IRDAI Surveyor Engineering (S-05) key terms

A person licensed by IRDAI to investigate, assess, and quantify losses for insurers in the classes of business for which the licence is granted, and to report findings independently to the appointing insurer.

The three-tier licensing structure: Category A covers all classes of general insurance, Category B covers fire and allied perils plus marine cargo or hull, and Category C covers miscellaneous classes such as motor and engineering.

The regulation governing licensing, qualification, code of conduct, professional standards, and disciplinary action for surveyors and loss assessors, as amended from time to time by the Authority.

A qualified individual nominated by a licensed surveyor firm who is responsible for the professional conduct of the firm's survey work and who must meet the qualification and licensing requirements in his or her own right.

The written instruction from an insurer assigning a specific claim to a surveyor, stating the insured, policy, date of loss, place of survey, and fee terms; it fixes the scope of the surveyor's authority.

The maximum remuneration a surveyor may receive per claim, prescribed by IRDAI and linked to the amount of loss assessed, beyond which no additional charge may be levied on the insurer or insured.

The mandatory ethical standards requiring independence, confidentiality, avoidance of conflicts of interest, no rebates or inducements, and truthful reporting, breach of which can lead to suspension or cancellation of licence.

Insurance a surveyor firm must maintain to protect against liability arising from errors, omissions, or negligence in professional survey work; proof of cover is a condition of licensing and renewal.

The periodic process by which a surveyor applies to IRDAI to continue practising, requiring evidence of continuing professional development, valid indemnity cover, and compliance with fee and conduct rules.

Structured learning hours a licensed surveyor must complete during each renewal cycle to keep technical and regulatory knowledge current, recorded and evidenced to the Authority on request.

The mutual duty of insured and insurer to disclose all material facts relevant to the risk, without being asked, so that the contract is based on complete and accurate information.

A financial relationship by which the insured benefits from the preservation of the subject matter and suffers loss from its damage or destruction; it must exist at inception and, for property, at the time of loss.

The principle that the insured is restored, as nearly as possible, to the pre-loss financial position, neither profiting nor losing from the event; it underpins the measure of loss in property and motor claims.

Any information that would influence a prudent underwriter's decision on acceptance, rating, or terms of the risk, including prior claims, occupancy, hazardous processes, and existing insurance elsewhere.

Failure by the proposer to reveal a material fact, whether innocent, negligent, or fraudulent; the insurer's remedy ranges from avoidance of the policy to proportionate settlement depending on the applicable law and policy terms.

A policy condition that must be complied with exactly, such as the installation of a fire alarm or the keeping of hazardous goods limits; breach may entitle the insurer to deny liability for the affected claim.

The dominant, effective, and operative cause of a loss, as distinct from a remote cause; liability under a perils policy depends on whether the proximate cause falls within the insured perils.

A named event or contingency listed in the policy schedule for which the insurer undertakes to pay, such as fire, lightning, explosion, riot, or impact damage.

A stated circumstance, peril, or loss type for which the policy provides no cover, such as war, nuclear risks, or wear and tear; exclusions are read strictly against the insurer where ambiguous.

The insurer's right, after paying a claim, to step into the insured's shoes and recover the loss from the party responsible, limited to the amount paid and subject to the insured's rights.

The residual value of damaged property that remains after a loss; the insurer is entitled to it or to its value, and the surveyor must quantify it to arrive at the net loss.

The surveyor's structured process of verifying the claim, establishing the cause and extent of loss, quantifying damage on the policy basis, applying deductibles, and recommending the net payable amount.

The reduction in value of an asset due to age, use, and obsolescence, applied when settling on a market value or indemnity basis rather than on a reinstatement value basis.

The improvement in the insured's position when repairs or replacement leave the property newer or superior to its pre-loss condition; the surveyor deducts the value of such improvement from the claim.

The cost of replacing or repairing damaged property with new materials of like kind and quality without deduction for depreciation, available only where the policy expressly provides it and conditions are met.

A condition under which, if the sum insured is less than the value of the property at risk, the claim is reduced in the proportion that the sum insured bears to that value.

A situation where the declared sum insured is lower than the actual value of the property, exposing the insured to proportionate reduction of claims through the average clause.

The maximum amount the insurer is liable to pay under the policy for a covered loss, fixed at inception and subject to policy conditions such as average, reinstatement, and per-event limits.

The base Indian property policy covering fire, lightning, explosion, riot, strike, malicious damage, storm, flood, inundation, subsidence, landslide, and impact damage, subject to stated exclusions and conditions.

Optional extensions purchased with a base fire policy, such as removal of debris, architects' fees, temporary repairs, or escalation, each with its own limit and conditions that the surveyor must apply.

For property insurance, actual ignition or burning accompanied by visible flame or glow, which was not intentional and was not a friendly fire confined to its intended place; damage by smoke or heat alone may not qualify.

An exclusion removing liability for loss caused by self-heating or internal chemical reaction of stored goods, unless the resulting fire itself is a covered peril under the policy.

The cost of clearing and disposing of damaged remnants after a loss; it is covered only if the policy includes the extension, and the surveyor must verify the limit and reasonableness of the expense.

The insurer's statutory obligation to indemnify the insured against legal liability for death, bodily injury, or property damage caused to others by the insured vehicle, unlimited for death and injury in India.

A claim under the own damage section of a motor policy for loss or damage to the insured vehicle itself, settled on the basis of the sum insured, depreciation, and deductibles.

A motor claim outcome where the cost of repair plus salvage exceeds the insured declared value, so the vehicle is treated as a total loss and settled at the insured declared value less salvage and deductibles.

A situation in which the insured property is destroyed or damaged beyond economic repair, entitling the insured to the sum insured or insured declared value, subject to policy limits and salvage adjustment.

The written professional output of a survey, presenting facts observed, cause of loss, quantum assessed, deductions applied, documents relied upon, and a reasoned recommendation of the payable amount.