III IC-39 study guide
III IC-39 · Work through your exam, one topic at a time.
IC-39 Fraud Risk Management in Insurance is one of the paper-based subjects listed by the Insurance Institute of India (III) in its Professional Examination catalogue, alongside topics such as health insurance claims management, general insurance underwriting, and marine insurance. The Institute publishes study material for IC-39 in English and sells it through its Study Material section in hard copy, e-book, and audio book formats. Candidates preparing for this paper should treat the III syllabus and the current IC-39 study material as the authoritative scope, because the Institute has announced that new and revised study course materials apply from the September 2026 Online Examination, with an earlier revision introduced from the June 2026 examination. In practical terms, the paper sits within the Institute's fraud and anti-fraud learning track, which also includes the Certified Insurance Anti-Fraud Professional (CIAFP) programme listed on the same site. Preparation should follow the Institute's own sequencing: confirm the current syllabus and material revision, obtain the matching IC-39 text, work through it topic by topic, and then use the Institute's model question banks and previous-question resources where available for the subject. Candidates must register through the III examination portal, follow the published online examination schedule and timetable, and check the Professional Examination FAQs for registration, exemption, and fee rules. Topics on this exam: Fraud Risk Management in Insurance. The III IC-39 study guide has 1 section and about 401 words.
01Fraud Risk Management in Insurance
Fraud Risk Management in Insurance tests how an insurer identifies, assesses, controls, detects, investigates and reports fraud across underwriting, claims, distribution and internal operations. The exam expects a risk-based framework, not a list of isolated checks: governance, fraud risk appetite, a fraud register, red-flag analytics, case management and recovery. Governance: board-approved fraud policy, a named owner and the three lines of defense; business units own the risk, risk and compliance oversee it, and internal audit tests it. Fraud risk assessment: rank inherent risk by fraud type and channel; assess likelihood and impact; map preventive and detective controls; residual risk must sit within appetite.
401 words, about 2 minMore study resources for III IC-39
- Practice questionsIn insurance fraud risk management, what does the term 'moral hazard' most precisely describe?
- FlashcardsFraud Triangle. A model holding that fraud arises from pressure, opportunity, and rationalization.
- Cheat sheetFraud risk management is a continuous cycle: identify exposures, assess likelihood and severity, select controls, monitor results, and feed findings back into the assessment.
- Key termsFraud risk management. The coordinated set of policies, controls, and monitoring activities an insurer uses to prevent, detect, investigate, and respond to dishonest claims, applications, or internal conduct.
- Study planMap the full Fraud Risk Management in Insurance syllabus into a one-page topic tree showing the fraud risk management cycle from risk identification through monitoring and reporting.
- Common mistakesStudy notes and course outlines often present controls as a flat list, so candidates memorise items such as segregation of duties, verification, and audit without practising the mapping step that exam scenarios require.
- Exam-day guideBring the original, unexpired ID whose name matches your registration exactly.