III IC-102 study guide
III IC-102 · Work through your exam, one topic at a time.
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 exam is delivered in the Institute's online examination format, and the Institute has announced new and revised study course materials from the September 2026 online examination, so candidates should confirm which edition applies to their session before buying books. Preparation follows a predictable pattern: obtain the current IC-102 study material, work through the syllabus topic by topic, and practise with the Institute's model question bank where one is published for the paper. The III IC-102 study guide has 4 sections and about 1,335 words.
01Principles of Insurance
The Principles of Insurance domain tests whether you can apply the legal doctrines that decide if a loss is covered, who may claim, and how much is payable. Expect scenario questions on insurable interest, indemnity, utmost good faith, proximate cause, subrogation, and contribution.
364 words, about 2 min02Practice of Insurance
The Practice of Insurance domain tests the operational lifecycle: proposal and underwriting, policy documentation, premium payment, endorsements, renewals, claims notification and settlement, and the insurer's use of reinsurance. Questions focus on documentation, timelines, and how policy terms change the amount payable.
337 words, about 2 min03Regulations of Insurance Business
The Regulations of Insurance Business domain examines the legal framework governing insurers and intermediaries: registration, capital, solvency, market conduct, policyholder protection, and grievance redressal. In the Indian context, expect questions on the Insurance Act 1938, the IRDAI Act 1999, and IRDAI regulations.
310 words, about 2 min04Insurance Finance and Accounting
Insurance Finance and Accounting tests how insurers recognise premium, reserve for claims, measure solvency, value investments, and report results. Expect computations and interpretation of the revenue account, balance sheet, loss ratio, expense ratio, and reserves.
324 words, about 2 min