Insurance Commission Licensure Exam - Non-Life study guide
Insurance Commission Licensure Exam - Non-Life · Work through your exam, one topic at a time.
The Insurance Commission Licensure Exam - Non-Life is the Philippine licensing examination for individuals who wish to act as non-life insurance agents or brokers. Passing it is one of the requirements the Insurance Commission imposes before a license is issued, so the credential is a regulatory gate rather than an academic award. The Insurance Commission Licensure Exam - Non-Life study guide has 7 sections and about 2,203 words.
01Insurance Principles and Concepts
This domain examines whether you can apply the principles that decide coverage before you reach the policy wording: risk, insurable interest, indemnity, utmost good faith, subrogation, contribution and proximate cause. Expect short scenarios asking which principle controls and who pays.
338 words, about 2 min02Insurance Contract Law and Policy Interpretation
Contract formation and interpretation: when a contract is formed, what an applicant represents, what a warranty promises, how conditions and exclusions operate, and when a policy is void or voidable. Offer and acceptance.
338 words, about 2 min03Non-Life Insurance Products and Coverages
Recognition of the main non-life lines, what each insures, and which policy responds to a given loss. Standard fire policy covers fire, lightning and explosion; allied perils (windstorm, flood, earthquake) are added by endorsement.
313 words, about 2 min04Underwriting, Rating, and Risk Assessment
How insurers select risks, classify and rate them, compute premiums, and transfer risk through reinsurance. Underwriters assess occupancy, construction, protection, housekeeping, claims history and moral hazard.
310 words, about 2 min05Claims Handling and Loss Adjustment
The claim lifecycle: notice, investigation, proof of loss, settlement, salvage and subrogation, and dispute resolution. The insured must give prompt notice; unreasonable delay can prejudice the insurer and bar or reduce the claim.
315 words, about 2 min06Insurance Regulation and Ethics
The regulatory framework under the Insurance Code (PD 1460, as amended) and Insurance Commission rules: licensing, market conduct, agent and broker duties, and anti-fraud. The Insurance Commission licenses insurers, agents, brokers, adjusters and reinsurers; it approves policy forms and rates where required and monitors solvency and market conduct.
297 words, about 1 min07Financial Aspects of Non-Life Insurance
How non-life insurers recognize premium, hold reserves, measure solvency, present financial statements, invest assets and apply taxes. Unearned premium reserve (UPR) is the unexpired portion of written premium; loss reserves include reported and incurred-but-not-reported (IBNR) claims.
292 words, about 1 min