III IC-88 case studies
III IC-88 · Put your knowledge to work in context.
IC-88 is a subject code in the examination system of the Insurance Institute of India (III), an Indian professional body whose site lists certificate, diploma and specialised diploma examinations alongside IRDAI-related agent and broker examinations. Candidates searching for IC-88 usually encounter it as one paper in a numbered series (IC-01, IC-14, IC-38, IC-45 and others appear in the Institute's own navigation), each with its own study material, addenda and examination scheduling. The III IC-88 case studies are 5 cases and about 3,803 words.
1Reinstatement Value Clause versus a Stale Sum Insured
Bharat Precision Components Ltd runs a stamping plant near Pune. Its standard fire and special perils policy insures plant and machinery for ₹4.00 crore and carries the Reinstatement Value Clause.
802 words, about 4 min2Loss of Profits: Indemnity Period, Increased Cost of Working and a Lost Contract
Sunrise Foods Pvt Ltd operates a bakery in Nashik. It buys a fire consequential loss (loss of profits) policy with a sum insured of ₹2.00 crore on gross profit, a gross profit rate of 25% on turnover, and a 12-month indemnity period running from the date of damage.
765 words, about 4 min3Marine Cargo on CIF Terms Insured at the Minimum ICC(C)
Kaveri Exports Pvt Ltd ships 400 cartons of cotton yarn from Chennai to Hamburg on CIF terms. As required by the sales contract, it arranges marine cargo cover; the broker, following the minimum cover that CIF requires, places ICC(C).
721 words, about 4 min4Goods Vehicle: Expired Fitness, Fare-Paying Passengers and the Pedestrian
On 14 August a goods carriage of 7,500 kg gross vehicle weight, insured under a standard motor package policy, knocks down a pedestrian at a highway junction. The pedestrian suffers a head injury and claims ₹18 lakh before the Motor Accident Claims Tribunal.
761 words, about 4 min5Claims-Made PI Cover, a Letter of Demand and a Retroactive Date Moved at Renewal
Meghdoot Systems Pvt Ltd, an ERP implementation firm, holds a professional indemnity policy running 1 April 2023 to 31 March 2024, limit ₹5 crore, deductible ₹10 lakh, retroactive date 1 April 2020, written on a claims-made basis. On 12 November 2023 its largest client writes a formal letter alleging that a 2021 warehouse-management rollout failed to meet agreed milestones, demanding a meeting 'to resolve the matter' and reserving all rights.
754 words, about 4 min