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SUBJECT 01 – PRINCIPLES OF INSURANCE (Common Subject for Life and General)

THE CONCEPTUAL FRAMEWORK – WHAT IS INSURANCE – BRIEF HISTORY OF INSURANCE – PERILS AND RISKS – CLASSIFICATION OF RISKS- HAZARDS – HOW INSURANCE WORKS – CLASSES OF INSURANCE – ASSUMPTIONS – IMPORTANCE OF INSURANCE INDUSTRY.

THE BUSINESS OF INSURANCE – MANAGING RISK RETENTION – LIFE INSURANCE – MANAGING INSURANCE – FUNDS OF AN INSURER – TRUSTEE-REINSURANCE – ROLE OF INSURANCE IN ECONOMIC DEVELOPMENT – INSURANCE AND SOCIAL SECURITY.

THE INSURANCE CONTRACT – UTMOST GOOD FAITH OR UBERRIMA FIDES – INSURABLE INTEREST – INSURER’S INSURABLE INTEREST – CRIMINAL ACTS – INDEMNITY – SUBROGATION AND CONTRIBUTION – PROXIMATE CAUSE – PERSONAL AND NON-PERSONAL CONTRACTS

INSURANCE PRODUCTS – LIFE INSURANCE – SURVIVAL – TERM ASSURANCE – PURE ENDOWMENT – WHOLE LIFE – DOUBLE ENDOWMENT MONEY BACK OR ANTICIAPTED SUPPLEMENTARY BENEFITS – RIDERS – LINKED POLICIES – ANNUITIES – IMMEDIATE ANNUITIES – DEFERRED ANNUITIES – GROUP POLICIES – MASTER POLICY – NON-LIFE INSURANCE – FIRE – LOSS OF PROFITS – MARINE – MARINE CARGO – MARINE HULL – MOTOR – MISCELLANIOUS – PERSONAL ACCIDENT – FIDELITY GUARANTEE – HEALTH – MEDICLAIM – OVERSEAS MEDICAL – LIABILITY – WORKMENS’ COMPENSATION – ENGINEERING – BOILER AND PRESSURE PLANT POLICIES – AVIATION – INDUSTRIAL ALL RISKS – OIL AND GAS – SATELLITE OTHER MISCELLANEOUS INSURANCES – BURGELARY – LOSS OF BAGGAGE DURING TRAVEL – HOUSEHOLDER EFFECTS – SHOPKEEPER’S BUSINESS – BANKERS’ IMDEMNITY – HORSES – BEES – CATTLE – PLANTATIONS ETC.

INSURANCE TERMINOLOGY – COMMON FOR BOTH LIFE AND NON-LIFE INSURANCE – INSURANCE – INSURER – PROPOSAL – UNDERWRITER – PREMIUM – POLICY – ENDORSEMENT – SUBJECT MATTER OF INSURANCE – SUM ASSURED – TERM – CONDITIONS – PRECEDENT AND SUBSEQUENT – CLAIM – POLICYHOLDER – PREMIUM – RESERVE – CEDED – ACCEPTED – EXPENSE RATIOS – LOSS RATIOS – MORTALITY – LLOYD’S PROTECTION AND INDEMNITY ASSOCIATIONS – WARRANTIES – REPRESENTATION – EX-GRATIA – LIFE INSURANCE – FIRST PREMIUM – RENEWAL – MODE – LIMITED PAYMENT – POLICIES – SINGLE PREMIUM – CONVERTIBLE – DAYS OF GRACE – LAPSE – PAID UP POLICY – REVIVAL – DEFERRED – DEERMENT PERIOD – NOMINATION – ASSIGNMENT – ASSIGNEE – BONUS – WITH PROFIT – PARTICIPATING – NON-PARTICIPATING OR WITHOUT PROFIT – SURRENDER VALUE – NON-LIFE INSURANCE – MARKET AGGREMENTS – COVER NOTES – CERTIFICATES OF INSURANCE – OPEN POLICY – FLOATER – EXCESS – FRANCHISE – CLAIMS – SALVAGE – COINSURANCE – LOSS – TOTAL LOSS – ACTUAL OR CONSTRUCTIVE LOSS – ABANDONED – PARTICULAR – GENERAL – NO-CLAIM BONUS – MALUS – REPLACEMENT – VALUED POLICY – AGREED VALUE – FULL VALUE – FIRST LOSS – INCRESED VALUE – INSURANCE TIME OR INSTITUTE CARGO CLAUSES – SOLATIUM FUND – HIT AND RUN CASES – ARBITRATION

THE INSURANCE MARKET – LIFE AND NON-LIFE INSURERS – REINSURERS – INDIVIDUAL AND CORPORATE AGENTS – BROKERS – SURVEYORS – MEDICAL EXAMINERS – THIRD PARTY ADMINISTRATORS – REGULATOR IRDA – INSURANCE COUNCILS – OMBUDSMEN – EDUCATIONAL INSTITUTES – COUNCILS – TARIFF ADVISORY COMMITTEE.

REGULATIONS – THE INSURANCE ACT, 1938 – INSURANCE REGULATORY AND DEVELOPMENT ACT, 1999 – LIFE INSURANCE CORPORATION ACT, 1956 – GENERAL INSURANCE BUSINESS (NATIONALISATION) ACT, 1972 – CONSUMER PROTECTION ACT, 1986 (COPA) – INCOME TAX ACT – OTHER LAWS

THE INSURANCE CUSTOMER – CUSTOMERS ARE DIFFERENT – DIFFERENT MIND SETS, THEIR SATISFACTIONS – ETHICAL BEHAVIOUR.

RISK MANAGEMENT – AVOIDANCE OR PREVENTION – REDUCTION – RETENTION – TRANSFER – THE TECHNIQUES, SEPARATION – DUPLICATION DIVERSIFICATION – RETENTION AND THE INDIVIDUAL.

APPENDIX – 1 – HISTORY OF INSURANCE – FROM IRDA’S WEBSITE.

Note : There will be 3 objective type of questions. Out of 10 questions, candidate is expected to attempt 8 questions only.

CRK


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SUBJECT 02 – PRACTICE OF LIFE ASSURANCE (Life Branch)

LIFE INSURANCE ORGANISATION – INTRODUCTION – ORGANISING – IMPORTANT ACTIVITIES – THE INDIAN CONTEXT – INTERAL ORGANISATION – THE DISTRIBUTION SYSTEM – APPOINTMENT OF AGENT-FUCTIONS OF THE AGENT – CONTINUANCE OF AGENCY – REMUNERATION TO AGENTS – TRENDS IN LIFE INSURANCE – DISTRIBUTION CHANNLES – PREMIUMS AND BONUSES – WHAT IS PREMIUM – RISK – NET AND PURE PREMIUM – LOADINGS – LEVEL PREMIUM – OFFICE PREMIUM – EXTRA PREMIUMS – CALCULATION OF AGE – PREMIUM CALCULATION – LIFE FUND – ACTUARIAL VALUATION – BONUS – SIMPLE REVERSIONARY BONUS – COMPOUND REVERSIONARY BONUS – INTERIM BONUS.

PLANS OF LIFE INSURANCE – DEATH COVER – SURVIVAL BENEFIT – TERM ASSURANCE – PURE ENDOWMNET – LINKED – SOME POPULAR PLANS- COMMON VARIATIONS – WITH PROFIT AND WITHOUT PROFIT POLICIES – JOINT LIFE POLICIES – CHILDRENS PLANS – VARIABLE INSURANCE PLANS – RIDERS – POSTAL LIFE INSURANCE

ANNUITIES – THE NATURE OF ANNUITY – IMMEDIATE ANNUITY – DEFERRED ANNUITY.

GROUP INSURANCE – INTRODUCTION – MEANING OF GROUP INSURANCE – ESSENTIAL FEATURES OF GROUP INSURANCE SCHEMES – TYPES OF GROUP INSURANCE SCHEMES – GROUP GRATUITY SCHEMES – WAYS TO MEETING GRATUITY LIABILITY – GROUP SUPERANNUATION SCHEME – GROUP LEAVE ENCASHMENT SCHEME (GLES) – OTHER GROUP SCHEMES – SOCIAL SECURITY SCHEMES.

OTHER SPECIAL NEED PLANS – INDUSTRIAL LIFE INSURANCE– MARRIED WOMEN’S PROPERTY (MWP) ACT POLICIES – KEY MAN INSURANCE – PLANS COVERING HANDICAPPED.

HEALTH PRODUCTS – TYPES OF PRODUCTS – INDEMNITY, FIXED BENEFITS, ULIPS, PURE HEALTH COVERS, DISEASE SPECIFIC COVERS ETC. TYPES OF BENEFITS OFFERED – DAILY CASH BENEFIT, HOSPITALIZATION BENEFIT AND DOMICILIARY EXPENSES.

LINKED INSURANCE PLANS – WHAT IS LINKED POLICY – EQUITY FUNDS – DEBT FUNDS – MONEY MARKET FUNDS – LIQUID FUNDS – BALANCED FUNDS – FLEXIBILITY – TOP-UP-PREMIUM HOLIDAY – NET ASSETS VALUE OR NAV – LOCK IN – RIDERS – DIFFERENCES – ANNUITIES AND PENSIONS – IRDA GUIDELINES.

APPLICATION AND ACCEPTANCE – PRINCIPLE OF UTMOST GOOD FAITH – INSURABLE INTEREST – PROSPECTUS – PROPOSAL FORMS AND OTHER RELATED DOCUMENTS – MEDICAL EXAMINATION – SPECIAL REPORTS – AGE PROOF- UNDERWRITING – UNDERWRITING STANDARDS – ANNEXURES – PROPOSAL FORM – PERSONAL STATEMENT – MEDICAL REPORT

POLICY DOCUMENT – NEED AND FORMAT – POLICY PREAMBLE – SCHEDULE – ATTESTATION – CONDITIONS AND PRIVILEGES – CONDITIONS WHICH ADD TO THE BENEFITS OF THE INSURANCE AND PRIVILEGES – CONDITIONS, WHICH PROVIDE EXTENDED BENEFITS OR SUPPLEMENTARY BENEFITS – ALTERATIONS – DUPLICATE POLICY.

PREMIUM PAYMENT – LAPSE AND REVIVAL – AGE – PREMIUM – WHERE TO PAY – SURRENDERR VALUES – NON-FORFEITURE OPTION – REVIVAL – SPECIAL REVIVAL SCHEME – INSTALMENT REVIVAL SCHEME – LOAN – CUM – REVIVAL SCHEME.

ASSIGNMENT, NOMINATION, LOANS, SURRENDERS, FORECLOSURE –

ASSINGMENT - NOMINATION – NOMINATION VS. ASSIGNMENT – LOANS AND SURRENDERS – FORECLOSURE.

POLICY CLAIMS – MATURITY CLAIMS – SURVIVAL BENEFIT PAYMENTS – DEATH CLAIMS – WAIVER OF EVIDENCE OF TITLE – EARLY CLAIMS – CLAIMS CONCESSION – PRESUMPTION OF DEATH – ACCIDENT BENEFIT AND DISABILITY BENEFIT – PERMANENT DISABILITY BENEFIT – POST MATURITY OPTIONS – SETTLEMENT OPTIONS – PRECAUTIONS.

MISCELLANEOUS – REINSURNACE – EXCHANGE CONTROL REGULATIONS – PAYMENT OF PREMIUMS – PAYMENT OF CLAIMS ETC. – ASSIGNMNET IN FAVOUR OF NON-RESIDENTS – DEPOSITS – EXPORT OF POLICIES – INFORMATION TECHNOLOGY – INTRANET AND INTERNET - BENEFITS TO AGENTS – BENEFITS TO POLICY HOLDERS / PROSPECTS – KIOSKS – IT IN THE RURAL AREAS – INTERNAL PROCESSING – IRDA REGULATIONS.

ANNEXURES – FINANCIAL MARKET – CAPITAL MARKET – STOCK TECHNICALS – AUTHORISED CAPITAL – ISSUED CAPITAL – FLOAT OUTSTANDING – SHARES MARKET – CAPITALISATION – EPS OR EARNINGS PER SHARE – PE (PRICE EARING RATIO) – BETA.

SIMPLE ECONOMICS – RISK PREMIUM – RELATIONSHIP BETWEEN INTEREST RATES AND STOCK PRICES – RELATIONSHIP BETWEEN INFLATION RATES AND STOCK PRICES – INCOME SCHEMES -GROWTH SCHEMES – BALANCED SCHEMES – OPEN ENDED SCHEMES – CLOSE ENDED SCHEMES – INTERVAL SCHEMES – TAX SAVING SCHEMES – SECTORAL SCHEMES – INDEX SCHEMES – EVALUATING UNIT LINKED POLICIES – POLICY FUND.

Note :There will be 3 objective type of questions. Out of 10 questions, candidate is expected to attempt 8 questions only

CRK


SUBJECT 11 – PRACTICE OF GENERAL INSURANCE (General Branch)

INSURANCE LEGISLATION – THE INSURANCE ACT, 1938 – REGISTRATION – ACCOUNTS AND RETURNS – INVESTMENTS – LIMITATION ON EXPENSES OF MANAGEMENT – PROHIBITION OF REBATES – POWERS OF INVESTIGATION – OTHER PROVISIONS – INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY ACT, 1999- GENERAL INSURANCE COUNCIL – AMENDEMENT OF INSURANCE ACT – AMENDMENTS OF THE LIFE INSURANCE COPORATION ACT, 1956 – AMENDMENTS OF GENERAL INSURANCE BUSINESS (NATIONALISATION) ACT, 1972- THE INSURANCE (AMENDMENT) ACT, 2002 - INSURANCE CO-OPERATIVE SOCIETY – MOTOR VEHICLES ACT, 1988 – NO FAULT LIABILITY – HIT AND RUN ACCIDENTS – SOLATIUM FUND – STRUCTURED FORMULA FOR COMPENSATION – THE INLAND STEAM–VESSELS (AMENDMENT) ACT 1977 – MARINE INSURANCE ACT, 1963 – THE CARRIAGE FO GOODS BY SEA ACT, 1925 – THE MERCHANT SHIPPING ACT, 1958 – THE BILL OF LADING ACT, 1855 – THE INDIAN PORTS (MAJOR PORTS) ACT, 1963 – INDIAN RAILWAYS ACT, 1989 – THE CARRIERS ACT, 1865- THE INDIAN POST OFFICE ACT, 1898 – THE CARRIAGE BY AIR ACT, 1972- MULTI MODAL TRANSPORTATION ACT, 1993 – WORKMEN’S COMPENSATION ACT, 1923 – EMPLOYEE’S STATE INSURANCE ACT, 1948- PUBLIC LIABILITY INSURANCE ACT, 1991 – THE INDIAN STAMP ACT, 1899- EXCHANGE CONTROL REGULATIONS – THE CONSUMER PROTECTION ACT 1986 – INSURANCE OMBUDSMAN.THE INSURANCE MARKET – THE INSURANCE MARKET – HISTORICAL – PRESENT SCENARIO – THE AGENTS – CORPORATE AGENTS – BROKERS REMUNERATION – FUNCTIONS OF REINSURANCE BROKER – THE LIMITS OF INDEMNITY – THIRD PARTY ADMINISTRATORS – HEALTH SERVICES – SURVEYORS / LOSS ASSESSORS – CODE OF CONDUCT – TARIFF ADVISORY COMMITTEE – BOMBAY SALVAGE CORPS – OVERSEAS MARKET – UNITED KINGDOM – U.S.A. INSURANCE FORMS – PROPOSAL FORMS – COVER NOTES – CERTIFICATE OF INSURANCE – LIMITATIONS AS TO USE – POLICY FORMS – ENDORSEMENTS – INTERPRETATION OF POLICIES –CO-INSURANCE – RENEWAL NOTICE IRDA REGULATIONS 2002 ( PROTECTION OF POLICY HOLDERS’ INTERESTS ).

FIRE AND MARINE COVERAGES – STANDARD POLICIES – SPECIFIED PERILS VS. ALL RISKS – FIRE INSURANCE COVERAGES – REINSTATEMENT VALUE POLCIES – DECLARATION POLICY – FLOATING POLICIES – LONG TERM POLICIES – CONSEQUENTIAL LOSS (FIRE) INSURANCE – MARINE INSURANCE COVERAGES – HULL INSURANCE – MARINE (CARGO) INSURANCE – INSTITUTE CARGO CLAUSES (C) - INSTITUTE CARGO CLAUSES (B) – INSTITUTE CARGO CLAUSES (A) – GENERAL EXCLUSIONS CLAUSE – INLAND VESSELS AND SAILING VESSELS – POSTAL CONSIGNMENET – AIR CONSIGNMENT – TYPES OF LOSSES – TYPES OF MARINE POLICIES – SPECIFIC POLICY – OPEN COVER – OPEN POLICY – SPECIAL DECLARATION POLICY – ANNUAL POLICY – DUTY AND INCREASED VALUE INSURANCE.

MISCELLANEOUS COVERAGES – MOTOR INSURANCE – THIRD PARTY LIABILITY INSURANCE FOR MECHANISED VESSELS OPERATING IN INLAND WATERS – PERSONAL ACCIDENT INSURANCES – GROUP POLICIES – MEDICLAIM INSURANCE – JAN AROGYA BIMA POLICY – CANCER INSURANCE – UNIVERSAL HEALTH INSURANCE POLICY – OVERSEAS MEDICAL POLICY – BURGLARY (BUSINESS PREMISES) POLICY – ALL RISKS INSURANCE POLICY - MONEY POLICY – BAGGAGE INSURANCE – LEGAL LIABILITY INSURANCE – FIDELITY GUARANTEE INSURANCE – OTHER MINOR CLASSES OF MISCELLANEOUS INSURANCE – BANKER’S INDEMNITY POLICY – CARRIER’S LEGAL LIABILITY POLICY – JEWELLER’S BLOCK INSURANCE – COMPOSITE POLICIES – AVIATION INSURANCE – ENGINEERING INSURANCE – RURAL INSURANCE – CATTLE INSURANCE – AGRICULTURE PUMP SETS INSURANCE – POULTRY INSURANCE – SHEEP & GOAT INSURANCE – MICRO-INSURANCE.

SPECIALISED INSURANCES – INDUSTRIAL ALL RISKS INSURANCE – ADVANCE LOSS OF PROFIT COVER (ALOP) – OIL AND ENGERGY RISKS INSURANCE – SATELLITE INSURANCE.

UNDERWRITING – UNDERWRITING POLICY – CLASS RATED PRODUCTS – INDIVIDUAL RATED PRODUCTS – FILING OF PRODUCTS – ROLF OF ACTUARY – COMPLIANCE OFFICER – UNDERWRITING PRACTICE – PHYSICAL HAZARD – UNDERWRITING OF PHYSICAL HAZARD – UNDERWRITING OF MORAL HAZARD – ACCEPTANCE OF RISKS SUBJECT TO UNDERWRITING SAFEGUARDS – DECLINED RISKS - FIRE – MARINE – MISCELLANEOUS – RISK–INSPECTION – RE-INSURANCE - FACULTATIVE – TREATY – QUOTA SHARE – SURPLUS TREATY – POOL – NON – PROPORTIONAL TREATY - EXCESS OF LOSS TREATY – STOP LOSS TREATY – RISK MANAGEMENT – INSURER’S ROLE IN RISK MANAGMENET – DOCUMENTATION PROCEDURE – RENEWAL PROCEDURE – CUSTOMER SERVICE .

RATING AND PREMIUM – CLASSIFICATION OF RISK – DISCRIMINATION – BONUS / MALUS- PAST LOSS EXPERIENCE – CLAIMS COSTS – ACQUISITION COSTS – MANAGEMENT EXPENSES – MARGIN FOR FLUCUATION IN CLAIMS EXPERIENCE AND REASONABLE PROFIT – CLASSIFICATION OF PRODUCTS – PREMIUM – PREMIUM COMPUTATION – SHORT PERIOD SCALES – RETURN OF PREMIUM – FAILURE OF CONSIDERATION – AGREEMENT IN THE POLICY – ADVANCE PAYMENT OF PREMIUM – POLICIES RELATING TO CO-INSURANCE - POLICIES OF REINSURANCE.

CLAIMS – CLAIMS FORMS – INVESTIGATION AND ASSESSMENT – SURVEYORS AND LOSS ASSESSORS – CLAIMS DOCUMENTS – ARBIRATION – LIMITATION - SETTLEMENT – DISCHARGE VOUCHERS – POST SETTLEMENT ACTION – REVCOVERIES – SALVAGE – LOSS MINIMISATION AND SALVAGE –IN HOUSE SETTLEMENTS – PRACTICE IN THE U.K. – PRACTICE IN THE U.S.

INVESTMENT & ACCOUNTING – ACCOUNTING - RESERVES FOR OUTSTANDING CLAIMS – UNEXPIRED RISK RESERVES – OTHER RESERVES – GENERAL LEDGER – THE TRIAL BALANCE – REVENUE ACCOUNT – PROFIT AND LOSS ACCOUNT – THE BALANCE SHEET – STATUTORY RETURNS – RETURNS FOR MANAGEMENT CONTROL – CLAIMS AND UNDERWRITING AND GENERAL ADMINISTRATION – DATABASE ON COMPUTER – IRDA (INVESTMENT) REGULATIONS.

Note : There will be 3 objective type of questions. Out of 10 questions, candidate is expected to attempt 8 questions only

CRK


SUBJECT 14 – REGULATION OF INSURANCE BUSINESS (Common Subject for Life & General)
THIS SUBJECT SHALL COVER AT AN ELEMENTARY LEVEL, THE:
- MAIN FUNCTIONS OF IRDA AND LIFE INSURANCE COUNCIL
- AML GUIDELINES
- CONFIDENTIALITY OF INFORMATION: ITS USE, STORAGE AND DISCLOSURE;
- COMPLAINTS-HANDLING PROCEDURES
- MECHANISMS FOR DISPUTE RESOLUTION AVAILABLE TO INSURED AND THE ROLE OF THE OMBUDSMAN.
- IRDA (LICENSING OF INSURANCE AGENTS) REGULATIONS, 2000
- IRDA (PROTECTION OF POLICYHOLDERS’ INTERESTS) REGULATION, 2002
- ULIP GUIDELINES
- SEC 38 (ASSIGNMENT) OF INSURANCE ACT, 1938
- SEC 39 (NOMINATION) OF INSURANCE ACT, 1938
- SEC 41 (PROHIBITION OF REBATES) OF INSURANCE ACT, 1938
- SEC 45 OF INSURANCE ACT, 1938
- SEC 64VB OF INSURANCE ACT, 1938
- IRDA (MANNER OF RECEIPT OF PREMIUM) REGULATIONS, 2002
- IRDA (MICRO-INSURANCE REGULATIONS), 2005
Note : There will be 3 objective type of questions. Out of 10 questions, candidate is expected to attempt 8 questions only
CRK

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