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III IC-86 study materials
III IC-86 study resources

III IC-86 study guide

III IC-86 · Work through your exam, one topic at a time.

IC-86 Risk Management is a paper code in the Insurance Institute of India (III) examination system, the body that runs professional insurance examinations in India. Candidates typically encounter IC-86 as a subject within III's specialised diploma and professional examination offerings, and it suits insurance professionals, underwriters, claims staff, risk managers and compliance personnel who need a working command of risk identification, measurement and treatment rather than a purely product-focused view of insurance. The paper's subject matter centres on the risk management process: identifying and analysing exposures, evaluating frequency and severity, selecting retention, reduction, avoidance or transfer, and linking that analysis back to insurance buying and capital decisions. Preparation should start from the official III syllabus document for the paper and the study material sold through III's own Study Material pages, because the syllabus defines the boundaries of what is examinable. Work through the material topic by topic, build short summaries of frameworks and definitions, and practise structured written answers, since professional-level III papers reward precise terminology and organised argument. Confirm the current examination timetable, regulations and any addenda through III's Examinations and Syllabus sections before you register, as these pages are updated between sessions. Topics on this exam: Risk Management. The III IC-86 study guide has 1 section and about 389 words.

01

Risk Management

This domain tests whether you can run a defensible risk process, not just recite definitions. Expect questions that ask you to classify a risk, choose a treatment, or explain why residual risk differs from inherent risk. The examiner rewards precise use of ISO 31000:2018 and COSO ERM 2017 vocabulary. Risk is the effect of uncertainty on objectives; it includes upside and downside.

389 words, about 2 min

More study resources for III IC-86

  • Practice questionsIn risk management practice, a risk is best described as which combination?
  • FlashcardsRisk. The combination of the likelihood of an uncertain event and its consequence on objectives; it is assessed, evaluated, and treated rather than assumed away.
  • Cheat sheetRisk = uncertainty that matters; it has two measurable components: probability (or likelihood) of occurrence and impact (severity of consequence) on objectives.
  • Key termsHazard. A condition or source of potential harm that exists independent of any specific loss event.
  • Study planDefine every core risk-management term in your own words: risk, hazard, exposure, likelihood, impact, inherent risk, residual risk, risk appetite, risk tolerance, and risk capacity.
  • Common mistakesEveryday language frames risk as pure loss, so candidates carry that framing into questions about uncertainty, opportunity, and two-sided distributions without noticing the conflict.
  • Exam-day guideBring the exact ID name that matches your registration record.