III IC-99 case studies
III IC-99 · Put your knowledge to work in context.
The III IC-99 is a multiple-choice insurance examination associated with the Insurance Institute of India's licensing and certification structure. It is aimed at candidates entering or advancing in the Indian insurance market who need a working command of both regulation and technical coverage knowledge, rather than a single specialty. The III IC-99 case studies are 5 cases and about 4,920 words.
1Branch Expansion Outruns Licensing, Advertising and Inducement Rules
Northbridge Insurance Agency holds a corporate broker licence in two provinces. In March it opened a third branch staffed with four salespeople who have passed the licensing examination but whose individual licence applications are still pending.
983 words, about 5 min2Cold-Storage Fire: Coinsurance, Debris, Bylaw and Business Income
Halcyon Foods Ltd owns a cold-storage and packing plant. Its property policy is written on a replacement-cost basis with an 80% coinsurance clause, a 2,000,000 building limit, a 600,000 machinery limit, a 5,000 deductible, and a 120,000 business income limit with a 72-hour waiting period.
947 words, about 5 min3Basement Backup: Endorsement Limits, Matching and Loss of Use
The Ferreira family owns a 12-year-old detached house insured on an HO-3 equivalent: dwelling 480,000, contents 240,000, loss of use 96,000, a 1,000 all-perils deductible, a 10,000 water backup endorsement, and a 10,000 sublimit for mold. In February, after three days of heavy rain, a floor drain in the finished basement backed up and 12 cm of water stood on the floor for six hours, including the pool room.
1,021 words, about 5 min4Subcontractor Pipe Failure: Additional Insured, Your Work and the Umbrella
Ridgeline Construction is general contractor for a six-storey office fit-out. Its CGL is written on an occurrence form with limits of 1,000,000 each occurrence, 2,000,000 general aggregate, 2,000,000 products-completed operations aggregate, a 50,000 deductible per occurrence, and the standard "your work" and "impaired property" exclusions.
927 words, about 5 min5Premium Trust, a Backdated Binder and an Undisclosed Adjuster Interest
Lena Marsh is managing broker and 60% shareholder of Harbourline Insurance Brokers. Harbourline collects premiums for seven insurers under agency agreements that require remittance within 30 days of the month of collection and prohibit commingling.
1,042 words, about 5 min