IRDAI Surveyor LOP key terms

A person licensed by IRDAI to investigate, assess and settle general insurance claims on behalf of insurers, covering loss, damage, liability and loss of profit arising under a policy.

The formal authorisation issued by IRDAI that permits a surveyor to act in one or more specified classes of general insurance; it is renewable and subject to the conditions in the 2015 Regulations.

The classification of a surveyor's licence by line of business, such as Fire, Marine Cargo, Marine Hull, Engineering, Motor, Miscellaneous, and Loss of Profit, determining the claims a licensee may handle.

A licence granted to a surveyor to act across more than one class of general insurance business, subject to the qualification and experience requirements IRDAI prescribes for each class applied for.

The periodic process by which a surveyor applies to IRDAI to continue practising before the licence lapses, supported by evidence of continuing professional development and compliance with regulatory conditions.

The Insurance Regulatory and Development Authority of India, the statutory regulator that licenses insurers and intermediaries, frames regulations and enforces compliance in the Indian insurance market.

The principal statute governing insurance business in India. It empowers the regulator to make regulations for surveyors and sets out statutory duties, including the requirement to appoint surveyors for losses above the prescribed threshold.

A licensed surveyor formally appointed by an insurer to act on its behalf for a particular claim, with defined duties of impartial assessment and reporting under the regulations.

The written communication from an insurer engaging a surveyor for a claim, stating the policy details, loss, scope of work, fee basis and the timeline for submitting the report.

A situation where a surveyor's personal, financial or professional interests could improperly influence an assessment, requiring disclosure and avoidance under the code of conduct.

The standards of professional behaviour prescribed for licensed surveyors, covering integrity, confidentiality, impartiality, competence and fair treatment of policyholders throughout a claim.

The requirement that a surveyor assess a loss objectively, without bias toward the insurer, the insured or any other party, and without acting in a way that compromises professional judgement.

The principle requiring both insured and insurer to deal honestly and disclose material facts; breach by the insured can affect the validity of the policy and the claim.

A financial or legal relationship that means the insured benefits from the preservation of the subject matter and suffers loss if it is damaged, making the insurance contract enforceable.

The principle that insurance restores the insured financially to the position held before the loss, no better and no worse, subject to policy limits, deductibles and conditions.

The maximum amount for which the subject matter is insured under the policy, used as the basis for applying average, limits and sub-limits at the time of claim settlement.

A situation where the sum insured is lower than the actual value of the property insured, so that settlement may be reduced proportionately under the average clause.

A policy condition that reduces a claim in proportion to the shortfall between the sum insured and the value at risk, commonly applied where the sum insured is less than the required value.

The cost of replacing damaged property with new property of similar kind and quality without deduction for depreciation, often used as a basis of settlement for buildings and machinery.

The reduction in value of an asset due to age, wear and tear or obsolescence, commonly deducted when a claim is settled on a market value or indemnity basis.

The first portion of a loss that the insured must bear, specified in the policy and deducted from the claim before the insurer's liability is calculated.

A fixed amount or percentage the insured bears for each claim or occurrence under the policy, reducing the insurer's liability and often lowering the premium.

The terms in a policy that set out the insured's and insurer's obligations, including claims notification, mitigation, records, subrogation and the consequences of breach.

A policy term that the insured promises to fulfil, such as maintaining fire protection or storing goods in a specified manner; breach may entitle the insurer to decline a claim.

Information that would influence an insurer's decision to accept a risk or set its terms, including the nature of the property, its use, protection and previous loss history.

Failure by the insured to reveal a material fact when proposing or renewing insurance, which may allow the insurer to avoid the policy or reject a related claim.

The insurer's right, after paying a claim, to step into the insured's shoes and recover the loss from the responsible third party, preserving the principle of indemnity.

The residual value of damaged property after a loss; it is deducted from the claim or disposed of, and the surveyor records its condition and value in the assessment.

The process of verifying the cause, extent and value of a loss against the policy, including examination of records, physical inspection and calculation of the admissible amount.

The written document a surveyor submits to the insurer after investigation, describing the loss, cause, policy compliance, quantum assessed and recommendations for settlement.

An estimate of the insurer's likely liability for a reported claim, set aside in the accounts pending final assessment and adjusted as the surveyor's findings become available.

The peril or event that directly produced the damage, which must be identified and tested against the policy's insured perils and exclusions before a claim is admitted.

The dominant, effective cause of a loss in an unbroken chain of events, used to decide whether the loss falls within the insured perils or an exclusion applies.

A policy provision that removes specified perils, property or circumstances from cover, such as war, wear and tear or deliberate damage, and which the surveyor must consider.

An interim payment made by the insurer toward a claim before final assessment, often recommended by the surveyor where liability is clear and the insured faces hardship.

The structured enquiry into a reported loss, including site inspection, witness statements, document checks and cause analysis, to establish whether the claim is genuine and covered.

The regulatory objective of ensuring fair treatment of insureds, including timely claim handling, transparent communication and access to grievance redressal mechanisms.

The formal process by which a policyholder can complain about an insurer or surveyor's handling of a claim, escalating to the insurer, IRDAI or the insurance ombudsman.

Ongoing training and education that a licensed surveyor must complete to maintain competence and support licence renewal, covering technical, legal and ethical topics.

A surveyor licensed in the fire class who assesses property damage, business interruption and related losses, applying policy conditions on reinstatement, average and salvage.