DiplomaIC-58 · 2025 Edition

Fire Insurance Coverages

Insurance Institute of India — Diploma Examination

Practice MCQs for the III Specialised Diploma paper IC-58 Fire Insurance Coverages: basic principles of fire insurance, the Standard Fire & Special Perils Policy, general conditions, exclusions and warranties, special policy types (Reinstatement Value, Floater, Declaration), the three new IRDAI fire policies (Bharat Griha Raksha, Sookshma & Laghu Udyam Suraksha), the erstwhile All India Fire Tariff, policy drafting and premium computation, standard & special add-on covers, special clauses, petrochemical / Industrial All Risks / Mega Risk / Stand-Alone Terrorism policies, consequential loss (business interruption) insurance, and an actuarial perspective. 456 chapter-wise questions with worked explanations.

✓12 chapters✓Chapter-wise practice tests✓1 full mock test (100 multiple choice questions · 2 hrs)✓Personalised study recommendations✓Subject tutor (available after purchase)

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456verified practice questions

Across 12 chapters — every question reviewed and exam-aligned.

Chapter	Chapter Name	Questions
1	Application of Basic Principles to Fire Insurance	34
2	The Standard Fire and Special Perils Policy	34
3	General Conditions, Exclusions and Warranties	46
4	Special Types of Policies Available in Indian Market	34
5	Three New Types of Fire Policies Introduced by IRDAI (Effective from 1st April 2021)	34
6	Structure, General Practice, Rules and Regulations of Erstwhile All India Fire Tariff	34
7	Policy Drafting, Endorsements and Premium Computation	34
8	Add-on Covers - Standard and Special	46
9	Special Clauses - Modification of Policy	34
10	Petrochemical Risks - Industrial All Risks Policy - Mega Risk - Stand-Alone Terrorism Policy	46
11	Consequential Loss (Fire) Insurance	46
12	An Actuarial Perspective	34

1 Mock Test

•100 random questions

•120 minutes

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Draws from all 456 questions across every chapter, so no two attempts are the same.

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Chapters in this module

1. Application of Basic Principles to Fire Insurance • 34 MCQs

2. The Standard Fire and Special Perils Policy • 34 MCQs

3. General Conditions, Exclusions and Warranties • 46 MCQs

4. Special Types of Policies Available in Indian Market • 34 MCQs

5. Three New Types of Fire Policies Introduced by IRDAI (Effective from 1st April 2021) • 34 MCQs

6. Structure, General Practice, Rules and Regulations of Erstwhile All India Fire Tariff • 34 MCQs

7. Policy Drafting, Endorsements and Premium Computation • 34 MCQs

8. Add-on Covers - Standard and Special • 46 MCQs

9. Special Clauses - Modification of Policy • 34 MCQs

10. Petrochemical Risks - Industrial All Risks Policy - Mega Risk - Stand-Alone Terrorism Policy • 46 MCQs

11. Consequential Loss (Fire) Insurance • 46 MCQs

12. An Actuarial Perspective • 34 MCQs

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