III IC-77 study guide
III IC-77 · Work through your exam, one topic at a time.
IC-77 is a paper in the Insurance Institute of India's III (Licentiate) examination series, aimed at people building a structured, examinable grounding in insurance practice. It is typically taken by new insurers, agents and brokers, bancassurance staff, and operations or claims personnel who want a formal qualification that sits alongside the compulsory IC-01 and IC-02 papers. The III IC-77 study guide has 11 sections and about 3,375 words.
01Insurance Fundamentals and Risk Management
This domain tests whether you can separate risk from uncertainty, classify pure and speculative risk, apply the tests of insurability, and use the risk-management process in a general-insurance context. Expect questions on pooling, the law of large numbers, adverse selection, moral hazard, and the difference between risk control and risk financing.
320 words, about 2 min02Legal Principles and Insurance Contract
This domain tests the insurance contract as a contract of utmost good faith and, for indemnity covers, indemnity. You must know offer, acceptance, consideration, capacity, insurable interest, disclosure, warranties, conditions, subrogation, contribution, and proximate cause.
339 words, about 2 min03Life Insurance Products and Underwriting
This domain tests product structures, premium factors, and underwriting decisions for life and health-related life products. Expect term, whole life, endowment, money-back, ULIP, annuity, and group products, plus medical and financial underwriting.
310 words, about 2 min04General Insurance Principles and Practice
This domain tests the practical lifecycle of a general-insurance policy: proposal, acceptance, schedule, wording, endorsements, premium, claims, survey, loss assessment, salvage, and reinsurance. It also tests indemnity mechanics such as deductibles and average clauses.
317 words, about 2 min05Health Insurance
This domain tests indemnity and benefit health products, hospitalisation cover, waiting periods, pre-existing disease rules, sub-limits, co-payment, deductibles, cashless service, third-party administrators, portability, and moratorium provisions. Indemnity health cover reimburses actual hospitalisation costs up to the sum insured.
308 words, about 2 min06Fire and Property Insurance
This domain tests fire and property cover: the standard fire and special perils policy, property damage, business interruption, reinstatement, average, salvage, and common exclusions. Expect questions on what is covered and how a loss is measured.
309 words, about 2 min07Marine and Aviation Insurance
This domain tests marine hull and cargo cover, aviation hull and liability cover, and the loss concepts that distinguish marine insurance: particular average, general average, salvage, constructive total loss, and sue-and-labour charges. Marine cargo cover may follow Institute Cargo Clauses A, B, or C.
318 words, about 2 min08Motor Insurance
This domain tests compulsory third-party motor liability, own-damage cover, IDV, no-claim bonus, deductibles, add-ons, and claim handling under the Motor Vehicles Act framework and policy wording. Third-party liability cover is compulsory for motor vehicles.
284 words, about 1 min09Liability and Miscellaneous Insurance
This domain tests liability products such as public liability, product liability, professional indemnity, directors’ and officers’ liability, employers’ liability, fidelity guarantee, and cyber cover. It also tests policy triggers, limits, and exclusions.
307 words, about 2 min10Insurance Regulation
This domain tests the regulatory framework for insurers, intermediaries, products, solvency, market conduct, and policyholder protection, with emphasis on IRDAI’s role and the Insurance Act, 1938. IRDAI is the insurance regulator.
279 words, about 1 min11Ethics and Customer Protection
This domain tests ethical selling, suitability, disclosure, confidentiality, conflict-of-interest management, fair treatment of customers, grievance redressal, and prevention of mis-selling and rebating. An adviser must understand the customer’s needs and recommend a suitable product, not merely the highest-commission product.
284 words, about 1 min