III IC-47 / A-1 study plan

Define and distinguish risk, peril, hazard, and uncertainty, and classify pure versus speculative risk with three original examples each.

Explain the mechanism of risk pooling and how the law of large numbers supports premium adequacy and reserve setting.

State the six core principles - insurable interest, utmost good faith, indemnity, proximate cause, subrogation, contribution - and match each to a scenario where it decides the outcome.

Distinguish indemnity, valued, and new-for-old settlement bases and explain how each affects the sum insured.

Break a specimen policy into its schedule, recitals, operative clause, exclusions, conditions, and endorsements, and label each part's legal function.

Apply the elements of a valid contract - offer, acceptance, consideration, capacity, legality, consensus - to three disputed-claim fact patterns.

Identify which policy conditions are conditions precedent to liability versus mere warranties, and state the consequence of breach for each.

Describe how policy wording, endorsements, and the contra proferentem rule interact when a term is ambiguous.

Collect and evaluate the information an underwriter needs - proposal form, survey, loss history, financial statements - and flag the three gaps that most often cause bad underwriting decisions.

Identify physical, moral, and morale hazards from a written risk description and state the underwriting action for each.

Build a rating worksheet applying rate, exposure base, discounts, deductibles, and loadings, and show how each factor moves the final premium.

Explain how sum insured, average, and underinsurance clauses affect both premium and claim payment.

Explain facultative and treaty reinsurance, proportional and non-proportional structures, and when each is the appropriate tool for capacity, volatility, or catastrophe exposure.

Assess accumulation and concentration risk across a portfolio and state two controls an underwriter can apply.

Locate the regulatory touchpoints that constrain underwriting decisions - licensing, tariff or file-and-use requirements, and prohibited rating factors.

Distinguish the regulator's prudential requirements from market-conduct requirements and give two examples of each.

Map the regulatory architecture for the exam's jurisdiction: primary legislation, the supervising authority, and the subordinate regulations and circulars that bind insurers.

Outline the licensing and registration route for insurers, agents, brokers, and other intermediaries, listing the fit-and-proper criteria applied.

Explain solvency margin requirements, admissible assets, technical reserves, and the actions triggered when solvency falls toward the control level.

Describe conduct-of-business rules on product approval, disclosure, mis-selling, commissions, and grievance redressal timelines.

Apply AML/KYC and data-protection obligations to onboarding and claims scenarios, and identify where an insurer must file a suspicious-transaction report.

Explain market-conduct supervision: what a regulatory inspection reviews, and the sanctions available for breach.

Distinguish the roles of the ombudsman, the internal grievance officer, and the courts in resolving a disputed claim.

Describe complaint-handling and record-retention requirements that apply at the point of claim.

Sequence the claim lifecycle from notification to settlement, naming the documents required and the decision point at each stage.

Investigate a loss: verify cover, establish the date and cause, quantify the loss, and apply exclusions and conditions to reach a payable figure.

Calculate settlement under indemnity and reinstatement bases, including salvage, underinsurance, and deductible adjustments.

Detect indicators of exaggerated or fraudulent claims and state the evidence needed before repudiation.

Repudiate or settle three short fact patterns in writing, citing the principle, the policy condition, and the regulatory rule that support the conclusion.

Revise the weak areas identified in your earlier self-tests, re-attempting every missed item until each is explained aloud.

Complete two timed full-syllabus mock exams under exam conditions and review each wrong answer to root cause.