III IC-72 case studies
III IC-72 · Put your knowledge to work in context.
IC-72 is one of the subject codes in the professional examination series administered by the Insurance Institute of India (III), an Indian insurance education and examination body whose site lists professional examinations, specialised diplomas, and study material for subjects such as IC 01, IC 02, IC 14, IC 45, IC 46, IC 57, IC 58, IC 60, IC 66, IC 67, IC 70, IC 74, and others. Candidates typically encounter IC-72 as an elective or specialisation paper within that professional examination stream, alongside the Licentiate, Associateship, and Fellowship progression. The III IC-72 case studies are 5 cases and about 5,172 words.
1Death claim ten months after issue: material non-disclosure, agent-completed proposal and Section 45
A ₹1 crore term assurance policy with a ₹25 lakh critical illness rider was issued on 14 June 2024 to a 38-year-old logistics manager, on the basis of a proposal e-signed on 2 June 2024. The insured died on 27 April 2025; the recorded cause was cardiac arrest.
1,087 words, about 5 min2Fire loss on a pharmaceutical plant: reinstatement value, underinsurance and a second fire
Shakti Pharma Ltd runs a tablet and capsule plant at Aurangabad. Its Standard Fire and Special Perils policy, running 1 April 2024 to 31 March 2025, carries a sum insured of ₹18 crore, the Reinstatement Value Clause, a deductible of 5% of each claim subject to a minimum of ₹1 lakh, and a 12-month reinstatement period.
1,066 words, about 5 min3Motor third-party award: expired fitness certificate and use outside the permitted route
On 12 September 2025 a six-year-old tipper lorry insured under a package policy in force knocked down a scooter at a highway junction near Nagpur. The rider died on the spot and his pillion rider suffered a spinal injury.
990 words, about 5 min4Reinsurance renewal: retention on a refinery, catastrophe accumulation and the domestic order of preference
Sahyadri General Insurance is a twelve-year-old private insurer with gross written premium of ₹4,200 crore, of which fire is ₹1,050 crore, and a solvency ratio of 1.62. Its property reinsurance programme for the year beginning 1 April is up for renewal.
1,006 words, about 5 min5Health claim rejected after six years: moratorium, pre-existing disease and misuse of a cashless authorisation
A family floater of ₹10 lakh was issued on 8 August 2019 to a 52-year-old self-employed man. The product carried a 36-month waiting period for pre-existing diseases, and the policy has been renewed without a break, with premium paid on time.
1,023 words, about 5 min