IRDAI Surveyor Miscellaneous (S-07) flashcards

32 cards. Read the term and the definition here. The deck at the top of this page is optional.

Surveyor licence validity

A licence issued under the IRDAI surveyor regulations remains valid for three years and must be renewed by application filed at least 30 days before expiry.

Category-specific licence

A surveyor may assess losses only in the licence category endorsed, such as fire, marine cargo, motor or miscellaneous; working outside that category is a breach of licence conditions.

Surveyor eligibility threshold

Applicants must be at least 18 years old, have passed the 12th standard or equivalent, and clear the IRDAI-recognised training and examination for the chosen category.

Independence obligation

The code of conduct prohibits a surveyor from accepting remuneration, gifts or benefits from the insured, repairers or other parties, preserving impartiality in loss assessment.

Conflict of interest disclosure

Before accepting an assignment, a surveyor must disclose to the insurer any relationship or interest in the insured, the property or the claim that could compromise independence.

Survey report submission

The surveyor must submit the report within the period set by the insurer or regulations, commonly 30 days from appointment or last document, recording reasons for any extension.

Professional indemnity requirement

Licensed surveyors must maintain professional indemnity insurance of the prescribed limit, protecting them against claims of negligence or error in survey work.

Record retention duty

Surveyors must retain claim files, working notes, photographs and calculations for the prescribed period so that IRDAI or the insurer can inspect them.

Insurer's settlement authority

The survey report is a mandatory input to the claim decision, but the insurer alone decides admissibility and the final settlement amount payable to the insured.

Public liability policy

A policy covering the insured's legal liability for third-party death, injury or property damage caused by an accident in connection with a hazardous substance or business activity.

Public Liability Act compulsion

The Public Liability Insurance Act, 1991 makes liability cover compulsory for persons handling hazardous substances, and the policy responds to accident claims from the public.

Product liability cover

It indemnifies the insured for third-party injury or property damage caused by a defective product after it leaves the insured's control, subject to policy limits and territory.

Product liability underwriting inputs

Key rating factors include turnover, product recall exposure, export destinations, quality-control systems and the insured's contractual liability assumptions.

Fidelity guarantee policy

It indemnifies the insured for loss of money or property caused by dishonest or fraudulent acts of employees, usually with a discovery-period condition and continuity date.

Floating fidelity cover

A fidelity guarantee written on an unnamed basis covers any employee within the defined class, rather than naming individual employees, subject to the sum insured.

Money insurance limits

Money policies set separate limits for cash in transit, cash in safe and total holding, and require the insured to maintain prescribed security arrangements.

Burglary forcible entry

Burglary cover responds only where loss follows forcible and violent entry or exit, so the surveyor must verify physical damage and the police complaint.

Personal accident capital sum

A personal accident policy pays the full capital sum on accidental death or total permanent disablement and fixed percentages for specified partial disabilities.

Temporary total disablement benefit

Personal accident policies pay weekly compensation for a defined period when the insured is temporarily totally disabled and unable to pursue any occupation.

Cyber liability cover

It responds to data breaches, privacy liability, network interruption, ransomware and regulatory defence costs, with limits usually shared between first- and third-party heads.

Cyber underwriting focus

Underwriters assess IT security controls, volume of sensitive data, business interruption dependency, third-party contractual liability and prior breach history.

Crop insurance yield assessment

Crop claims under the notified scheme are assessed through crop-cutting experiments and area-based yield data, with indemnity linked to the notified threshold yield.

Average clause application

Where the sum insured is less than the value at risk, the claim is reduced in the proportion of sum insured to value at risk at the date of loss.

Value at risk determination

The surveyor establishes the actual value of the insured property at the date of loss from purchase records, stock statements and market prices to test adequacy of the sum insured.

Salvage treatment

Damaged property retains residual value; the surveyor quantifies salvage and either deducts it from the loss or records its disposal with the insurer's written consent.

Deductible versus excess

A deductible is a fixed first amount borne by the insured; an excess may be fixed or a percentage, and both are deducted from the assessed loss before payment.

Policy period admissibility

The surveyor must confirm the loss occurred within the policy period and during cover, checking endorsements, premium payment and any cancellation or lapse.

Cause of loss verification

The surveyor establishes the proximate cause of loss and tests it against the insured perils and exclusions in the policy before recommending settlement.

Third-party legal liability

For liability claims the surveyor must establish the insured's legal liability, verify the claimant's evidence, and apply policy limits per accident and in aggregate.

FIR in theft claims

A police complaint or FIR is essential evidence in burglary and theft claims; absence without valid reason weakens admissibility of the claim.

Reinstatement value basis

Where the policy is on reinstatement value, the loss is assessed at the cost of replacing or repairing the property to its pre-loss condition, subject to conditions.

Survey report essentials

A valid report states policy details, cause and date of loss, admissibility, quantum workings, deductions, salvage, limits and a signed recommendation of the amount payable.