Fire Insurance Rating and Underwriting
Insurance Institute of India: Diploma Examination
Practice MCQs for the III Specialised Diploma paper IC-59 Fire Insurance Rating and Underwriting: basic principles of fire insurance, underwriting and reinsurance, policy drafting and premium rating, tariff rules and IIB rating, product filing procedures, special policies and add-on covers, new fire products, petrochemical and large-risk policies, protection of policyholders' interests, IT applications and overseas practice.
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IC-59 exam at a glance
| Course | III Specialised Diploma in Fire Insurance |
|---|---|
| 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 Principles41 questions41
Basic concepts of fire insurance, insurable property and perils, and the core principles of insurance.
2Underwriting and Reinsurance41 questions41
Fire underwriting objectives, retention, maximum probable loss and types of reinsurance arrangements.
3Drafting of Policies, Calculation of Premium Rates and Issuance of Endorsements41 questions41
Proposal form, risk inspection report, premium collection, cover notes, policy drafting, endorsements and renewal notices.
4Tariff Rules and Regulations and IIB Rating41 questions41
Erstwhile fire tariff rules and regulations, short period scales, cancellation and IIB based fire rating.
5Guidelines on Product Filing Procedures for General Insurance Products41 questions41
IRDAI guidelines on product filing procedures for general insurance and their role in fire underwriting.
6Special Policies, Clauses and Add-on Covers for Standard Fire and Special Perils Policy41 questions41
Floater policies, special clauses and add-on covers that extend the Standard Fire and Special Perils policy.
7Introduction of New Fire Products41 questions41
Detariffing roadmap, IRDAI 2021 guidelines and new standard fire products for dwellings and small businesses.
8Petrochemical Insurance Policies and Other Large Risk Policies41 questions41
Petroleum processing and refining tariff, Industrial All Risks insurance and other large risk policies.
9Protection of Policy Holders' Interests41 questions41
IRDAI Protection of Policyholders' Interests Regulations 2017 and what they mean for insurers and fire claims.
10Information Technology Application in Fire Insurance Rating and Underwriting40 questions40
Use of information technology in fire insurance rating, underwriting and risk concentration analysis.
11Overseas Practice41 questions41
Fire insurance practice in the UK and USA compared with fire policies available in India.
Draws from all 450 questions across every chapter, so no two attempts are the same.
IC-59: frequently asked questions
What does IC-59 cover?
IC-59 covers fire insurance underwriting and practice: basic principles, underwriting and reinsurance, policy drafting and rating, tariff and IIB rating, product filing, new fire products, large risks and policyholder protection.
Which course is IC-59 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-59?
60%. A score of 75% or more is a pass with distinction.
How long is the IC-59 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.
Related papers
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