Liability Insurance
Insurance Institute of India: Associate Examination
Associate level elective for the General stream. Covers the legal background of liability, liability underwriting, statutory and public liability, products liability, professional indemnity, commercial general liability, directors and officers liability, and errors and omissions cover.
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IC-74 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 12 chapters, every question reviewed and exam-aligned.
Tap a chapter to see what it covers.
1Introduction to Liability Insurance34 questions34
What liability insurance is, its history, how insurance principles apply and its special features.
2Legal Background33 questions33
Legal background of liability: law of torts, negligence, nuisance, damages, defences and relevant statutes.
3Liability Underwriting33 questions33
Liability underwriting: physical and legal risk evaluation, operative clauses, policy types, rating and programme structure.
4Statutory Liability33 questions33
Statutory liability: Public Liability Insurance Act 1991, employers' liability, carriers' and multimodal transport operator policies.
5General Public Liability (Industrial / Non-Industrial Risks)34 questions34
Public liability policy for industrial and non-industrial risks: clauses, exclusions, conditions, extensions and proposal form.
6Products Liability Insurance33 questions33
Products liability insurance: legal background, policy structure and exclusions, and product recall insurance.
7Professional Indemnity Insurance33 questions33
Professional indemnity insurance: standard of care, policy forms for professionals and software developers' liability cover.
8Commercial General Liability33 questions33
Commercial General Liability policy: coverage sections, who is insured, limits, conditions, definitions and rating.
9Directors and Officers Liability34 questions34
Directors and officers liability policy: why it is needed, coverage, exclusions, extensions and rating.
10Other Policies and Overseas Practice33 questions33
Other liability covers like clinical trials and errors and omissions, plus UK and USA practice.
11Claims33 questions33
Liability claims management: general claims procedure and special procedures under statutory liability policies.
12Reinsurance34 questions34
Reinsurance for liability business: meaning, objectives, methods of reinsurance and fixing reinsurance premium.
Draws from all 400 questions across every chapter, so no two attempts are the same.
IC-74: frequently asked questions
What does IC-74 cover?
IC-74 covers liability insurance: tort law and legal background, liability underwriting, statutory and public liability, products, professional indemnity, commercial general liability, directors and officers cover, claims and reinsurance.
Is IC-74 compulsory?
No. IC-74 is an optional paper worth 30 credit points. You can count it towards Licentiate, Associateship or Fellowship.
What is the pass mark for IC-74?
60%. A score of 75% or more is a pass with distinction.
How long is the IC-74 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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