III IC-02 case studies
III IC-02 · Put your knowledge to work in context.
IC 02, titled Practice of Life Insurance, is one of the professional subjects offered under the Insurance Institute of India (III) examinations. The Institute's own site lists it as "IC 02 - Practice of Life Insurance" and publishes a dedicated addendum for it under Study Material Addendum, which tells you the subject is live and that the printed or e-book study text is periodically updated. The III IC-02 case studies are 5 cases and about 3,792 words.
1The suppressed diabetes that had nothing to do with the accident
Raghav, aged 43, submitted a proposal on 12 March 2023 for a 20-year endowment plan with a sum assured of ₹25,00,000 and an annual premium of ₹1,14,600. In the proposal he answered 'No' to the questions on diabetes, hypertension and hospitalisation in the last five years.
794 words, about 4 min2A conditional assignment to a bank, a nomination that survives, and two sons who claim the money
Suresh, aged 51, took a 15-year endowment policy on 8 January 2016 with a sum assured of ₹40,00,000 and an annual premium of ₹1,80,000, nominating his wife Kamala under Section 39. In 2021 he pledged the policy to a co-operative bank as security for a ₹15,00,000 business loan, executing an assignment in the bank's favour and giving written notice to the insurer, which registered it.
757 words, about 4 min3Revival on a false health declaration, and the paid-up value that survives the fall
Anil took a 25-year endowment policy on 15 January 2015 with a sum assured of ₹10,00,000 and an annual premium of ₹42,000. He paid six annual premiums up to January 2021 and then allowed the policy to lapse.
797 words, about 4 min4Loan, surrender or paid-up: a policyholder needs ₹35,000 and three options on the table
Deepak took a 20-year endowment policy with a sum assured of ₹8,00,000 on 10 June 2018, with an annual premium of ₹40,000 payable annually. He paid six premiums from 2018 to 2023, totalling ₹2,40,000.
724 words, about 4 min5Hanging in a hotel room: suicide clause, accident rider and a psychiatric history
Vikram took a 20-year endowment policy on 1 February 2024 with a sum assured of ₹30,00,000 and an accidental death benefit rider of ₹30,00,000, paying an annual premium of ₹48,000 for the basic policy and ₹3,000 for the rider. The policy contains a suicide clause: 'If the insured commits suicide within 12 months from the date of commencement, the insurer will refund 80% of the premiums paid, provided the policy is in force, and the contract will be void; the accidental death benefit is not payable in any case of suicide.' On 27 October 2024 Mr.
720 words, about 4 min