IRDAI Surveyor Engineering (S-05) case studies
IRDAI Surveyor Engineering (S-05) · Put your knowledge to work in context.
The IRDAI Surveyor Pre-Licensing Examination, conducted by the Insurance Institute of India (III), is a mandatory pre-licensing assessment for individuals seeking to become licensed insurance surveyors and loss assessors in India. The regulatory framework is the IRDAI Insurance Surveyors and Loss Assessors Regulations, 2015, framed under sections 42D, 64UM and 114A of the Insurance Act, 1938, as amended by the Insurance Laws (Amendment) Act, 2015, and section 26 of the IRDAI Act, 1999. The IRDAI Surveyor Engineering (S-05) case studies are 5 cases and about 5,041 words.
1A Written Appointment, an Undisclosed Prior Valuation and an 'Expediting Fee'
On 3 March a claims manager of a general insurer telephones a surveyor licensed in Category A and asks him to survey a fire loss at a hotel in Coimbatore. The claim was intimated on 27 February; the insurer estimates the loss at about Rs 62 lakh and has issued no written appointment.
892 words, about 4 min2Spontaneous Heating in a Coir Godown: Where the Fire Begins and the Exclusion Ends
A trader insures 1,300 bales of coir fibre in a rented godown under a Standard Fire and Special Perils policy for Rs 1.5 crore, with the stock hypothecated to a bank. On a Sunday night a fire breaks out.
996 words, about 5 min3Average Clause, Reinstatement Basis and GST in a Factory Fire
A factory is insured under a Standard Fire and Special Perils policy on a reinstatement value basis: building Rs 1.20 crore, plant and machinery Rs 90 lakh and stock Rs 40 lakh. Following a fire on 12 January the surveyor assesses that the cost of reinstating the damaged bay is Rs 60 lakh and that the reinstatement value of the entire building on the date of loss is Rs 2.40 crore.
1,086 words, about 5 min4Hydrostatic Lock, a Zero-Depreciation Add-On and a Demand for the IDV
A private car first registered in June three years ago is insured for an IDV of Rs 9.6 lakh under a comprehensive policy that includes a depreciation-reimbursement ('zero-depreciation') add-on but no engine-protection add-on. On 9 July the car stalled in a flooded underpass near Mumbai and water entered the cabin.
1,056 words, about 5 min5A Cut Wall, an Absent Watchman and a Retail-Price Claim Schedule
A jewellery showroom insured under a burglary policy for Rs 1.50 crore on stock reports on a Monday morning that the strong room's rear wall had been cut open with a gas cutter over the weekend and three trays of ornaments removed. The manager was on leave and the keys were with him; the night watchman was absent, having told the manager he would attend a family wedding.
1,011 words, about 5 min