IC 45 General Insurance Underwriting III Exam Prep Mock Test
900+ Practice Questions | Mock Test Series for IC 45 General Insurance Underwriting Exam
IC 45 General Insurance Underwriting III Exam Prep Mock Test udemy course free download
900+ Practice Questions | Mock Test Series for IC 45 General Insurance Underwriting Exam
Prepare effectively for the IC 45 General Insurance Underwriting exam conducted by the Insurance Institute of India. This comprehensive mock test series includes 6 mock tests with over 900 practice questions, covering all 12 chapters and aligned with the latest learning objectives and outcomes. Ideal for licentiate, associate, and fellowship aspirants.
Chapter Wise Learning Outcomes Covered on this Mock Test:
1 Introduction to Underwriting
Concept of Underwriting
General Insurance Contracts – and Underwriting Considerations
General Insurance Underwriting – Principles and Features
Introduction to Underwriting
Introduction to Underwriting- Process
Regulatory Directives & Requirements
Regulatory Directives & Requirements for General Insurance Underwriting
Stages of Underwriting
Types of Underwriters
Underwriting – Process
Underwriting Considerations
Underwriting- Principles and Features
2 Methodology & Procedures Of Underwriting
Fundamental Aspects of Underwriting procedure
Methodology And Procedures Of Underwriting
Underwriting of New Business
Underwriting Renewal Business
3 Principles of Rating Making
Concept, Considerations and Objectives of ratemaking
Principles of Rating Making
Process of ratemaking
Types of Ratemaking
4 Rating Approaches And Pricing Methods
Concept of insurance pricing and importance
Experience rating method
Exposure Rating Method
Premium rating methods – the individual rating method
Rating Approaches And Pricing Methods
Rating Methods
5 IRDA File And Use Of Guidelines
Classification of products in accordance with the IRDA File & Use Guidelines 2016
Goals and Objectives of market conduct supervision for insurance business
Guiding Principles for Product Development – Product Design and Rating
IRDA File And Use Of Guidelines
Product Filing
Product Management
6 Applications Of ‘File & Use’ And ‘Use & File’ Procedures
Applications Of ‘File & Use’ And ‘Use & File’ Procedures
Definition of products as per user of products and product features
Guidance compliance with Line of Business wise requirements
IRDAI Guidelines on Product Filing in Health Insurance Business
Role of Product Management Committee Members
7 Tools Of Underwriting
Approaches and Tools for effective underwriting
Other Tools & Devices to increase effectiveness of underwriting Process
Portfolio Management
Reinsurance – A mechanism to spread the risks assumed
Risk management framework and Effective Underwriting
Tools Of Underwriting
Understand the elements of risk management framework
8 Types of Policies
All Risks insurance cover
Classification of Insurance by Types of Insurance Policies
Classification of Insurance Covers
Multi-Peril Insurance Policy
Special Covers
Types of Marine Insurance Policies
Types of Policies
9 Underwriting Profitability And Reunderwriting Strategies
Areas Where Adverse Results Can Appear
Reviewing The Underwriting Policy Or Re-Underwriting
Underwriting Philosophy, Policy and profitability
Underwriting Profitability And Reunderwriting Strategies
10 Protection Of Policyholders’ Interests
Claim procedure
Duties and obligations of insurers, distribution channels
Grievance redressal procedure
Matters to be stated in an insurance policy
Protection Of Policyholders’ Interests
Protection of Policyholders’ Interests Regulations issued by IRDA
11 Research And Development In Underwriting, Rating And Product Innovation – Challenges Ahead
New areas where challenges are occurring
Product innovation
Reasons due to which underwriting errors can occur
Research And Development
12 I.T. Applications In Underwriting
Benefits of technology-based underwriting
Global Trends of IT Applications
I.T. Applications In Underwriting
Need for IT applications
Role of IT applications
Role of technology in insurance underwriting
Underwriting is both an art and a science
