III IC-104 study guide
III IC-104 · Work through your exam, one topic at a time.
IC-104 sits within the Professional Examinations stream of the Insurance Institute of India, whose published subject ladder spans Licentiate, Associateship and Fellowship levels alongside Specialised Diploma Courses and Jointly Offered Courses. Candidates typically encounter IC-104 as a subject code in that professional programme, taken by working insurance professionals and students building toward institute qualifications. This page does not claim any official affiliation with the Institute; it is an independent study aid. Because the Institute's public home page lists subject codes and study-material addenda rather than a per-subject syllabus, treat the authoritative scope of IC-104 as whatever the current Institute syllabus and study course material state for that code. The source does confirm several practical points that shape preparation: new and revised study course materials apply from the September 2026 online examination, revised materials were introduced for the June 2026 online examination, and professional examination fees were revised with effect from 1 April 2026 (the revised amount is not published on the page). E-books carry 5% GST from 20 March 2026. Topics on this exam: Insurance Institute of India professional examination subject area (not enumerated in source). The III IC-104 study guide has 1 section and about 442 words.
01IC-104 Legal Aspects of Insurance: Contract, Disclosure, and Claims
IC-104 examines the legal framework that determines whether an insurance contract is valid, how it is interpreted, and when a claim must be paid. Questions typically test contract essentials, disclosure, insurable interest, policy conditions, and the regulatory and consumer-protection environment. Answers score when they name the principle and apply it to the facts. The Indian Contract Act, 1872 supplies the general requirements: offer and acceptance, consideration (premium), capacity, free consent, lawful object, and certainty.
442 words, about 2 minMore study resources for III IC-104
- Practice questionsUnder a standard fire insurance policy, which peril is treated as a 'special peril' that must be specifically added by endorsement rather than being covered under the basic fire cover?
- FlashcardsInsurable interest. The assured must stand to lose financially from the event insured.
- Cheat sheetThe source does not enumerate sub-domains for III IC-104, so this sheet covers the core insurance-principles knowledge the subject area tests; treat each bullet as a fact or decision rule, not study advice.
- Key termsInsurable Interest. The legal and financial stake a person holds in the subject matter of insurance, such that loss or damage would cause genuine financial detriment; it must exist at inception and, for property, at the time of loss.
- Study planMap the full III IC-104 syllabus against the official Insurance Institute of India subject outline and list every named topic as a checklist item with its own confidence rating.
- Common mistakesMany candidates prepare from older study notes, coaching handouts, or general insurance literature written before 2000, and they never re-check which regulator and which regulation is currently in force, so outdated names and provisions feel familiar and correct.
- Exam-day guideBring the exact ID name that matches your registration.