Monday, April 15, Insurance Institute of India · Insurance Institute of India. IC Search: College Of Insurance · Sign In New Users:: Create An Account. The present course material – IC 34 – taken up by the Insurance Institute of India (III) is a great step general insurance agents in consultation with the industry. You need good practice for before you appear for the IC GENERAL INSURANCE Exam. The website has been thoroughly revised with
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IC - 34 Book Soft Copy - Download as PDF File .pdf), Text File .txt) or read online. CHAPTER 2 FUNDAMENTALS / PRINCIPLES OF GENERAL INSURANCE. IC34 Work Book - Ebook download as PDF File .pdf), Text File .txt) or read book online. insurance general insurance agents in consultation with the industry. IRDA Exam: Download IC 33 Book as per new syllabus for 50 hours in course material for prerecruitment test for general insurance agents in consultation with.
Dishonest acts of insured III. Empathy and ego drive are the two basic qualities that make a good sales person. IC 34 Workbook To prevent insured taking cover only during part of the year when the risk is high. Subrogation Page 6. Which of the below intermediary is not involved in procurement of business? Period of Insurance: None of the above The correct option is III.
Apart from the structure, it covers the contents against burglary, housebreaking, larceny and theft. Two methods of fixing the sum insured, viz. For additional coverage like money, baggage, personal accident the premium would depend on the sum insured and the covers opted for IC General Insurance.
Purchased by the insured first party from an insurance company second party for protection against another party's claims third party for liability arising out of the action of the insured.
Two popular and important types of covers Act [Liability] Only Policy: As per Motor Vehicles Act it is mandatory for any vehicle plying in public place to insure liabilities towards third parties. This chapter focuses on the various kinds of insurance products available for the commercial or business enterprises or firms, who are engaged in or deal with various kinds of goods and services.
Impact damage ; Aircraft damage Storm, tempest, cyclone, typhoon, hurricane, tornado, flood and inundation The fire policy for commercial risks covers the perils of.
Subsidence and landslide including rock slide Bursting and overflowing of water tanks, apparatus and pipes Missile testing operations Leakages from automatic sprinkler installation Bush fire IC General Insurance. Loss of property following actual forcible and violent entry into the premises or loss followed by actual, forcible and violent exit from the premises or hold up.
Damage to insured property or premises by burglars. Property insured is covered only when it is lost from the insured premises and not from any other premises. Rates of premium for burglary policy: Premium is fixed depending on the insured, estimated total cash carrying liability of the company at any one time, the mode of conveyance, distance involved, safety measures taken etc.
The rate of premium depends upon the type of business occupation, status of the employee, the system of check and supervision IC General Insurance.
Bankers indemnity insurance Coverage under Bankers Indemnity Insurance There are different variations to this policy based on the requirement of banker. Section I: Covers loss of or damage to property whilst in the premises insured, as a result of fire, explosion, lightning burglary, house-breaking, theft, hold-up, robbery, riot, strikes and malicious damage and terrorism. Section II: Covers loss or damage whilst the property insured is in the custody of the insured and other specified persons.
Section III: Covers loss or damage whilst such property is in transit by registered parcel post, air freight etc. Section IV: Provides cover for trade and office furniture and fittings in the premises against the risks specified in Section I. While it is at work or at rest, While being dismantled for cleaning or overhauling, During cleaning or overhauling operations and during reassembly thereafter, When being shifted within the premise.
It has usually three sections that cover various types of losses: Marine insurance Marine insurance is classified into two types: Institute Voyage Clauses. Chapter 9 Claims Procedure Intro: This chapter we will discuss about the procedures and documents involved in claim process and for disputed claims.
Promptly settle claims of policyholders without differentiating size of claim or the legal status of claimant. Insurance officials should handle claims based on merit and do not reject the claim without examining all the documents.
Independent surveyor If the claim amount is should assess the cost of Claim is assessed on the small, an officer of the the loss, which should be basis of a police report insurer can determine the accepted by both parties and investigators report cause and extent of loss as well as court of law.
The insurance policy is in force on the date of occurrence of the loss or damage On receipt of intimation of loss or damage insurers need to check. The loss or damage is caused by an insured peril The property subject matter of insurance affected by the loss is the same as insured under the policy Notice of loss has been received without delay. Designed to get full information regarding the circumstances of the loss, such as date of loss, time, cause of loss, extent of loss, etc.
Whether the loss is within the scope of the policy Whether the insured has complied with policy conditions.
Compliance with warranties Observance of utmost good faith by the proposer Duty to take measures to minimise the loss. The amount payable will also depend upon Application of underinsurance Application of contribution and subrogation conditions. Chapter 9 Claims Procedure Either due to delay in notice of loss or non-submission of documents by clients Disputes related to claims. Most common reasons are Disputes relating to question of liability are to be settled through litigation.
Non-disclosure of material facts Lack of coverage Loss caused by excluded perils Lack of adequate sum insured Breach of warranty Issues regarding quantum due to underinsurance, depreciation, etc.
It is done in accordance with the provisions of the Arbitration and Conciliation Act, There is no arbitration condition in marine cargo policies.
Chapter 10 Customer Service Intro: This chapter discusses the importance of customer service and the role of agent to provide customer service.
Insurance agent needs to be a risk assessor, underwriter, risk management counsellor, designer of customised solutions and a relationship builder who thrives on building trust and long-term relationships.
Agent should explain and clarify to proposer the details to be filled as answer to each of questions in the proposal form.
Insurance agent need to ensure that the incident giving rise to the claim is immediately informed to the insurer an Insurance agent need to ensure that customer carefully follows all the formalities and assists in all the investigations that may need to be done to assess the loss.
Means made available to potential users and includes the provision of facilities in connection with banking, financing, insurance, transport, processing, supply of electrical or other energy, board or lodging or both, housing construction, entertainment, amusement or the purveying of news or other information It does not include the rendering of any service free of charge or under a contract of personal service.
It does not include a person who obtains such goods for resale or for any commercial purpose Hires or avails of any services for a consideration and includes beneficiary of such services. Means a dispute where the person against whom a complaint has been made, denies and disputes the allegations contained in the complaint.
By mutual agreement of the insured and the insurer can act as a mediator and counsellor within the terms of reference. If insurance company had rejected the complaint The complainant had not received any reply within one month after receipt of the complaint by the insurer Complaints can be made to the Ombudsman.
The complainant is not satisfied with the reply given by the insurer The complaint is made within one year from the date of rejection by the insurance company The complaint is not pending in any Court or Consumer Forum or in arbitration. Chapter 10 Customer Service Communication process Communication and customer relationships It is both the service and the relationship experience that ultimately shapes how the customer would look at the company.
Chapter 10 Customer Service Ethical behaviour Ethical behaviour automatically leads to good governance Unethical behaviour happens when the benefits of self are considered more important than of the other. Chapter 11 Insurance Career Prospects Intro: Chapter 11 Insurance Career Prospects brokers are insurance intermediaries representing the customer.
Bank becomes a corporate agent of an insurer and taps its customer base to sell insurance products. Referral model, where the bank supports the insurance company with the data base while the sale of insurance products is done by the insurance company. Significance of selling Sale Insurance agents the act of giving a product or service in return for money sales persons who seek to get members of the community to buy insurance products in exchange for a premium sell a variety of insurance and financial products that most appropriately meet the needs of their clients receive remuneration in the form of an agency commission IC General Insurance Chapter 3 Marketing and Selling Insurance Marketing vs.
Importance of insurance regulations Prime purpose of insurance regulation to protect the policyholder Regulations made by IRDA to ensure that insurance companies should exist as financially sound organisations to honour the contracts that they have entered into.
IRDA regulates companies from their registration onwards monitors all major activities of insurance companies like investments, accounting etc. Chapter 5 Documentation Interpretation of policies The most important rule of construction the intention of the parties must prevail and this intention is to be looked for in the policy itself The principal rule of construction the intention of the parties of the contract must prevail, that intention must be gathered from the policy document itself and the proposal form, clauses, endorsements, warranties etc.
The pure rate of premium is arrived at on the basis of past loss experience. Personal accident insurance Accident usually denotes a sudden, unforeseen and an unexpected event caused by external, violent and visible means but does not include any illness or disease , which results in physical bodily injury but does not include mental, nervous or emotional disorders, depression or anxiety Generally Personal Accident P.
Family floaters usually cover husband, wife and two children In order to promote health insurance, the Government gives certain tax incentives to policyholders An important incentive is that the premium paid for health insurance policy qualifies for tax benefit under section 80D of Income Tax Act Cashless facility: Apart from the structure, it covers the contents against burglary, housebreaking, larceny and theft Methods of fixing the Sum Insured: Property insured is covered only when it is lost from the insured premises and not from any other premises Rates of premium for burglary policy: Extra benefit provided by the insurer on payment of additional premium.
It is valid worldwide and one can travel in a standard aircraft. Payment of a fixed sum per week to a maximum number of weeks for which the compensation would be payable. Are artificial limbs covered under a health policy?
Yes, they are covered automatically. There is a waiting Period of how many years in a fresh Policy for certain diseases cataract etc. The insured can transfer his Policy to a new insurer and the 2 years exemption with the previous insurer will continue, meaning that his policy will already be in the third year with the new insurer.
The insured is entitled for a free health check- up. The grace period for renewal for a health insurance policy is. As per MV Act, third party property damage is covered upto. The insured is required to pay. Owner-cum- Driver P.
A physical or moral feature that increases the risk. The procedures like Dialysis, chemotherapy etc. Day care treatment.
A surveyor is appointed when the claim amount is Rs. Ombudsman powers are restricted to contracts of value not exceeding? Ombudsman has to give his award within how many days? The jurisdiction of the District Forum is to entertain matters upto what amount?