III IC-11 study plan

Define risk, peril, hazard and distinguish insurable from uninsurable risks with a worked example for each

Explain the six core principles (insurable interest, utmost good faith, indemnity, proximate cause, subrogation, contribution) and state which apply to life vs non-life

Map the life insurance contract lifecycle from proposal to claim and label where each principle bites

Distinguish life insurance from non-life on sum assured, indemnity and insurable interest timing

Classify policy types (term, whole life, endowment, ULIP, annuity) by risk, savings and payout structure

Explain how mortality tables, age and underwriting factors drive premium calculation at a conceptual level

Describe the roles of agent, underwriter, actuary and claims assessor in the value chain

Identify the main insurance distribution channels and their regulatory implications

Walk through the proposal stage: disclosure duties, moral hazard signals and the consequences of non-disclosure

Explain underwriting decisions (standard, substandard, postponed, declined) and the medical and financial evidence behind them

Describe policy documentation: prospectus, policy schedule, endorsements and free-look provisions

List the events that trigger claim intimation and the documents required for death and maturity claims

Explain premium payment modes, grace period, lapse, revival and surrender mechanics

Distinguish assignment, nomination and the legal consequences of each

Describe policy loans, paid-up values and non-forfeiture options

Apply exclusions, suicide clause and contestability periods to short claim scenarios

Outline the regulatory framework governing insurance business and the role of the supervisor

Explain licensing, capital and solvency requirements for insurers and intermediaries

Describe conduct rules: mis-selling, disclosure, advertising and complaint handling

Summarise anti-money-laundering and know-your-customer duties in life insurance

Explain the intermediary code of conduct, remuneration disclosure and suitability obligations

Describe the grievance redressal ladder from internal complaints to the ombudsman

Outline data protection, record retention and confidentiality duties

Identify penalties and enforcement actions for common compliance failures

Explain the components of a life insurer's balance sheet: assets, technical provisions and reserves

Describe how premiums are invested and how asset-liability matching protects solvency

Distinguish mathematical reserves, unexpired risk reserves and solvency margin

Explain how surrender values, bonuses and participating policy dividends are financed

Run a timed full-length mock covering all four domains and score it by domain

Re-drill the two weakest domains to at least 80 percent accuracy on a second attempt

Consolidate the four one-page artefacts from earlier weeks into a single revision pack

Rehearse calculation-type finance questions until timing per question is under 90 seconds