• Examination Mode: Online Computer-Based Test (CBT) / Multiple Choice Questions (MCQs).
• Total Marks: 100 Marks.
• Total Questions: 100 Objective Type Questions (1 mark each) or equivalent weighted distribution.
• Duration: 2 Hours (120 Minutes).
• Passing Criteria: 50% Marks (50 out of 100).
• Question Types:
  • Direct Knowledge Questions: Definitions, statutory sections, rules, and limits under the Motor Vehicles Act and Insurance Act.
  • Conceptual & Regulatory Questions: Application of insurance principles, IRDAI File & Use guidelines, and Expenses of Management (EoM) regulations.
  • Numerical & Scenario-Based Questions: IDV depreciation calculations, NCB discount applications, net claim liability computations, and MACT multiplier calculations.

3. Chapter-Wise Index & Syllabus Weightage Table:

The IC 72 syllabus is divided into two comprehensive parts: Part I (Own Damage Insurance) and Part II (Motor Third Party Insurance). The distribution of weightage across the 11 syllabus chapters totals 100 Marks.