Legal Aspects of Life Assurance
Insurance Institute of India: Associate Examination
Covers the legal framework of life assurance in India: sources of law and administration of justice; the law of contract and the life insurance contract; policy conditions, lapse, revival and non-forfeiture; group and other schemes; the policy as property; assignment, nomination and MWP Act rights; claim settlement; tax laws; insurance intermediaries; the legal status of individuals and FEMA provisions; nationalisation and the LIC Act; consumer protection and the Ombudsman; insurance legislation abroad; and the IRDA Act 1999.
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IC-24 exam at a glance
| Level | Optional paper for Licentiate, Associateship or Fellowship |
|---|---|
| Credit points | 30 |
| Exam | 2 hours, online, multiple choice |
| Pass mark | 60% (75% for distinction) |
Across 16 chapters, every question reviewed and exam-aligned.
Tap a chapter to see what it covers.
1Sources of Law28 questions28
Sources of law: common law, equity, statutes, judicial precedents and how Indian life insurance law evolved.
2Administration of Justice in India28 questions28
Indian courts and tribunals, arbitration, consumer forums, labour laws, and Acts like RTI, IT and PMLA.
3Law of Contract28 questions28
Law of contract: valid contracts, offer and acceptance, competence, free consent, consideration, void agreements and discharge.
4Life Insurance Contract - I28 questions28
Life insurance contract: proposal and acceptance, insurable interest, indemnity, warranties and Section 45 indisputability.
5Life Insurance Contract - II28 questions28
Proposal forms, prospectus, policy wording, and conditions like grace days, lapse, revival, surrender, loans and suicide.
6Group Life and Other Insurance Schemes28 questions28
Group life insurance, group superannuation and its tax benefits, reinsurance, and key man and partnership insurance.
7Life Insurance Policies as Property28 questions28
Life policies as property: meaning of property, related legal terms and Indian Stamp Act insurance provisions.
8Rights under Life Insurance Policies28 questions28
Rights under policies: assignment, nomination, Married Women's Property Act, and loss of policy documents.
9Claim Settlement28 questions28
Claim settlement: discharge of contracts, proof of death, evidence of title, succession laws and special cases.
10Tax Laws and Life Insurance28 questions28
Tax laws and life insurance: union budget, income tax basics, heads of income, exemptions and deductions.
11Insurance Intermediaries28 questions28
Insurance intermediaries: appointing agents, agent rights and duties, commission rules, termination of agency and newer intermediaries.
12Legal Status of Individuals and Life Insurance28 questions28
Legal status of individuals: citizenship, domicile and nationality, and FEMA exchange control rules for life insurance.
13Nationalisation of Life Insurance28 questions28
Nationalisation of life insurance: the 1956 takeover of life insurers and key LIC Act provisions.
14Protection of Interests of Consumers28 questions28
Consumer protection: Consumer Protection Act 2019, three-tier complaint redressal, insurance ombudsman and IRDAI policyholder protection rules.
15Life Insurance Legislation Abroad and Policy Initiatives in India28 questions28
Insurance laws abroad, mainly UK and European rules, global regulators, and policy initiatives in India.
16Insurance Regulatory and Development Authority (IRDAI)28 questions28
IRDAI: the IRDAI Act 1999, key Insurance Act sections, and IRDAI's regulation-making powers and regulations.
Draws from all 448 questions across every chapter, so no two attempts are the same.
IC-24: frequently asked questions
What does IC-24 cover?
IC-24 covers legal aspects of life insurance in India: sources of law, courts, contract law, the life insurance contract, policy rights, claims, tax, intermediaries, consumer protection and IRDAI regulation.
Is IC-24 compulsory?
No. IC-24 is an optional paper worth 30 credit points. You can count it towards Licentiate, Associateship or Fellowship.
What is the pass mark for IC-24?
60%. A score of 75% or more is a pass with distinction.
How long is the IC-24 exam?
2 hours. It is an online exam with multiple choice questions.
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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