UPMSP Vocational Insurance study plan
UPMSP Vocational Insurance · Give each week a clear focus.
8 weeks · About 6 hours per week
Fundamentals of Insurance and Risk Management
Define risk and distinguish pure risk from speculative risk, giving two Indian examples of each
Explain insurable interest and the principle of indemnity and state why both are needed for a contract to be valid
List the seven principles of insurance and match each to a one-line practical example
Classify the main insurance types (life, fire, marine, motor, health) and name the regulator for each
Your checkpoint
A one-page handwritten mind map of risk and insurance principles with at least 10 definitions in your own words
Fundamentals of Insurance and Risk Management & Life Insurance and Personal Lines
Compare term, endowment, whole life and ULIP plans on premium, cover and maturity benefit
Compute a simple premium example showing mortality charge, expense loading and bonus
Explain the role of nomination, assignment and surrender value in a life policy
Describe personal lines products: personal accident, home contents and travel insurance
Your checkpoint
A comparison table of four life products plus a worked premium calculation sheet with your own numbers
General Insurance: Fire, Marine and Motor
Apply the standard fire policy structure: sum insured, average clause and reinstatement
Explain marine insurance terms: hull, cargo, freight, general average and particular average
Distinguish motor third-party liability cover from own-damage cover and state what a package policy adds
Identify add-on covers such as zero depreciation, engine protect and roadside assistance
Your checkpoint
Three solved numerical problems, one each for fire average clause, marine loss and motor claim deduction
Insurance Law, Regulation and Consumer Protection
Summarise the Insurance Act 1938, IRDAI Act 1999 and the role of IRDAI as regulator
Explain key agent duties under the IRDAI (Insurance Agents) Regulations, including code of conduct
Outline consumer protection routes: grievance redressal officer, IRDAI grievance portal and insurance ombudsman
Describe the policyholder's right to free-look period and to receive policy documents
Your checkpoint
A two-page legal reference sheet with section numbers, regulator names and complaint escalation steps
Insurance Agency Practice and Salesmanship
Build a prospecting plan naming five local target segments and a reason each needs cover
Write a needs-analysis script that uncovers sum-assured requirement through questions
Handle three common objections (price, trust, 'I already have cover') with a structured response
Explain the proposal form, KYC and know-your-customer requirements during sales
Calculate first-year and renewal commission on a sample premium at stated rates
Your checkpoint
A role-play script of a full sales call, from opening to closing, plus a commission calculation
Health Insurance and Social Security Schemes & Claims Management and Settlement
Compare individual health indemnity, family floater and critical illness products
Explain government social security schemes relevant to workers and their insurance benefits
List the documents required for a health claim and describe cashless versus reimbursement
Sequence the claim process for life, motor and health claims from intimation to settlement
Identify what causes claim repudiation and how to prevent it at the proposal stage
Your checkpoint
A claim-flow chart for one health and one motor claim, annotated with required documents and timelines
Life Insurance and Personal Lines & General Insurance: Fire, Marine and Motor & Entrepreneurship and Employability Skills in Insurance
Revisit weak areas from weeks 1 to 6 and correct errors in your earlier notes
Explain entrepreneurship basics: agency as a business, income streams and record keeping
Describe employability skills: communication, ethics, digital tools and time management for an agent
Draft a simple business plan for an insurance agency with a monthly income target
Your checkpoint
A one-page agency business plan with target segments, income goal and a weekly activity schedule
Fundamentals of Insurance and Risk Management & Insurance Law, Regulation and Consumer Protection & Claims Management and Settlement
Take two full-length mock tests under timed conditions and score them
Review every wrong answer and write the correct rule beside it
Recite the principles of insurance and the regulatory framework without notes
Practise claim and legal numerical questions until you can solve them in under three minutes each
Your checkpoint
A scored mock-test log with error analysis and a list of five remaining weak topics to revise before exam day
Milestones
Week 2: You can explain all seven principles of insurance and compare four life products without referring to notes
Week 4: You score at least 70% on a self-made 30-question test covering domains 1, 2, 3 and 5
Week 6: You can describe the complete claim process for life, health and motor claims and list required documents from memory
Week 8: You score at least 80% on two timed mock tests and have a written revision list for weak topics