IC 11 Practice of General Insurance Mock Tests

IC 11  Practice of General Insurance Examination Objectives & Assessment Structure

Examination Objectives:

The primary objective of the IC-11 course and examination is to provide students with a comprehensive insight into the general insurance industry, its markets, processes, and products.

Key examination objectives derived from the learning outcomes include:

• Market Understanding: Knowing the history and structure of the Indian and international insurance markets and the various roles (regulator, insurer, intermediary, etc.) within them.
• Documentation and Legal Framework: Understanding the insurance contract as a legal document, the structure of an insurance policy (heading, preamble, schedule, etc.), and how to interpret policy wording.
• Product Knowledge: Gaining detailed knowledge of various insurance classes, including Fire, Marine (Cargo and Hull), Motor, Liability, Engineering, Personal Accident, Health, and specialty policies like Cyber Liability or Micro-insurance.
• Technical Operations:
  • Underwriting: Understanding the process of assessing, accepting, and pricing risks, as well as risk management and sharing through co-insurance and reinsurance.
  • Pricing: Understanding premium pricing mechanisms, "book rates," and how market cycles (soft vs. hard markets) affect pricing.
  • Claims: Learning the entire claims process from intimation to settlement, including the roles of loss adjusters and managing complex claims.
• Accounting and Reserves: Understanding how insurance companies maintain technical reserves (like IBNR) and follow specific insurance accounting standards and investment regulations.

Assessment Structure:

While specific details such as exam duration or question formats are not in the sources, they confirm the following:

• Target Audience: The course is designed for students appearing for the examinations of the Insurance Institute of India (III).
• Standardization: The III conducts insurance diploma examinations on the same lines as those of the Chartered Insurance Institute, London.
• Certification: Qualifications range from Licentiate through Associateship to Fellowship.

Chapter Index and Weightage:

As the provided sources do not specify the marks assigned to each chapter, the "Weightage" column below reflects that this information is not available in the source material.

(Note: While the index is clearly defined in the Table of Contents, the specific mark distribution is typically provided in a separate exam blueprint or syllabus overview not included in these excerpts.)