III IC-47 / A-1 case studies
III IC-47 / A-1 · Put your knowledge to work in context.
IC-47 / A-1 is a professional examination paper of the Insurance Institute of India (III) for candidates building a career in insurance. It suits learners who need structured grounding across the insurance cycle rather than a single product line. The III IC-47 / A-1 case studies are 5 cases and about 4,736 words.
1Total fire loss at a leased warehouse: indemnity measure, average and subrogation
A fire on 3 March destroyed all the stock held in a leased warehouse occupied by Brightline Foods Ltd. The tenant's commercial property policy covers stock for CNY 8,000,000 on a market value basis and tenant's improvements for CNY 1,500,000 on a reinstatement basis, with one CNY 50,000 deductible per occurrence and a CNY 9,500,000 total sum insured.
948 words, about 5 min2Agency inspection findings: unlicensed sales, client money and undisclosed inducements
Songjiang Insurance Brokers Ltd holds an insurance broker licence. The regulator inspects the period 1 January to 30 June against licence conditions and conduct rules, which require that premiums be paid into a segregated client account and remitted to insurers within 30 days of receipt; that no person advise on or sell policies without an individual licence; that commissions and related-party payments be disclosed in writing before the client signs; that a 15-day cooling-off right be offered on all individual life and health policies; and that client data not be transferred to third parties without written consent.
964 words, about 5 min3Underwriting a sprinklered spinning mill: deductible, capacity and outstanding impairments
Ridgeway Textiles runs a single-site spinning mill and seeks a combined property and business interruption policy: buildings CNY 45m, plant and machinery CNY 30m, stock CNY 12m, and gross profit CNY 18m over a 12-month indemnity period. The five-year loss history is four claims totalling CNY 2.1m: two bearing failures, one sprinkler leak causing CNY 800,000 of water damage, and a waste-store fire extinguished by staff.
967 words, about 5 min4Supermarket slip-and-fall: late notification, admission and a contractor indemnity
On 14 November a customer slipped on a wet floor at a supermarket and fractured her wrist. The store manager recorded "our cleaner left the floor wet and no warning sign was put out - our fault" in the incident report and paid her CNY 3,000 from petty cash for taxis.
934 words, about 5 min5Bakery business interruption: rate of gross profit, average and the loss-avoided test
A bakery's single oven failed on 1 May and could not be replaced until 30 September, a five-month interruption. The policy insures gross profit over a 12-month indemnity period with a sum insured of CNY 2,700,000, an increased cost of working (ICW) limit of CNY 400,000, and a condition that ICW must not exceed the loss avoided.
923 words, about 5 min