III IC-01
III IC-01 Principles of Insurance
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ExploreAbout this exam
IC 01 Principles of Insurance is one of the professional examinations listed by the Insurance Institute of India (III) on its official site, appearing in the institute's catalogue of study material under the professional examination subjects. It is a foundational paper: it introduces the ideas that underpin every later insurance subject - risk and how it is transferred, the pooling of losses, insurable interest, utmost good faith, indemnity, subrogation and contribution - and it supports the more specialised papers in the same catalogue, such as IC 02 (Practice of Life Insurance), IC 14 (Regulations of Insurance Business) and the general insurance underwriting and claims papers. Candidates typically take it as an early step in building the technical base needed for associateship-level study or for day-to-day work in underwriting, claims, distribution or operations. The examination is delivered in the online examination format used for III professional examinations, and the institute has published a revised study course material, with the revised material introduced from the June 2026 Online Examination and new and revised study course materials from the September 2026 Online Examination. Preparation should therefore start from the edition of the IC 01 study material that applies to your examination session, not from an older copy. Work through the principles chapter by chapter, then test yourself against the model question bank the institute publishes for its examinations, and check the institute's examination timetable and help manuals before you register. This page is an independent study guide and is not affiliated with or endorsed by the Insurance Institute of India; always confirm examination details on the institute's own website.
What you'll study
About III IC-01 preparation
What is the IC 01 Principles of Insurance examination?
It is one of the professional examinations listed by the Insurance Institute of India, shown on the institute's site among the subjects for which study material is sold. The syllabus covers the core principles of insurance. Check the institute's current syllabus and study material listing for the exact scope before you enrol.
Who should take IC 01?
It suits candidates beginning formal insurance study, and people in underwriting, claims, distribution or operations who need a sound grasp of first principles before moving to papers such as IC 02, IC 14 or the general insurance underwriting, fire, marine and liability subjects listed alongside it.
How is the examination delivered?
The Insurance Institute of India lists professional examinations in an online examination format, with an online examination schedule and timetable published on its site. Confirm the session, date and mode for your own registration on the institute's site, because schedules and study material editions are revised from session to session.
Which study material edition should I use?
Use the edition that applies to your session. The institute states that revised study course materials were introduced from the June 2026 Online Examination, and new and revised study course materials from the September 2026 Online Examination. Older editions may not match the current syllabus, so check the site before buying.
How should I prepare in the weeks before the exam?
Read the current IC 01 study material once end to end, then revisit the core principles - insurable interest, utmost good faith, indemnity, subrogation and contribution - until you can explain each in your own words. Finish with timed practice using the model question bank the institute publishes for its examinations.
Where can I find practice questions?
The Insurance Institute of India publishes model question banks alongside its study material for several examinations, and study material is sold through its online purchase pages. Use those official materials for practice rather than third-party compilations, which may be built on older editions of the course.
What do candidates most often get wrong?
The two most common problems are studying from an outdated edition after a course revision, and memorising definitions without being able to apply them. Principle questions usually turn on applying a concept to a short scenario, so practise explaining why one principle, and not another, decides the outcome.
Are there any exemptions or fee changes I should know about?
The institute publishes an exemption route for professional examinations, and states that the exemption application link for the December 2026 Session will be available from 1st December 2026. It also states that professional examination fees were revised with effect from 1st April 2026. Check the site for amounts.
Is this page official?
No. This is an independent study guide written to help candidates prepare. It is not affiliated with, endorsed by or operated by the Insurance Institute of India. Registration, fees, schedules, exemptions and syllabus changes must always be confirmed on the institute's official website.