III IC-22 study guide
III IC-22 · Work through your exam, one topic at a time.
IC-22 is a professional examination paper of the Insurance Institute of India (III), the Mumbai-based body that runs the Licentiate, Associateship and Fellowship programmes alongside specialised diplomas and the regulatory examinations for agents, corporate agents, brokers and surveyors. Candidates typically encounter it while working through the III professional examination stream, either as part of a structured Associateship pathway or as a stand-alone subject chosen to strengthen a technical specialism. The syllabus area spans four connected blocks: core insurance principles and practice, life insurance products and practice, general insurance underwriting and claims, and the regulation of insurance business in India. Because the paper is deliberately broad, success depends less on memorising definitions and more on linking principle to practice - for example, how a regulatory requirement shapes underwriting decisions or claim settlement conduct. The III IC-22 study guide has 4 sections and about 1,259 words.
01Insurance principles and practice
This section tests the foundational doctrines that decide whether a loss is insured and how much is paid. Expect questions on insurable interest, utmost good faith, indemnity, proximate cause, contribution and subrogation, plus risk pooling and the difference between speculative and pure risk.
345 words, about 2 min02Life insurance practice and products
This domain tests how life contracts are structured, underwritten and serviced. Questions cover term, whole life, endowment, money-back, annuity and ULIP designs; proposal and underwriting; premium payment; nomination and assignment; policy loans, surrender, revival and claims.
347 words, about 2 min03General insurance underwriting and claims
This section tests how non-life risks are selected, priced and settled. Expect underwriting factors, sum-insured adequacy, deductibles, warranties, exclusions, claim documentation, surveyor involvement and the average clause.
302 words, about 2 min04Regulation of insurance business
This domain tests the Indian regulatory framework: the Insurance Act 1938, IRDA Act 1999, LIC Act 1956 and GIC Act 1972, registration, solvency, conduct and policyholder protection. IRDAI is the regulator; it registers insurers and intermediaries, approves products and sets solvency and investment norms.
265 words, about 1 min