IC-38 Corporate Agent / SP flashcards
IC-38 Corporate Agent / SP · Build recall with a focused review session.
32 cards. Read the term and the definition here. The deck at the top of this page is optional.
- IC-38 examination
- The Insurance Institute of India examination for corporate agents, covering insurance fundamentals, products, law and regulation, and sales ethics, required for authorised persons of corporate agents.
- Corporate agent
- A company or firm licensed by IRDAI to solicit and service insurance business for one or more insurers, acting through trained and certified authorised persons.
- Authorised person
- An individual employed or engaged by a corporate agent who is trained and certified under IC-38 to solicit and service insurance business on the corporate agent's behalf.
- Pre-recruitment training
- Mandatory training that must be completed before a person can appear for the IC-38 examination and act as an authorised person of a corporate agent.
- Online training module
- The digitally delivered training programme covering the IC-38 syllabus that candidates must complete, with attendance and completion recorded as a precondition for the examination.
- Pass mark
- The minimum score, generally 60%, that a candidate must obtain in the IC-38 objective examination to be certified and eligible to solicit insurance business.
- Objective examination
- A computer-based multiple-choice examination format used for IC-38, with no negative marking unless specified, and results declared by the examining body.
- Examination registration
- The process of enrolling for the IC-38 examination through the insurer or examining body, including payment of fees and allotment of a slot and centre.
- Examination admit card
- The document confirming a candidate's registration, date, time and venue for the IC-38 examination, which must be carried along with valid identity proof.
- Identity proof at centre
- A valid government-issued photo identity document that a candidate must present at the examination centre; electronic devices and study material are prohibited.
- Re-examination
- A repeat attempt at the IC-38 examination permitted after the prescribed waiting period and fee, subject to the insurer's norms on re-training.
- Pass certificate
- The document issued to a candidate who clears IC-38, evidencing eligibility to solicit insurance business through a corporate agent.
- IC-33 versus IC-38
- IC-33 is the examination for individual insurance agents, while IC-38 is the examination for corporate agents; they have distinct syllabi and eligibility rules.
- Training records
- Documentation of each authorised person's training completion and examination pass, which the corporate agent must maintain and produce for inspection.
- IRDAI role
- The Insurance Regulatory and Development Authority of India regulates corporate agents, mandates training and certification, and prescribes conduct and record-keeping requirements.
- Insurance Institute of India
- The body that publishes the IC-38 syllabus and study material and conducts the examination for corporate agent certification.
- Solicitation
- Any act of inviting or persuading a person to buy insurance; for a corporate agent it must be done only by trained, IC-38 certified authorised persons.
- Prohibited items
- Items such as mobile phones, smart watches and study material that candidates must not carry into the IC-38 examination hall; possession may lead to disqualification.
- Result declaration
- The formal announcement of IC-38 examination scores by the examining body, after which successful candidates receive their pass certificate.
- Certification validity
- The period for which an IC-38 pass remains valid for soliciting business, subject to renewal and refresher training requirements set by the insurer and IRDAI.
- Compliance breach
- Allowing an untrained or uncertified person to solicit or advise on insurance, which violates corporate agency regulations and can attract regulatory action.
- Corporate agency licence
- The IRDAI-issued licence authorising a company or firm to act as a corporate agent, conditional on employing certified authorised persons and meeting compliance norms.
- Designated person
- An individual nominated by the corporate agent to undergo IC-38 training and examination and to supervise insurance solicitation and servicing activities.
- Objective question format
- Multiple-choice questions with a single correct option, used in IC-38 to test knowledge of insurance fundamentals, products, law and ethics.
- Insurance fundamentals
- Core concepts such as risk, pooling, insurable interest, indemnity, utmost good faith and proximate cause, tested in the IC-38 examination.
- Life insurance products
- Policies such as term, endowment, whole life, ULIPs and annuities, whose features and suitability form part of the IC-38 syllabus.
- Non-life products
- Policies such as fire, marine, motor, health and liability insurance, whose coverage and underwriting basics are covered in IC-38.
- Underwriting basics
- The process of assessing and classifying risk to decide acceptance and premium, tested in IC-38 along with proposal form and medical examination concepts.
- Claims process
- The steps from intimation to settlement, including documentation, survey and fraud checks, which corporate agent authorised persons must understand and explain to customers.
- Ethics and sales practices
- Standards requiring fair dealing, accurate disclosure, suitability and no mis-selling, which IC-38 tests as part of corporate agent conduct requirements.
- Online proctoring
- Remote supervision of an online examination using identity verification and monitoring, used where the IC-38 examination is delivered in a proctored online mode.
- Refresher training
- Periodic re-training required to keep authorised persons updated on products, regulations and conduct, supporting continued validity of their certification.