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.
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IC-58 exam at a glance
| Course | III Specialised Diploma in Fire Insurance |
|---|---|
| Exam | 2 hours, online, multiple choice |
| Pass mark | 60% (75% for distinction) |
Across 12 chapters, every question reviewed and exam-aligned.
Tap a chapter to see what it covers.
1Application of Basic Principles to Fire Insurance34 questions34
Fire insurance cover and how basic principles of insurance apply to a fire contract.
2The Standard Fire and Special Perils Policy34 questions34
Standard Fire and Special Perils policy: insured perils, general exclusions and general conditions.
3General Conditions, Exclusions and Warranties46 questions46
Express and implied conditions, mandatory general exclusions and warranties in fire policies.
4Special Types of Policies Available in Indian Market34 questions34
Reinstatement value policies for fixed assets and special policies like floater and declaration for stocks.
5Three New Types of Fire Policies Introduced by IRDAI (Effective from 1st April 2021)34 questions34
Bharat Griha Raksha, Bharat Sookshma Udyam and Bharat Laghu Udyam fire policies introduced from April 2021.
6Structure, General Practice, Rules and Regulations of Erstwhile All India Fire Tariff34 questions34
Erstwhile All India Fire Tariff: its structure, rules, regulations and the move to detariffing.
7Policy Drafting, Endorsements and Premium Computation34 questions34
Proposal form, risk inspection, premium calculation, policy drafting, warranties and endorsements in fire insurance.
8Add-on Covers - Standard and Special46 questions46
Standard and special add-on covers available under the Standard Fire and Special Perils policy.
9Special Clauses - Modification of Policy34 questions34
Special clauses such as the agreed bank clause that modify or extend the standard fire policy.
10Petrochemical Risks - Industrial All Risks Policy - Mega Risk - Stand-Alone Terrorism Policy46 questions46
Petrochemical tariff provisions, Industrial All Risks insurance, mega risk policies and stand-alone terrorism cover.
11Consequential Loss (Fire) Insurance46 questions46
Consequential loss (fire) insurance: trading losses, gross profit, indemnity period, extensions and claims procedure.
12An Actuarial Perspective34 questions34
Actuarial view of fire insurance: tabular rating, rating factors, experience rating and credibility theory.
Draws from all 456 questions across every chapter, so no two attempts are the same.
IC-58: frequently asked questions
What does IC-58 cover?
IC-58 covers fire insurance coverages: the Standard Fire and Special Perils policy, its conditions and exclusions, Bharat policies, add-on covers, special clauses, large risks and consequential loss insurance.
Which course is IC-58 part of?
The III Specialised Diploma in Fire Insurance. Since January 2016, diploma papers do not count as credit points towards Licentiate, Associateship or Fellowship.
What is the pass mark for IC-58?
60%. A score of 75% or more is a pass with distinction.
How long is the IC-58 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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