I.A.(MR) study guide

I.A.(MR) · Work through your exam, one topic at a time.

I.A.(MR) is the Marine stream of the Insurance Institute of India's Associateship professional examination, listed on the Institute's site alongside the Licentiate and Fellowship tiers. It is aimed at insurance professionals who already hold the Licentiate level and want a recognised, advanced qualification specialising in marine business - underwriters, claims handlers, surveyors, brokers and loss assessors working on cargo and hull risks. The I.A.(MR) study guide has 4 sections and about 1,174 words.

Principles and Practice of Insurance and Survey and Loss Assessment (S-01)

Every insurance answer ultimately rests on a handful of doctrines: insurable interest, utmost good faith (fair presentation of the risk), indemnity, contribution, subrogation and proximate cause. Know each one's purpose, not just its name.

314 words, about 2 min 02

Marine Insurance (IC-67)

Marine insurance is built on the SG-style perils cover, the Institute Cargo Clauses (A/B/C), hull and machinery wordings, and the doctrine of sue and labour - the assured's duty (and right to reimbursement) to avert or minimise loss. Understand the three cargo clause sets: (A) all risks subject to exclusions; (B) named perils plus earthquake, volcanic eruption, lightning and water damage; (C) major perils only, with no earthquake/volcanic/lightning cover.

320 words, about 2 min 03

Marine Cargo Insurance Principles and Underwriting (IC-60)

Cargo underwriting turns on the subject matter (goods, packing, containerisation), the conveyance (vessel age, class, flag, OPA/ISM status), the route and transit (including inland legs and transhipment), and the terms of sale (CIF, FOB, CFR) which determine who bears risk and therefore who insures. Open covers with declarations, annual turnover declarations and cancellation clauses are central.

267 words, about 1 min 04

Marine Insurance Claims (IC-66)

Claims work begins with notification, reservation of rights, and evidence gathering : bill of lading, invoice, packing list, survey report, protest, and photographs. Establish the cause and date of loss and whether the loss occurred during the insured transit.

273 words, about 1 min