III IC-57 study plan

III IC-57 · Give each week a clear focus.

8 weeks · About 6 hours per week

Week 1

Fire Insurance

Define the core principles of fire insurance: insurable interest, indemnity, utmost good faith, and proximate cause
Outline the standard fire policy structure, including the schedule, recitals, operative clause, exclusions, and conditions
Explain the meaning and application of average, reinstatement, and salvage in fire claims
Identify the main perils covered under a fire policy and distinguish them from excluded perils

A one-page glossary of 20 key fire insurance terms with concise definitions and one example each

Week 2

Compare the different types of fire policies: standard fire, special perils, and comprehensive fire
Analyze the role of warranties, conditions, and exclusions in determining claim liability
Calculate a simple fire loss settlement using average and excess clauses
Describe the underwriting factors for fire risk, including occupancy, construction, and protection

A worked example of a fire claim settlement showing application of average and excess, with a step-by-step calculation

Week 3

Explain the claims process for fire insurance from notification to settlement
Identify the documentation required for a fire claim and the role of loss adjusters
Evaluate the impact of fraud, non-disclosure, and misrepresentation on fire claims
Summarize the regulatory and legal framework governing fire insurance in the relevant jurisdiction

A flowchart of the fire claims process with key decision points and required documents at each stage

Week 4

A self-assessment report with scores from a 30-question fire insurance quiz and a list of three areas for further review

Week 5

Define consequential loss insurance and distinguish it from material damage insurance
Explain the concept of gross profit and how it is calculated for consequential loss purposes
Outline the structure of a consequential loss policy, including the basis of indemnity and period of indemnity
Identify the key exclusions and conditions specific to consequential loss insurance

A comparison table of fire insurance versus consequential loss insurance covering perils, indemnity, and policy triggers

Week 6

Calculate insurable gross profit and the rate of gross profit from given financial data
Apply the average condition and understand its effect on consequential loss claims
Explain the treatment of increased cost of working and its role in reducing loss
Analyze the impact of a loss on turnover, production, and standing charges

A set of three numerical problems on consequential loss with full solutions, including gross profit and average calculations

Week 7

Describe the claims procedure for consequential loss, including proof of loss and adjustment
Evaluate the role of accountants and loss adjusters in quantifying consequential loss claims
Explain the concept of savings and its deduction from a consequential loss claim
Identify common pitfalls in consequential loss claims and how to avoid them

A case study analysis of a consequential loss claim, highlighting the calculation of loss, savings, and increased cost of working

Week 8

Integrate fire and consequential loss concepts through mixed practice questions
Review all topics using a structured checklist and past exam-style questions
Simulate exam conditions with a timed practice test covering both domains
Finalize a summary sheet of key formulas and definitions for last-minute revision

A timed 60-question mock exam with a score of at least 75% and a one-page summary sheet of key points

Week 4: Score at least 70% on a 30-question fire insurance quiz and submit a self-assessment report identifying three weak areas

Week 8: Complete a timed 60-question mock exam covering both domains with a score of at least 75% and submit a one-page summary sheet