Principles and Practice of Insurance and Survey and Loss Assessment - IC S01 Practice Exam

The "Principles and Practice of Insurance and Survey and Loss Assessment - IC S01" certification from the Insurance Institute of India is designed to equip professionals with a comprehensive understanding of the fundamental principles of insurance, including risk management, policy formulation, and loss assessment techniques. The certification includes the legal framework of insurance, underwriting practices, the role of surveyors in loss assessment, and the intricacies of claims management. The certification attests to your skills to assess losses accurately, enhancing their professional expertise in the field.
Why is Principles and Practice of Insurance and Survey and Loss Assessment - IC S01 important?

• Provides foundational knowledge of insurance principles and practices.
• Enhances skills in risk assessment and loss evaluation.
• Improves understanding of claims management processes.
• Increases employability in the insurance and risk management sectors.
• Validates expertise for career advancement in insurance-related roles.

Who should take the Principles and Practice of Insurance and Survey and Loss Assessment - IC S01 Exam?

• Insurance Surveyor
• Claims Adjuster
• Risk Manager
• Underwriter
• Insurance Broker

Skills Evaluated

Candidates taking the certification exam on the Principles and Practice of Insurance and Survey and Loss Assessment - IC S01 is evaluated for the following skills:

• Knowledge of insurance fundamentals and terminology.
• Ability to assess risks and evaluate potential losses.
• Understanding of underwriting principles and practices.
• Proficiency in claims management and processing.
• Awareness of regulatory and legal frameworks in insurance.

Principles and Practice of Insurance and Survey and Loss Assessment - IC S01 Certification Course Outline
The Principles and Practice of Insurance and Survey and Loss Assessment - IC S01 Certification covers the following topics -

Module 1. Risk and Theory of Probability.

• The Concept of Risk

• Pure Risk

• Minimisation of Risks

• Classification of Risk

• Insurable Risks

• Exceptions

• Theory of Probability

• Insurance System.

Module 2. Origin, Development and Present Status of Insurance.

• Development of Insurance

• Present Status of Insurance.

Module 3. Fire and Loss of Profits (Fire) Insurance.

• Fire Insurance

• Exclusions

• Special Policies

• Reinstatement Value Policy

• Declaration Policies

• Floating Policy

• Industrial All Risks Policy

• Petrochemical Risks

• Loss of Profits (Fire Insurance)

• Indemnity Period

• Perils Cover Material Damage Clause

• Extensions of the Policy

• Insurance of Wages

• Lay-off/Retrenchment Compensation

• Special Policies.

Module 4. Motor and Engineering Insurance.

• Motor Insurance

• Types of Policies

• Engineering Insurance

• Classification of Engineering Insurance.

Module 5. Miscellaneous Insurance.

• Burglary Insurance

• All risks insurance policy

• Baggage Insurance

• Different Miscellaneous Insurance

• Types of Policies

• Court

• Bonds

• Excise Bonds

• Bankers Indemnity Policy

• Legal Liability Insurance

• Personal Accident Insurance

• Group Personal Accident Policy

• Mediclaim Insurance

• Rural Insurance

• Property Insurance.

Module 6. Marine Cargo and Hull Insurance.

• Marine Cargo Insurance

• Institute

• Cargo Clauses

• Special Declaration Policy

• Types of Marine Policies

• Insurance

• Annual Policies

• Duty and Increased Value Insurance Package Policy for Exporters,

• Marine Hull Insurance, War and Strike Risks.

Module 7. Utmost Good Faith.

• Duty of Disclosure

• Material Costs

• Risk Inspection

• Duty of Agent

• Representations and Warranties

• Reciprocal Duty of Insurers.

Module 8. Insurable Interest.

• Definition

• Essentials

• Examples of Insurable

• Interest

• Marine Insurance

• Reinsurance

• Assignment

• Marine Policy

• Motor

• Policies

• Personal Accident Policies.

Module 9. Indemnity.

• Fire Insurance

• Building

• Machinery

• Stocks

• Consequential Loss

• Modifications of the Principle

• Marine Insurance

• Motor

• Insurance

• Engineering Insurance

• Miscellaneous Insurance

• Insurances of Property

• Insurances of Liability

• Reinstatement of Sun Insurance After Loss

• Marine Hull.

Module 10. Subrogation and Contribution.

• Subrogation

• Marine

• Duty of insured

• Miscellaneous Insurance

• Insurances of Liabilities

• Insurance of Interest

• Limitations of subrogation rights

• Contribution

Module 11. Proximate Cause.

• General Guidelines

• Rules

• Fire

• Marine.

Module 12. Underwriting Practices -1.

• Introduction

• Specified perils vs all Risks

• Implied and Express Conditions.

Module 13. Underwriting Practices -2.

• Warranties

• Different examples of

• Warranties

• Representation and Warranties

• Proposal Forms

• Implied Warranties

• Fire insurance

• Escalation Clause

• Miscellaneous Insurance

• Physical Hazard and

• Moral Hazard

• Fidelity Guarantee

• Incorporative Clauses.

Module 14. Types of Loss.

• Actual Total Loss

• Salvage Loss

• Partial Loss

• Consequential Loss.

Module 15. Layout - Hazards and Risk Exposures.

• Exposure Hazards

• External

• Exposures and Internal Exposures

• Segregation of Processes

• Layout for Fire

• Protection Systems

• Petrochemical Complexes

• Other Industries.

Module 16. Law & Relating to Insurance Business1.

• Insurance Act 1938

• Insurance Regulatory and Development Authority Act 1999

• Important Amendments

• The Insurance (Amendment) Act 2002

• Consumer Protection Act 2002

• Consumer

• Forum Orders

• Recommendations.

Module 17. Laws Relating to Insurance Business-2.

• Indian Contract Act

• Offer

• and Acceptance

• Legality of the Contract

• Legality of the Contract

• Construction of

• Policies

• Insurance Policies Acts

• Exchange Control Regulation

• Indian Penal Code

• Offences Against Property

• Offences relating to documents

• Offences affecting the

• Public Health

• Safety Convenience

• Decency and Morals.

Module 18. Introduction to Surveys.

• Human Element

• Technical Element

• Contractual Element

• Administrative Element.

Module 19. Admissibility of Claims.

• Factors affecting the Admissibility of the claim

• Examination of policy contents

• Verification of Multiple Policies

• Insurable

• Interest

• Proximate Cause of Loss

• Operation of Exclusions

• Examination of

• Warranties.

Module 20. Evaluation and Loss Assessment.

• Basis of Indemnity

• Basis of

• Valuation

• Valued Policies

• Market Value Policies

• Reinstatement Policies

• Protecting Property from damages

• Insurer’s Liability/ Breach of Warranties, other

• issues.

Module 21. Loss Adjustment.

• Depreciation

• Salvage Recovery

• Methods of Salvage

• Disposal

• Private Sale

• Adjustment for “Deductible/Excess”

• Contribution.

Module 22. Reporting.

• Survey Report

• Policy Particulars

• Insurable Interest

• Extent of Damage

• Insurer’s Liability/Breach of Warranties.

Module 23. Objectives, Processes and Professional Skills.

• Insurance Contract/Policy

• Nature and Conduct of the Insured

• Business Expediency of the Insurer

• Business Expediency of the Third Parties

• Surveyors Limitations

• Professional Skills

• Investigation Skills

• Negotiation Skills.

Module 24. Accounting Principles and Practices.

• Book Keeping

• Double-Entry

• Book Keeping

• Trial Balance

• Final Account

• Manufacturing Account

• Trading

• Account

• Profit and Loss Account

• Balance Sheet

• Applicability of Accounting

• Knowledge

• Limitations of Scrutiny of Books of Accounts.

Module 25. Survey Profession-Past and Present.

• Origin - Licensing of Surveyors,

• based only on qualifications

• Licensing Procedure

• Constitution and Functions of

• Surveyors and Loss Assessors Committee

• Duties and Responsibilities of a Surveyor

• and Loss Assessor

• Categorization of Surveyors

• Code of Conduct

• Practical

• Training.