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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. IC 34 Workbook. Insurance Institute of India. Page 2. GENERAL INSURANCE WORK BOOK. IC - Work Book. Revised Edition - ALL RIGHTS. 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.
For this to happen, it is absolutely essential that the distributor, who is the first point of contact with the clientele, is well-informed about all the nuances of the contracts that he proposes to sell. Again it may vary from insurer to insurer. Daily c How often is inventory or stock taking done? Shekhar owns machinery valued at Rs. Two persons entered Ms.
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Every Month in. Insurance Times Monthly Quiz Contest. Dont Miss the chance. Subscribe NOW!!! Do you think one must be better prepared than taking half chances in Exams. Powered by Apex Division. Health insurance: Householders Insurance: A contract between the insurer and the insured wherein insurer agrees to pay hospitalization expenses to the extent of an agreed sum insured in the event of any medical treatment arising out of an illness or an injury.
Variants of this insurance are reinstatement value insurance. This is a package policy meant for householders. Fire insurance covers loss or damage to property insured arising on account of any perils listed therein and consequential loss following thereafter.
Television and other electronic items are also covered. The premium may attract a family discount. Consequential loss insurance pays for loss of profits resulting from an event that leads to a payable claim towards Material Damage.
Domestic appliances. They will also send a surveyor depending on the estimate of loss to assess the loss within the term of the policy. IC 34 Workbook Industrial all Risk: Insurable interest: Insurance density: Insurance penetration: Intimation of loss: Investigation and assessment: Jewelers block policy: Lawful consideration: Loading of improvements.
As per the policy condition. Assessment is essential as it quantifies the amount keeping in view the indemnity principle. It is measured by premium per head of population and is arrived at by dividing the total amount of premiums in a country [or given market] by its population.
Investigation is also done in respect of personal accident claims. Delay in intimation may result in the claim being denied.
Premium paid by the insured must be from known source of income and legal income. Coverage is for Mega risk policies and on all risks terms with exclusions. Marine insurance being an exception. Penetration is a measure of the economic significance of insurance. Density is a measure of the reach and spread of insurance in a given population.
The policy was initially devised for establishment dealing with diamonds. However now it is also given to shops dealing in Jewelry. The insurance company on receipt of intimation of loss will verify the policy for liability in respect of the period of insurance and peril covered and would send an investigator if there is any doubt regarding the genuineness of cause of loss.
It cannot be from unknown source or amount to money laundering. Insurable interest is required at the time of taking a policy and continues throughout the policy term. Requires risk inspection before insuring and wordings guided by the reinsurance market Insurable interest arises out of financial relationship between the insured and the subject matter of the insurance.
It covers damage to specified property by fire and allied perils and burglary when in the premises. These policies provide indemnity to insured in respect of damages payable under law for injuries to third parties or their property. The insurance company accepts the offer if it is satisfied with the risk elements. Customized plans to suit certain types of travel such as business trips. Personal accident cover is available for owner driver and passengers.
IC 34 Workbook premiums: Marine Hull Insurance Marine cargo insurance: Material facts: Money insurance: Moral Hazard: Motor Insurance: Offer and Acceptance: Personal accident Insurance: Physical Hazard: Policy form: Prohibition of Rebates: This also covers money in safe premises. Dishonest persons are likely to attempt frauds and make money by misusing insurance. Marine cargo insurance provides cover for goods in transit by sea. The stamped and legal document that evidences the contract between the insured and the insurer specifying the subject matter.
The agent needs to deftly act to reconcile these differences so as to arrive at a win-win situation. Huts located near coasts where tidal waves occur frequently are physical hazard for flood related perils as the probability of damage is greater in this case. Personal accident policy is available for residents of India and their dependent family members. Collecting numerous individual contributions called premium from various persons having similar assets exposed to similar risks.
For a valid insurance contract there has to be a legal offer and the acceptance of the same to be conveyed to the insured. An insurance that covers medical expenses incurred arising out of illness or accident occurring while travelling abroad along with extensions. Electronic Equipment like computers. The former must disclose everything within their knowledge about the risk involved. Surveyors are service providers to a general insurance company. They carry out claim surveys and estimate the quantum of loss.
Refers to reliability. The student should understand this in the context in which it is used. It covers the building and stock and other contents of the insured for fire.
Prospecting is the process of gathering names of people whom we can approach and secure a sales interview with. Is an important process in the insurance office. Prospects are people to whom we can sell insurance. Once the proposal is Insurance Institute of India Page Transferring the burden of loss to another party i. IC 34 Workbook Prospecting: Proximate cause: Quality of service: Rate making: Renewal notice: Risk Avoidance: Risk control: Risk financing: Risk retention: Risk transfer: Shop Keepers Insurance Subrogation: Uberrima fides: This is more as a courtesy rather than statutory.
It is also used to denote a peril. Continuous prospecting is absolutely vital to a successful agency career. Creating funds to meet losses that may occur. Means the happening or not happening of an event. The latter. It also advices the insured to intimate material changes if any so that actual premium can be charged. Personal Baggage and Personal accident cover is also included.
For this purpose. The insurer would like to ensure that the risk remains the same as it existed at the time of the proposal and be protected against the introduction of some feature which may increase the risk. Assessing and classifying the risk is an important aspect of underwriting. These may be printed on the policy itself. IC 34 Workbook Warranty: First of all Health Insurance also covers hospitalization resulting from accident. The risk profile of a flat and factory is completely different.
He can do a risk assessment of the office and find out probable causes of loss and if it occurs. He can have a service maintenance contract. Here the fire took place on 9. Good health can only reduce the incidence of falling ill. However it would be advisable to insure the equipment.
The probability and impact of risk is going to be more in a factory and the extent of which will depend on the manufacturing process carried on. The insurance company is not liable to pay the claim as the risk can commence only from the date on which cheque is posted as per sec 64 VB of Insurance Act. I do not agree with him. The proximate cause of death was the original accident and pneumonia disease not covered under the policy is only a remote cause. The amount payable would be calculated keeping the underinsurance in view and applying the condition of Average.
IC 34 Workbook Chapter 2 Cases 1. This applies to each item separately. The bank will have full insurable interest to the extent of the loss as the loan still remains unpaid. Overseas Travel and also Baggage insurance. Her domestic appliances against breakdown. Health Insurance. IC 34 Workbook Chapter 3 Cases 1.
Comparison may be made from various websites. She needs to get a valuation done for her jewelry. The insurer should initially tap the segment of young executives who take loans for purchasing car and house. The other segments would be Motor Dealers. An analysis of risks in the operations and some advices on risk management will increase their interest. He would require a motor insurance. Industrial houses and high net worth individuals. Since it is an industrial unit. IC 34 Workbook Chapter 4 Cases 1.
The offer will have to be refused and opportunities explored to complete the business target through legal and ethical ways. She has to: Please go to IRDA site — www. Since she is a graduate. Sharing the commission proceeds with the proposer is prohibited and can lead to cancellation of license and other punitive actions. Non life agents have now been permitted to become agent of one stand alone health insurance company also.
One of the situations where Section 64 VB is considered complied even where the total premium is not received by insurance company is where premium is short paid due to genuine clerical error. Further indicating that he may have to choose additional sections of cover to ensure that minimum numbers of covers are obtained by him as required by the insurance company.
In the subject case. Insurance companies send renewal notice as a service and it is not obligatory on their part to do so.
Additional premium Additional premium 6. Revised IDV is arrived at by adjusting the current manufacture's listed selling price of the vehicle with depreciation percentage as prescribed.
IC 34 Workbook Chapter 5 Cases 1. If not. And by renewing the policy without revealing to the insurance company that the car has already met with an accident.
Fire and burglary proposal forms to be filled up by Mr. Insurance company therefore has a right to void his renewed policy. Completion of fresh proposal form may also be required. The rules of interpretation of policy are clear that what is typewritten will overrule the printed matter.
The claim is therefore payable. The client should disclose the material fact of change in risk specifically when there is an enhancement of sum insured. Chandran cannot hold his non-receipt of renewal notice against the insurance company to justify his claim. General exclusions: Exclusions that apply to all policies of the particular type of insurance.
Specific exclusions: Exclusions that apply only to that particular policy Warranties: Compliances specifically applicable to the particular policy. General conditions: Conditions that apply to all policies of the particular type of insurance.
Specific conditions: Conditions that apply only to that particular policy. IC 34 Workbook 9. Zero depreciation. Automobile Association membership. Segregating the hazardous goods are some of the measures which can be suggested to him. Sum Insured: Regular fire risk inspection. Total number of two wheelers stolen in 10 years: Some companies also load for factors like color of the car. IC 34 Workbook Chapter 6 Cases 1.
More details required for rating: As per given details: Total value of two wheelers covered i. Sum Insured X Rate i. This will have to be loaded. This would be enough to pay Rs. If all the owners come together and contribute Rs.
Normally along with the card. Company A will pay Rs 5. Hence Mr. In view of emergency he should approach a network hospital and the card issued either by the insurer or by TPA has to be presented. The geographical limit is India. Hence the daughter gets automatically covered while studying abroad if her name is included but the sum insured would be very small as a part of a family cover.
Mahipal should cover his parents separately and then take a family floater for the rest. A Personal Accident policy provides a 24 hour cover on worldwide basis. TPA send procedure details to the insured. Since the sum Insured required for the parents will be high. Each company will pay to the full extent as there is no contribution involved.
IC 34 Workbook Chapter 7 Cases 1.
Since the risk has gone up the rate will be more than 0. It may be that the parents themselves would exhaust the floater sum insured.
Under the Death benefit. Soma will also be storing goods not belonging to them. Group Personal Accident. For his computers. In this case. Safety and security aspects will also be discussed. With add-on cover like Earthquake if needed. Electronic Equipment Insurance For his pick-up truck. Since the most important risk exposure for MN Limited is the Money in transit. Group Health policies. The claim will be payable under the policy. For Mr. Their stock insurance will therefore have to be on Floater Declaration basis with a specific extension to cover goods held in trust.
In addition to the value of stolen goods. A terms with SRCC. For his cash. IC 34 Workbook Chapter 8 Cases 1. Pre inspection of risk will enable his insurer to understand the risk exposure and also guide him about the risk minimization measures that he can take.
Covers are important. The actual contractor would have to take these policies. The manufacturer would need an advance loss of profit policy. Contractors All Risk policy along with erection all risk and Marine transit risks. There will be underinsurance applicable. If it does not get resolved. IC 34 Workbook Chapter 9 Cases 1. In view of under insurance only the proportionate claim will be payable.
After having filed a FIR. The loss will be assessed and the claim will be paid by the settling agents usually named in the policy in the country of destination. Obviously fire brigade was contacted. The documents to be submitted would be bus plying permit. The first step would be to approach the Grievance cell of the Insurer itself. His claim will be calculated taking the insured value of the shop separately.
If the proposer takes insurance only for Rs. He should adopt all loss minimization measures and submit the required documents and cooperate with the surveyor. The consumer forum is also available for the purpose. Also if loss exceeds 80 lacs. The client should therefore take insurance for the actual value i. The insurance companies have an arrangement of reimbursing these agents. Their report would be very useful.
It is further stipulated that within 30 days a copy of proposal form is sent to Insured free of cost. The documents to be submitted are Death Certificate. IC 34 Workbook Chapter 10 Cases 1. Then advise client to provide initial token advance to hospital. Original Policy. Proposals are required to be processed by the insurer with speed and efficiency and all decisions be communicated by it in writing within a reasonable period not exceeding 15 days from receipt of proposals by the insurer as per IRDA regulations.
Succession Certificate. Subsequently a follow up with TPA for providing preauthorization for cashless is required. Ensure prompt appointment of surveyor and help the client to fill the claim form and ensure submission of documents so that claim is settled promptly. The claim has to be intimated to insurance company.
Registration copy. The car has to be taken to the nearest approved garage that has cashless facility. Comfort the client and ask her to take care of her health with an assurance that the insurance procedures will be taken care of. Once client is discharged. Collect from the insurance company the renewal notice and provide the same to client.
If insurance company has further requirements. Personally visit insurance company and enquire about acceptance. Legal heir Certificate. Liaise with the insurers for any further requirements and full empathy towards insured would be required. So an agent can easily compete with brokers and bancassurance by constantly upgrading product and process knowledge.
IC 34 Workbook Chapter 11 Cases 1. Selling tangibles generally provides instant gratification to clients but selling an intangible like insurance provides client with the incomparable and essential succor at the times of crisis and creates a long term relation. They have more personalised relations with clients. He should also be available for after sales service and help at the time of claim.
The distrust is primarily because of unfortunate events of communication gaps and wrong selling that has happened. They would be remunerated through commissions so that there is no limit to what an agent can earn.
Though Brokers and Bancassurance provide larger set up. An insurance agent is a solutions provider and a support in the event of crisis. Real challenge and resultant satisfaction exists only in selling intangibles. This involves a very high level of concept selling and hence these agents are considered among the most accomplished of sales professionals.
He is a knowledgeable person well versed with insurance coverages. Manufacturers of Industrial Machinery Godown 2. Shop or Godown Office? Yes d If not. Thane Road. Address of the premises to be insured a Whether Warehouse.
Bhiwandi Not Applicable What materials are used for construction? Iron Sheet or Timber etc. Exhaust Fans. What protection is provided to. No d If so. Air conditioners Trap Doors? Can the safe s be opened by a single key or by a combination of two or more keys? Yes b How frequently are these entered? Daily c How often is inventory or stock taking done?
Quarterly d Where are these books kept outside business hours? Godown Office a Have any premises occupied by you been entered No by thieves? From Amount for which contents are currently insured Rs.
Finished Goods to be insured of the premises Give full description of contents i. Utensils Appliances in trade. Cancelled or refused to renew your policy? Have you ever claimed upon any company for loss No by Burglary or House breaking? If so. Do you need cover against Riot and Strike. Any person making default in complying with the provisions of the section shall be punishable with fine which may extend to five hundred rupees. Premium will be quoted on application. Officer Name and Code No.
The liability of the Company does not commence until the proposal has been accepted by the Company and the premium paid. Signature of Dev. Second Road Juhu. Malicious and Terrorism Damage 9. Full 2. Business of Proposer Manufacture of Industrial Equipment 4. Lakshmi Industrial Estate. Andheri W. Period of Insurance 8. Mumbai Policy to be Issued in favour of List out all the parties who have insurable Ltd interest including the Financial Institutions 6. MumbaiPostal Address with Pin code 7.
Location to be covered. IC 34 Workbook B. Would you like to delete these perils from the basic cover? Address of Proposer including 1. Cyclone group of perils b Riot. Paints with inflammable base having flash point below 32 Degree Celsius Closed Cup test. Celluloid Goods. Explosives of any kind. If used as Shop. Vegetable fibers of any kind including Rayon Fiber.
Hotels etc. Give details Jute Loose. Whether you have insured the same property with any other Insurance No Company with identical coverage. Disinfectant liquids and liquid insecticides other than in sealed tins or drums. The Insured property is Dwellings. Nitro-Cellulose Plastics. Methylated Spirit. If yes. Coir Loose. Floor RCC iii. Construction Details Please state material used i.
Fire Extinguishing Appliances installed If used as an Industrial Manufacturing unit. Industrial Machinery Walls RCC ii. Minimum sum insured per policy should be rs. On declaration basis Stocks which fluctuate in value can be covered on monthly declaration basis. On Floater Basis Stocks at various locations Process blocks. C and D below Special Coverage for Stocks only Please Tick in the box below and give the amount to be insured against each A.
Add-On Covers Architects. On Floater Declaration Basis Stocks which fluctuate in value as well as stored at various locations under single Sum Insured can be covered on monthly floater declaration basis. IC 34 Workbook C.
Minimum sum insured should be rs. Model question papers for general insurance agent by IRDA? IRDA model question papers and answers for general insurance? General insurance old solved question papers? Previous years question papers and syllabus for post of administrative officer in general insurance companies Model question papers of National Insurance company AO exam? E Tamilnadu public service commission group Exam?
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