III IC-74 study guide

III IC-74 · Work through your exam, one topic at a time.

IC-74 Liability Insurance is one of the professional examinations listed by the Insurance Institute of India under its Professional Examination study material range, alongside subjects such as Fire and Consequential Loss Insurance, Marine Insurance and Group Insurance. It is aimed at insurance professionals who work with liability products - underwriters, claims handlers, brokers and agents - and who want a formal, Institute-assessed qualification in that line rather than a general insurance paper. Because the Institute treats IC-74 as a single subject in its study material list, the paper is wholly concerned with liability insurance; there are no separate weighted sections to balance. Preparation therefore follows the Institute's own route: obtain the current study material for IC-74, work through it against the syllabus, and sit the online examination in the session you register for. Two timing points matter. The Institute states that new and revised study course materials apply from the September 2026 online examination, and that revised materials were introduced from the June 2026 online examination, so confirm which revision is in force before you buy. Topics on this exam: Liability Insurance. The III IC-74 study guide has 1 section and about 470 words.

Liability Insurance: Triggers, Limits, and the Duty to Defend

Liability Insurance tests whether you can read a third-party policy as a set of interlocking promises: the insurer promises to pay sums the insured becomes legally obligated to pay, and separately promises to defend the insured against claims seeking those sums. The exam probes coverage triggers, limit structures, who qualifies as an insured, and the exclusions that routinely defeat otherwise valid claims. On an occurrence form, the injury or damage itself must happen during the policy period; the date the claim is reported is irrelevant, so long-tail exposures can surface years after the policy expires. On a claims-made form, the claim must be first made against the insured and reported to the insurer during the policy period (or an extended reporting period), and the injury must fall after the retroactive date.

470 words, about 2 min

More study resources for III IC-74

Practice questionsUnder a standard commercial general liability (CGL) occurrence-form policy, which loss trigger requires that the bodily injury or property damage occur during the policy period, regardless of when the claim is later reported?
FlashcardsOccurrence trigger. The policy in force when the bodily injury or property damage occurs responds, even if the claim is filed years later; the injury date, not the claim date, controls coverage.
Cheat sheetLiability policies respond to the insured's legal obligation to pay damages for bodily injury or property damage caused by an occurrence; the trigger is the injury/damage event, not the act or the claim alone.
Key termsCompensatory damages. Money a court orders a defendant to pay to put an injured party back in the position they would have occupied had the harm not occurred, covering both economic and non-economic losses.
Study planMap the full Liability Insurance domain into sub-areas: legal foundations (negligence elements, tort liability, damages, defenses), general liability coverage triggers, and specialty lines, then rank each by your confidence.
Common mistakesCandidates memorize the general structure of liability coverage without anchoring the distinction between occurrence and claims-made triggers; the two look similar on the declarations page and the difference only surfaces in the insuring agreement.
Exam-day guideBring the exact ID form the testing provider requires (typically a current passport or driver's license).