IRDAI POSP General study plan

Map the IRDAI's statutory functions under the Insurance Act, 1938 and the IRDA Act, 1999 onto a one-page diagram, listing licensing, solvency, product approval and market-conduct duties separately

Define in your own words the seven core insurance principles (insurable interest, utmost good faith, indemnity, subrogation, contribution, proximate cause, mitigation) and give one non-life example for each

Distinguish the roles of IRDAI, the Insurance Ombudsman and the grievance redressal machinery well enough to state who handles what in three written scenarios

Build a 40-term glossary of regulator and principle vocabulary with a one-line definition for each term

Explain how insurable interest is established and when it must exist for life, fire, marine and liability covers, and test yourself on ten short scenarios

Describe the doctrine of utmost good faith and the consequences of non-disclosure and misrepresentation, including how material facts differ from facts the insurer need not be told

Outline the IRDAI registration and licensing path for insurers, corporate agents, brokers and POSPs, naming the key eligibility conditions and validity periods you can verify

Summarise how solvency margin and the IRDAI's financial-return requirements protect policyholders, in plain language a customer could follow

Classify the main non-life product families (fire and property, marine, motor, health, personal accident, liability, engineering, crop, miscellaneous) and state the core cover and typical exclusions of each

Explain indemnity, sum insured, underinsurance and the average clause by working three numerical claims examples to the correct payout

Describe how deductibles, excesses, co-payment and no-claim benefits change the amount a policyholder actually receives

Compare a standard fire policy with a package policy, noting which perils are added on and why

Identify the IRDAI-mandated standard products in non-life, including standard motor third-party cover, standard health products and standard personal accident cover, and state the mandatory features of each

Explain the legal basis of compulsory motor third-party insurance and the consequences of driving uninsured

Trace the product-filing and approval route for non-life products and distinguish file-and-use from prior-approval treatment

Interpret a specimen policy schedule and wording, extracting sum insured, deductibles, waiting periods, exclusions and claim procedure without outside help

Set out the policyholder's rights at each stage of the lifecycle: proposal, policy issue, renewal, claim intimation, survey and settlement, and grievance escalation

Describe the grievance redressal chain from insurer Grievance Redressal Officer to the Insurance Ombudsman, including the circumstances, limits and timeframes you can confirm

Explain the free-look period, portability, moratorium in health insurance and the protection-of-policyholders provisions you can state with confidence

List the duties of an intermediary toward the customer and the conduct failures that attract IRDAI penalties

Apply suitability and need-analysis discipline by drafting a written recommendation for three customer profiles, matching cover to need rather than to commission

Demonstrate accurate disclosure practice by scripting a sales conversation that states exclusions, waiting periods and claim process before closing

Identify mis-selling behaviours such as rebating, forced bundling, false promises of guaranteed returns and churning, and state the correct alternative for each

Explain the POSP's scope of work, code of conduct and limits of authority, including what must be referred to the insurer

Consolidate the four domains into a single revision sheet of the 60 facts you are least sure of, verifying each against a reliable source

Complete two full-length timed mock tests under exam conditions and record the score by domain

Analyse every wrong answer to its root cause (missed fact, misread question, or wrong reasoning) and rewrite the underlying rule in your own words

Rehearse claim-calculation and policy-reading questions until you can complete them within the target time

Re-drill the error log until every flagged fact is recalled correctly twice in a row

Take one final timed mock and target a pass margin comfortably above the cut-off

Condense all four domains into a two-page last-day sheet covering only high-yield facts and definitions

Confirm exam-day logistics and question-attempt strategy, including how to handle uncertain questions