Insurance Module (Intermediate) Practice Exam

Insurance fulfills several essential economic roles that are notably separate from other forms of financial mediation. The insurance sector has experienced significant transformations, marked by the proliferation of numerous insurers operating in both life and non-life sectors. In today's rapidly evolving and interconnected financial landscapes, there is a growing demand for proficient professionals equipped with the necessary expertise and deep understanding of insurance.

The Intermediate Insurance Module endeavors to offer a foundational understanding of insurance concepts, various insurance types, essentials of risk management, and principles and contracts governing insurance. This module requires:

• Basic understanding of the concept of insurance
• Familiarity with various types of insurance, fundamentals of risk management, insurance contracts and principles etc.

Who should take the exam?

The exam will benefit:

• Students of Management and Commerce
• Finance Professionals
• Employees with banks and financial institutions
• Distributors / Agents
• Anybody having interest in this subject

Exam Details

• Exam Name: Intermediate Insurance Module
• Exam Languages: English
• Exam Questions: 60 Questions
• Time: 120 minutes
• Passing Score: 60%

Exam Course Outline 

The Exam covers the given topics  - 

Topic 1: Overview of Insurance

1. Definition of Insurance

2. Concept of Insurance / How insurance works

3. Insurance Act, 1938

4. Insurance Regulatory and Development Authority (IRDA)

5. Insurance Advertisements and Disclosures Regulations, 2000

6. Protection of Policy Holders Interest Regulations, 2002

7. Third Party Administrators (TPA)

Topic 2: Basics of Risk Management

1. Definition of Risk

2. Classification of Risks

3. Definition of Risk Management

4. Stages of Risk Management

Topic 3: Understand Insurance Contract, Terminology, Elements and Principles

1. Contract Terminology

2. Elements of a Valid Contract – Offer and Acceptance, Consideration, Capacity, Legal Purpose

3. Distinguishing Characteristics of Insurance Contracts

4. Common clauses and sections in an insurance contract

Topic 4: General Insurance

1. Classification – Life Insurance & Non-Life Insurance

2. Non-Life Insurance classification – Property Insurance, Personal Insurance, & Liability Insurance.

3. Types of Property Insurance - Fire Insurance, Marine Insurance, Various types of Engineering Insurance.

4. Contractor's All Risks (CAR) Insurance

5. Marine cargo insurance

6. Features of motor insurance

7. Burglary insurance

8. Money insurance

Topic 5: Learn about Personal and Liability Insurance

1. Personal Insurance

2. Mediclaim Policies

3. Group Mediclaim policy

4. Personal Accident Insurance (PA)

5. Liability Insurance

6. Employers Liability Insurance

7. Public Liability Insurance

8. Professional Indemnity Insurance

9. Product Liability Insurance

Topic 6: Learn about Financial Planning and Life Insurance

1. Financial Planning

2. Ratios as a tool for financial analysis

3. Definition of Life Insurance

4. Law of large numbers

5. Principles of Insurance and Life Insurance

Topic 7: Understand the Types of Life Insurance Policies

1. Term Insurance

2. Types of Term Life Insurance

3. Whole Life Insurance

4. Endowment policy

5. Children’s policies

6. Annuities

7. Group Insurance

8. Industrial Life Assurance

9. Life insurance premium and tax benefits

Topic 8: Insurance Intermediaries

1. Introduction

2. Individual agent

3. Corporate agent

4. Code of Conduct

5. Broking regulations

6. Indian Insurance Market