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The IC 72 Motor Insurance Exam from the Insurance Institute of India is a key certification for professionals working in motor insurance. This exam covers a wide range of topics from the basics of motor insurance to advanced concepts such as underwriting, claims management, and legal aspects. Here’s a guide on how to prepare effectively for each chapter and focus on achieving the learning outcomes tested in the final exam.
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Key Chapters and Learning Outcomes
Chapter 1: Introduction to Motor Insurance
This chapter introduces the fundamentals of motor insurance. Key areas to focus on include:
- Principles of Insurance: Understand how these principles apply to motor insurance.
- History of Motor Insurance: Know the evolution and significance of motor insurance in India.
- Legal Aspects: Learn about the regulatory framework that governs motor insurance policies.
Preparation Tip: Familiarize yourself with basic insurance principles and note specific legal provisions for motor insurance.
Chapter 2: Marketing of Motor Insurance
In this chapter, you’ll learn about market practices and agreements that affect motor insurance.
- Knock for Knock Agreement: Understand how this agreement simplifies claims settlements.
- Motor Third Party Pool: Learn how the pool functions to cover third-party liabilities.
Preparation Tip: Research case studies to understand real-world applications of these agreements and pool mechanisms.
Chapter 3: Type of Motor Vehicles, Documents & Policies
This chapter covers the variety of motor vehicles and types of motor policies.
- Coverage Types: Differentiate between policies for commercial vehicles, two-wheelers, and other vehicle types.
- Motor Trade Policies & New Technologies: Review policies for motor trades and the role of emerging technologies in motor insurance.
- Types of Motor Policies and Vehicles: Learn about motor insurance documents and common policy types.
Preparation Tip: Make a comparison chart of different policy types, their coverage specifics, and their application to different vehicles.
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Chapter 4: Underwriting in Motor Insurance
Underwriting is a crucial part of motor insurance.
- Amendments Post-Tariff Discontinuance: Learn the changes in underwriting after tariffs were removed.
- Underwriting Guidelines & Premium Computation: Focus on the methods of computing premiums and international and Indian market practices.
Preparation Tip: Practice premium calculations and understand how underwriting guidelines differ across vehicle types.
Chapter 5: Motor Insurance Claims
Claims management is at the heart of customer service in motor insurance.
- Frauds in Motor OD Claims: Study common types of fraud and ways to mitigate them.
- Role of Road Safety & Surveyors: Understand how road safety impacts insurance and the role of surveyors in assessing claims.
Preparation Tip: Use case studies of motor insurance frauds and loss assessments to strengthen your understanding.
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Chapter 6: IT Application in Motor Insurance
This chapter highlights the importance of technology and analytics.
- Analytics and IT Interventions: Explore how analytics enhance underwriting and claims processes.
- IIBI Data Depository: Understand the role of IIBI as a data repository in motor insurance.
Preparation Tip: Familiarize yourself with how data analytics are transforming the motor insurance sector, including specific tools used.
Chapter 7: Consumer Delight
Customer satisfaction is vital for long-term success in motor insurance.
- Claims and Customer Experience Management: Study how claims processing impacts customer experience.
- Elements of Customer Service: Review the key aspects that improve consumer satisfaction.
Preparation Tip: Study customer service techniques specific to motor insurance, such as streamlining claims processing.
Chapter 8: Third Party Liability Insurance
Understanding third-party liability is essential for managing claims effectively.
- TP Claims Management: Learn about the process of handling third-party claims in India.
- International Legal Scenario: Understand how third-party insurance works globally.
- Defenses for Insurance Companies: Study the defenses insurers can use in liability cases.
Preparation Tip: Study international cases on TP liability to understand defenses that are legally available to insurers.
Chapter 9: Procedures for Filing & Defending
This chapter covers the legal process around third-party claims.
- Legal Provisions and Jurisdiction: Learn about the jurisdiction of civil courts in third-party claims.
- Filing Procedures for TP Claims: Review the step-by-step procedure for filing and defending third-party claims.
Preparation Tip: Go over real-life cases of third-party claims to see how jurisdiction affects claim processing.
Chapter 10: Quantum Fixation
This chapter covers the computation of compensation.
- Compensation and Damages: Learn about different types of damages, including compensation for non-earning members.
- Choosing Jurisdiction: Study the importance of jurisdiction in fixing compensation amounts.
Preparation Tip: Understand how compensation amounts are calculated, and focus on legal nuances involved in jurisdictional selection.
Chapter 11: Fraud Management & Internal Audit
Fraud management is essential in maintaining trust in motor insurance.
- Frauds in TP Claims and Underwriting Frauds: Recognize various types of frauds in TP and OD claims.
- Internal Audit: Learn about audit practices that help identify and prevent fraud.
Preparation Tip: Familiarize yourself with common fraud detection techniques and internal audit practices.
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Study Tips for the Exam
- Create a Study Schedule: Allocate specific time for each chapter based on your comfort level with the topics.
- Practice Online Mock Test: Click Here for IC 72 Motor Insurance III Exam Prep Mock Test – 2000+ Question Bank, with Bonus Mock Test on All Chapter Summaries.
- Focus on Legal Aspects: Since motor insurance is closely tied to legal issues, understanding jurisdiction, liability, and compensation laws is crucial.
- Revise with Mock Tests: Mock tests simulate exam conditions and help reinforce knowledge.
CLICK HERE for ONLINE MOCK TEST - IC 72 Motor Insurance III Exam Prep Mock Test – 2000+ Question Bank, with Bonus Mock Test on All Chapter Summaries.
Use Code: NOVEXAM for 15% Additional Discount
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