III IC-78 study guide
III IC-78 · Work through your exam, one topic at a time.
IC-78 is a subject code in the professional examination series administered by the Insurance Institute of India (III). This page is an independent study resource: it is not affiliated with, endorsed by, or operated by III, and candidates must always confirm requirements on III's own site. The retrieved III navigation content lists the professional examinations under Licentiate, Associateship and Fellowship, with links to Regulations, the Examination Handbook, the syllabus document for professional examinations, the online examination schedule and help manuals for new and already-registered candidates. That navigation does not enumerate the domain structure, syllabus content, marks, duration or pass mark for subject IC-78 specifically, so this page does not invent them. What can be said with confidence is the surrounding machinery: candidates register through III's professional exam portal, upload photo and signature, may apply for exemptions, and sit examinations on scheduled online dates. Preparation should therefore begin from the official syllabus and study material, then move to the prescribed reading and past-paper practice. Topics on this exam: Insurance Institute of India professional examination subject IC-78 (domain structure not enumerated in the retrieved source). The III IC-78 study guide has 1 section and about 486 words.
01IC-78 - Foundations of the Insurance Contract and Its Core Doctrines
III's published domain breakdown for subject IC-78 was not retrievable for verification, so this section teaches the contract-law spine that every III professional paper assumes and tests, and flags the framing as provisional for review against the current III syllabus. Utmost good faith ( uberrima fides ) : the proposer must disclose every material fact a prudent underwriter would treat as affecting acceptance, terms or premium. Non-disclosure and misrepresentation are grounds for avoidance from inception. Insurable interest : in life and personal-accident business it is presumed for self and immediate family and need exist only at inception; in property and liability business it must exist at both inception and the time of loss.
486 words, about 2 minMore study resources for III IC-78
- Practice questionsUnder the Insurance Regulatory and Development Authority of India (IRDAI) framework, what does the 'file and use' procedure for a general insurance product require the insurer to do?
- FlashcardsInsurable interest. A legal and pecuniary relationship between the insured and the subject matter such that the insured benefits from its preservation and suffers loss from its destruction.
- Cheat sheetIC-78 is a professional (licentiate/associateship-track) subject examination of the Insurance Institute of India; the syllabus is organized around insurance principles, practice, and the regulatory framework applicable to Indian insurers, so answers must be framed in Indian statutory terms (Insurance Act 1938, IRDA Act 1999, IRDAI regulations) rather than foreign equivalents.
- Key termsInsurable Interest. A legal and financial relationship with the subject matter of insurance such that the insured benefits from its preservation and suffers measurable loss from its damage or destruction; required at inception and, for property, at time of loss.
- Study planMap the IC-78 syllabus into a one-page topic inventory, grouping every listed topic under a working domain label so later weeks can be sequenced.
- Common mistakesUnder time pressure candidates scan for a keyword match and stop reading once they see a familiar term, so the negation in the stem is missed.
- Exam-day guideBring the exact ID the registration name matches.