Principles of Insurance
Insurance Institute of India: Licentiate Examination
The foundation paper for every III exam candidate. Covers insurable interest, indemnity, subrogation, and the legal framework of insurance contracts.
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IC-01 exam at a glance
| Level | Licentiate, compulsory paper |
|---|---|
| Credit points | 20 |
| Exam | 2 hours, online, multiple choice |
| Pass mark | 60% (75% for distinction) |
| Exam sessions | Usually March, June, September, December |
Across 11 chapters, every question reviewed and exam-aligned.
Tap a chapter to see what it covers.
1Introduction to Insurance30 questions30
What risk is, how insurance pools losses, and why people and businesses need it.
2Risk, Peril, and Hazard, Risk Classification and Rating29 questions29
Risk, peril and hazard, which risks can be insured, and how risks are classified and rated.
3Rating and Pricing Insurance Products44 questions44
How insurance is priced: claims cost, acquisition cost, expenses and profit.
4Principles of Insurance - One43 questions43
Utmost good faith, material facts and insurable interest.
5Principles of Insurance - Two36 questions36
Indemnity: what it means, how it works, its limits, and contracts that are not indemnity.
6Principles of Insurance - Three38 questions38
Subrogation, contribution and proximate cause.
7Legal Aspects of Insurance30 questions30
What makes a valid contract, the laws that apply to insurance, and how policies are interpreted.
8Underwriting30 questions30
Why underwriting matters and the stages of the underwriting process.
9Claims30 questions30
How claims are reported, assessed and settled.
10Reinsurance50 questions50
Why insurers need reinsurance, and treaty and facultative arrangements.
11Insurance Accounts41 questions41
Basics of insurance accounts and how an insurer's results are measured.
Draws from all 401 questions across every chapter, so no two attempts are the same.
IC-01: frequently asked questions
Is IC-01 compulsory?
Yes. IC-01 Principles of Insurance is a compulsory paper for the III Licentiate exam and carries 20 credit points.
What is the pass mark for IC-01?
60%. A score of 75% or more is a pass with distinction.
How long is the IC-01 exam?
2 hours. It is an online exam with multiple choice questions.
Which papers do I take with IC-01?
Licentiate needs 60 credit points: IC-01, then either IC-02 (life) or IC-11 (general), plus one optional paper such as IC-14.
When will I know my result?
You see your score right after the online exam. The formal result usually follows within about a month.
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