III IC-102 case studies
III IC-102 · Put your knowledge to work in context.
IC-102 is one of the Insurance Institute of India's professional examinations, sitting in the same catalogue as papers such as IC 01 Principles of Insurance, IC 02 Practice of Life Insurance and IC 14 Regulations of Insurance Business. Candidates typically encounter IC-102 while working through the Institute's professional examination ladder toward Licentiate, Associateship or Fellowship, and while using the Institute's published study material, which is sold as hard copy, e-book and audio book. The III IC-102 case studies are 5 cases and about 2,302 words.
1Fire Claim with Average Clause, Contribution and Subrogation
A textile factory in Coimbatore insured its building and machinery for ₹30 lakh with Insurer A and ₹20 lakh with Insurer B under separate fire policies, each containing an average (underinsurance) clause. Both policies cover the same interest and period.
464 words, about 2 min2Motor Third-Party Death Claim with Expired Licence and Delayed Notice
A goods carrier owned by Ramesh was insured under a commercial vehicle package policy. On 12 June the vehicle hit a pedestrian, who died.
501 words, about 3 min3Solvency Breach, Dividend and Reinsurance Approval
Sunrise General Insurance has a solvency ratio of 1.35 against the regulatory requirement of 1.50. It has proposed a dividend of ₹12 crore to shareholders, filed a group health product offering a 15% discount against its filed master product, and ceded 40% of its fire portfolio to a foreign reinsurer not registered in India.
417 words, about 2 min4Year-End Underwriting Result and Premium Receivable Provision
At 31 March, a general insurer reports gross written premium of ₹240 crore, of which ₹100 crore was received and ₹140 crore is outstanding from agents. It has unearned premium reserve of ₹50 crore opening and ₹60 crore closing.
412 words, about 2 min5Life Revival, Non-Disclosure and Suicide Exclusion
Meera took a 20-year endowment policy with sum assured ₹50 lakh in 2018. She paid premiums until March 2020, then lapsed the policy.
508 words, about 3 min