III IC-14 case studies
III IC-14 · Put your knowledge to work in context.
IC 14, Regulations of Insurance Business, is one of the subject papers in the professional examination programme of the Insurance Institute of India (III). It is written for people who need a working knowledge of the statutes and regulators that govern how insurance business is actually transacted in India: insurer and intermediary staff, agents, brokers, surveyors, compliance and audit teams, and candidates working towards III's certificate, diploma and associateship stages. The III IC-14 case studies are 5 cases and about 4,634 words.
1The Revival Trap: Section 45 After a Lapse
ABC Life received a death claim on 18 November 2024 under a 30-year term plan with a sum assured of ₹1.2 crore, issued on 12 March 2020 to a 34-year-old software engineer who died in a road accident on 2 September 2024. The 2020 proposal form recorded "No" against the questions on diabetes and hypertension.
934 words, about 5 min2One Year and One Day: Limitation, Moratorium and Forum-Shopping
A family floater health policy with a public sector general insurer, sum insured ₹15 lakh, was issued in March 2019 and renewed without a break. In July 2024 the insured, a resident of Nashik, underwent angioplasty and claimed ₹11.8 lakh.
953 words, about 5 min3The Bank RM's Diwali Voucher
Meera, a 62-year-old retired schoolteacher, walked into a suburban branch of a scheduled commercial bank registered with IRDAI as a corporate agent and bought a "guaranteed wealth builder" non-participating savings plan from its relationship manager. She paid a single premium of ₹12 lakh from her own account on 18 January 2025.
882 words, about 4 min4The Cargo That Never Sailed
A public sector general insurer has received a total-loss claim of ₹4.62 crore under a marine cargo open policy for 400 MT of stainless steel coils said to have been shipped from Mundra to Jebel Ali on MV Sea Pride, bill of lading dated 20 February 2025, with a certificate of insurance issued on 3 March 2025. The insured, a trading company incorporated in November 2024 with paid-up capital of ₹5 lakh, says the vessel sank in the Arabian Sea on 27 February 2025.
984 words, about 5 min5The Board's 85 Per Cent
At its meeting on 28 May 2025, the board of the Life Insurance Corporation of India considered the Appointed Actuary's valuation of the participating (with-profits) life fund as at 31 March 2025, which disclosed a surplus of ₹1,240 crore. The Appointed Actuary certified a 95:5 distribution between policyholders and the shareholder, the Central Government.
881 words, about 4 min