Marine Insurance
Insurance Institute of India: Associate Examination
Associate level elective covering marine insurance fundamentals, principles of insurance, marine underwriting, Incoterms, cargo insurance coverages and clauses, inland transit clauses, marine cargo policies, hull insurance, marine cargo and hull claims, recoveries, the role of bankers, and loss prevention, marine reinsurance and maritime frauds.
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IC-67 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 15 chapters, every question reviewed and exam-aligned.
Tap a chapter to see what it covers.
1Marine Insurance Fundamentals30 questions30
Origin of marine insurance, its branches, the need for cargo cover and the Marine Insurance Act.
2Principles of Insurance30 questions30
Principles of insurance in marine contracts, including utmost good faith, indemnity, subrogation and abandonment.
3Marine Underwriting Critical Aspects30 questions30
Marine underwriting essentials: exposure and experience, cargo type, voyage and conveyance risks.
4Understanding Incoterms30 questions30
Incoterms: why they exist, their history and how they decide cost, risk and responsibility.
5Cargo Insurance Coverages30 questions30
Marine cargo coverages built from clauses: contra proferentem rule, Institute Cargo Clauses and war clauses.
6Non-Institute/Non-Mandatory Clauses & Institute Trade Clauses30 questions30
Non-Institute and non-mandatory clauses, their purposes, and Institute trade clauses for specific commodities.
7Inland Transits Insuring Clauses30 questions30
Inland transit insuring clauses used in India for road, rail, post, courier and inland waterways.
8Types of Marine Cargo Policies30 questions30
Types of marine cargo policies: specific policy, open policy, open cover and stock throughput.
9Cargo Insurance Types of Covers30 questions30
Types of marine cargo covers available in India and abroad, from specific policies to open arrangements.
10Hull Insurance - Part 130 questions30
Hull insurance basics: types and classification of vessels, hull policies, subsidiary interests and Institute hull clauses.
11Hull Insurance - Part 230 questions30
Hull insurance underwriting: proposal form, valuation, classification, rating and the IRDAI Marine Hull Manual.
12Marine Claims (Cargo & Hull)30 questions30
Marine cargo and hull claims: total loss, particular average, general average, salvage and claim procedure.
13Marine Recoveries30 questions30
Marine recoveries: subrogation and carrier liability laws for sea, rail, road, air, multimodal, ports and customs.
14Role of Bankers in Marine Insurance30 questions30
Payment methods in international trade, letters of credit, UCP 600 and the bankers' role.
15Loss Prevention, Marine Reinsurance & Maritime Frauds30 questions30
Cargo loss prevention, marine reinsurance arrangements, and types of maritime fraud with precautions.
Draws from all 450 questions across every chapter, so no two attempts are the same.
IC-67: frequently asked questions
What does IC-67 cover?
IC-67 covers marine insurance for cargo and hull: insurance principles, underwriting, Incoterms, cargo clauses and policy types, hull insurance, marine claims and recoveries, bankers' role, loss prevention, reinsurance and maritime fraud.
Is IC-67 compulsory?
No. IC-67 is an optional paper worth 30 credit points. You can count it towards Licentiate, Associateship or Fellowship.
What is the pass mark for IC-67?
60%. A score of 75% or more is a pass with distinction.
How long is the IC-67 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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