III IC-11 case studies
III IC-11 · Put your knowledge to work in context.
IC-11 is a professional examination paper of the Insurance Institute of India (III), the Mumbai-based institute whose examinations cover licentiate, associateship and fellowship levels as well as specialised diplomas. Candidates searching for IC-11 are usually working in or entering the life insurance sector and want a structured, syllabus-based credential that tests both technical understanding and regulatory awareness. The III IC-11 case studies are 5 cases and about 4,292 words.
1The Undisclosed Hospital Admission: Materiality and Section 45
Meera, 34, a schoolteacher in Nashik, applies in March 2023 for a ₹50 lakh, 25-year term plan. The proposal form asks whether she has been hospitalised or treated in the last five years for chest pain, breathlessness or hypertension.
850 words, about 4 min2Lapse, Paid-Up Value and an Underwriter Who Declines Revival
Rohit, 31, took a 20-year participating endowment policy in June 2019 with a sum assured of ₹10,00,000 and an annual premium of ₹46,000, payable yearly. He paid the premiums due in 2019, 2020, 2021 and 2022, but missed the June 2023 premium and did not pay within the grace period, so the policy lapsed.
854 words, about 4 min3The Bank RM, the Retirement Corpus and a 'Relationship Gift'
Sunita, 58, retired from a state transport corporation in November 2024 with a ₹18 lakh terminal corpus, which is her entire savings for medical contingencies; her pension covers only household expenses. In February 2025, a relationship manager at a bank that is a registered corporate agent for three life insurers sells her a 20-year unit-linked policy with an annual premium of ₹1,80,000 payable for 10 years.
907 words, about 5 min4Solvency Breach, Participating Surplus and a Convenient Tax Reserve
At its March 2025 valuation, a mid-sized life insurer reports a required solvency margin of ₹1,200 crore and an available solvency margin of ₹1,620 crore, against ₹2,064 crore a year earlier. The fall is driven by new-business strain on a term portfolio that has grown 60% in two years and by a mark-to-market loss on the shareholders' fund.
822 words, about 4 min5Suicide Clause, a Bank Assignment and a Beneficial Nominee
Arjun, 39, took a ₹1 crore term plan in June 2024 with an annual premium of ₹14,000. In August 2024 he assigned the policy under Section 38 of the Insurance Act, 1938 to a bank as security for a ₹62 lakh home loan, and the insurer recorded the assignment.
859 words, about 4 min