III IC-24 study guide
III IC-24 · Work through your exam, one topic at a time.
IC-24 is a subject code in the professional examination programme of the Insurance Institute of India (III), the institute behind the Licentiate, Associateship and Fellowship designations and a family of specialised diplomas. Candidates typically encounter IC-24 as one paper among several needed for a professional qualification, and it is most relevant to people already working in insurance - underwriters, claims handlers, operations and compliance staff - who want a formal, examination-based credential rather than a training certificate. Because III periodically revises its study course materials, the syllabus and reading list attached to a subject code can change between sessions; the institute has announced new and revised study course materials from September 2026 for online examinations, following an earlier revision introduced from June 2026. Preparation therefore starts with confirming which edition of the study material applies to your session before you buy books or begin revision. A sensible plan is to work through the prescribed course material once for coverage, then again for recall, and to finish with timed practice under exam conditions. The institute publishes model question banks for some subjects and maintains a question paper query route and an exemptions process; the exemption application link for the December 2026 session opens on 1 December 2026. Topics on this exam: Insurance Institute of India professional examination subject IC-24. The III IC-24 study guide has 1 section and about 348 words.
01IC-24: Health Insurance
IC-24 examines health insurance as a specialised non-life class: how Indian health products are designed, underwritten, renewed, ported and claimed. Questions often test the interaction of policy definitions and monetary limits rather than recall alone. Indemnity cover reimburses actual hospitalisation costs up to the sum insured; fixed-benefit cover pays a stated amount for a listed event and is not measured by the bill. A family floater shares one sum insured among insured members; individual cover is separate per person.
348 words, about 2 minMore study resources for III IC-24
- Practice questionsUnder the Marine Insurance Act, 1963, which of the following best describes a 'constructive total loss' of a ship?
- FlashcardsMortality rate qx. The probability that a person aged exactly x dies before reaching age x+1.
- Cheat sheetMortality table: qx = probability of dying between age x and x+1; lx = number living at age x; dx = lx − lx+1 = lx × qx; px = 1 − qx.
- Key termsInsurable Interest. A legally recognised financial relationship with the subject matter of insurance such that the insured benefits from its safety and suffers loss from its damage.
- Study planMap the IC-24 syllabus into a one-page topic tree, grouping every listed topic under its parent heading so nothing is left unmapped.
- Common mistakesCandidates transfer general commercial intuition or on-the-job practice into a legal/regulatory paper, and exam questions in IC-24 are marked against statutory provisions, definitions and regulatory clauses, not against industry best practice.
- Exam-day guideBring the original, unexpired ID whose name matches your registration exactly.