III IC-22 study plan
III IC-22 · Give each week a clear focus.
8 weeks · About 6 hours per week
Insurance principles and practice (IC-22 syllabus area) & General insurance underwriting and claims
Define the core principles of insurance (insurable interest, indemnity, utmost good faith, proximate cause, contribution, subrogation) and state where each applies in life versus general insurance
Distinguish the classes of general insurance business and match each to the risk it transfers
Explain the underwriting cycle and list the information an underwriter needs before accepting a risk
Draw the sequence of events in a general insurance claim from notification to settlement
Your checkpoint
A one-page comparison table of the six insurance principles showing how each operates in life and in general insurance, with one worked example per principle
Insurance principles and practice (IC-22 syllabus area) & General insurance underwriting and claims
Apply the principle of indemnity to calculate a settlement under average (underinsurance) and without it
Describe how policy conditions, warranties, and exclusions limit an insurer's liability
Explain reinsurance and co-insurance and identify why an insurer uses each
Summarize the duties of the insured and the insurer after a loss occurs
Your checkpoint
Five worked claim calculations (indemnity, average, excess, salvage, subrogation recovery) with the formula and reasoning shown for each
General insurance underwriting and claims
Classify risks as pure versus speculative and as acceptable, substandard, or declined
Evaluate the underwriting factors used for fire, motor, marine, and liability risks
Explain the role of the surveyor, loss adjuster, and actuary in the underwriting and claims process
Distinguish actual total loss, constructive total loss, and partial loss in marine and fire claims
Your checkpoint
A written underwriting file for three hypothetical risks (a factory, a fleet vehicle, a professional liability firm) listing factors, decision, and rating rationale for each
Life insurance practice and products
Compare term, whole life, endowment, and unit-linked products on premium, cover, and cash value
Explain how mortality tables and premium components (risk, savings, expense) build a life premium
Describe the underwriting of life risks using medical and non-medical evidence
Identify the standard exclusions, suicide clause, and incontestability provisions in a life policy
Your checkpoint
A product comparison sheet for the four life product types plus a mock life underwriting decision on one applicant with two medical risk factors
Life insurance practice and products
Explain the roles of the agent, broker, and insurer in the sale and servicing of a life policy
Describe policyholder options such as surrender, paid-up value, policy loan, assignment, and nomination
Outline the claims process for death claims, including documentation and investigation of early claims
Explain annuities, pensions, and group life as retirement and employee-benefit products
Your checkpoint
A claims checklist for a death claim within the first two policy years, including the documents required, red flags, and the decision path
Regulation of insurance business
Identify the primary insurance legislation and the regulator's role in licensing, solvency, and market conduct
Explain the duties of an insurance agent and broker under the regulatory framework, including commission and disclosure rules
Describe solvency margin, admissible assets, and the purpose of statutory returns
Outline the complaint and grievance-redressal mechanism available to a policyholder
Your checkpoint
A two-page summary of the regulatory duties of an intermediary, citing the specific obligation, the responsible party, and the consequence of breach for at least eight duties
Regulation of insurance business & Insurance principles and practice (IC-22 syllabus area)
Analyze consumer-protection rules on mis-selling, free-look period, and disclosure of material information
Explain anti-money-laundering and know-your-customer obligations in insurance transactions
Reconcile regulatory limits with the ethical duties of the intermediary in a conflict scenario
Review the weakest domain from the week 4 milestone and close the identified gaps
Your checkpoint
A written answer to one ethics-and-regulation case study (mis-selling at point of sale) structured as facts, rules, analysis, and conclusion
Insurance principles and practice (IC-22 syllabus area) & Life insurance practice and products & General insurance underwriting and claims & Regulation of insurance business
Synthesize all four domains into a single revision map linking principles, products, underwriting, and regulation
Complete timed practice under exam conditions and score each domain separately
Re-drill every missed item and state the rule behind it in your own words
Rehearse the calculation types (indemnity, average, premium components, solvency) until error-free
Your checkpoint
A full timed mock exam with a scored breakdown by domain and a one-page list of the ten rules you most often got wrong, each restated correctly
Milestones
Week 2: Can define all six insurance principles and correctly apply indemnity and average to a numeric claim without notes
Week 4: Can explain the four life product types and the components of a life premium, and score at least 70% on a 30-question set covering domains 1 and 3
Week 6: Can state the regulator's licensing, solvency, and conduct powers and name the duties of an intermediary from memory
Week 8: Score at least 75% overall on the timed mock, with no single domain below 60%, and show corrected workings for every missed calculation