Fire and Consequential Loss Insurance
Insurance Institute of India: Associate Examination
Associate level elective for the General stream. Covers fire insurance basic principles and the fire policy, add-on covers and special policies, fire hazards and prevention, erstwhile tariff rules and rating, documentation, underwriting, legal and procedural aspects of claims, consequential loss (business interruption) insurance, and specialised policies and overseas practice.
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IC-57 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 11 chapters, every question reviewed and exam-aligned.
Tap a chapter to see what it covers.
1Basic Principles and The Fire Policy45 questions45
Fire insurance contract and principles: insurable interest, indemnity, subrogation, utmost good faith and policy clauses.
2Add On Covers and Special Policies45 questions45
Fire add-on covers: extra perils and coverages, declaration and floater policies, and special purpose clauses.
3Fire Hazards and Fire Prevention45 questions45
Fire hazards and prevention: types of hazards, fire load, fire resistant construction and fire prevention.
4Erstwhile Tariff Rules and Rating45 questions45
Erstwhile fire tariff rules: general rules and rating for simple, manufacturing, storage and utility risks.
5Documents45 questions45
Fire insurance documents: proposal form, risk inspection report, cover note, policy drafting and endorsements.
6Underwriting45 questions45
Fire underwriting: objectives, PML estimation, facultative and treaty reinsurance, and accumulation and catastrophe guidelines.
7Claims - Legal Aspects45 questions45
Legal aspects of fire claims: duties of insured, insurer rights, warranties, ex gratia, interpretation and indemnity.
8Claims Procedural Aspects45 questions45
Fire claim procedure: verification, registration, surveyor appointment, loss assessment, survey report and discharge voucher.
9Consequential Loss Insurance - I45 questions45
Consequential loss insurance part one: business interruption losses, indemnity period, sum insured and policy wording.
10Consequential Loss Insurance - II45 questions45
Consequential loss insurance part two: rating, gross profit specifications, insured duties and the claims procedure.
11Specialised Policies and Overseas Practice45 questions45
Specialised fire policies: Petrochemical Tariff, Industrial All Risk policy, rating and UK and US practice.
Draws from all 495 questions across every chapter, so no two attempts are the same.
IC-57: frequently asked questions
What does IC-57 cover?
IC-57 covers fire and consequential loss insurance: insurance principles, the fire policy and add-on covers, fire hazards, tariff rating, documents, underwriting, claims, business interruption cover and specialised policies.
Is IC-57 compulsory?
No. IC-57 is an optional paper worth 30 credit points. You can count it towards Licentiate, Associateship or Fellowship.
What is the pass mark for IC-57?
60%. A score of 75% or more is a pass with distinction.
How long is the IC-57 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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