III IC-01 Principles of Insurance Mock Tests
IC-01 is the compulsory first paper of the Insurance Institute of India's Licentiate diploma: 100 multiple-choice questions, 100 marks, 2 hours, and you need 60% to pass with no negative marking. Practise the Claims, Reinsurance and Insurance Accounts chapters free right now, then unlock full-length mocks across all 11 chapters.
III IC-01
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No card needed. Full mock tests for this exam are still being built.
- Full 100-question mocks
- Principle-by-principle practice
- Section-wise sets
Why candidates fail III IC-01
The 60% pass mark is the highest of any entry-level insurance exam in India, so the comfortable 35% habit from IC-38 does not carry over: 40 wrong answers out of 100 is a fail.
They can recite the six principles but cannot apply them. IC-01 asks which principle a scenario tests, whether subrogation or contribution applies, and what proximate cause decides, and that is where marks go.
They leave the back of the book, claims, reinsurance and insurance accounts, for the night before, and those chapters carry a quarter of the questions.
How III IC-01 is actually structured
IC-01 Principles of Insurance is an online objective paper of multiple-choice questions, 2 hours long, marked out of 100. III's Examination Handbook sets the pass mark at 60% for every MCQ paper, awards a distinction at 75%, and expects all questions to be attempted; it mentions no negative marking. The syllabus (Revised Edition 2024) runs to 11 chapters: an introduction to insurance, risk, peril and hazard, risk classification and rating, rating and pricing, the principles of insurance across three chapters (utmost good faith, insurable interest, indemnity, subrogation, contribution and proximate cause), the legal aspects of insurance, underwriting, claims, reinsurance and insurance accounts. Passing earns 20 credit points towards the Licentiate, which also needs IC-02 Practice of Life Insurance or IC-11 Practice of General Insurance plus one more paper.
Full III IC-01 exam pattern: marks, timing and passing score →
Everything about the III IC-01 exam
Syllabus, exam pattern, eligibility and the questions candidates ask most, each on its own page.
Built specifically for III IC-01 Premium
Full 100-question mocks
Timed papers on the real pattern: 100 MCQs in 2 hours, scored against the 60% pass mark, across all 11 chapters.
Principle-by-principle practice
Scenario questions on utmost good faith, insurable interest, indemnity, subrogation, contribution and proximate cause, the chapters IC-01 leans on hardest.
Section-wise sets
Drill the four sections of the paper separately, so the chapters you keep getting wrong get extra repetition.
Explained answers
Every question carries a short explanation of the principle or rule it tests, not just the correct option.
A failed IC-01 means paying the exam fee again and waiting for the next III exam window, with the rest of the Licentiate on hold. Premium costs ₹199, once.
Updated for 2026
Content tracks the latest official syllabus and pattern.
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Start FreeQuestions people ask
What is III IC-01 Principles of Insurance?
IC-01 is the compulsory paper of the Licentiate diploma run by the Insurance Institute of India (III). It covers the foundations every insurance professional is expected to know: risk, the principles of insurance, the legal side of an insurance contract, underwriting, claims, reinsurance and insurance accounts. Passing it earns 20 credit points towards the Licentiate.
What is the IC-01 exam pattern?
An online, objective multiple-choice paper of 2 hours, marked out of 100 (100 questions). III's handbook asks you to attempt every question; if a question is found to be wrong it is removed and marks are pro-rated on the rest.
What are the passing marks for IC-01?
60% and above, which is III's pass mark for every MCQ paper. 75% and above is awarded a distinction. The handbook does not mention negative marking.
Is there negative marking in IC-01?
III's Examination Handbook does not mention negative marking for its professional exams, and III asks for all questions to be attempted, so answer every question.
What is the IC-01 syllabus?
Eleven chapters (Revised Edition 2024): Introduction to Insurance; Risk, Peril and Hazard, Risk Classification and Rating; Rating and Pricing Insurance Products; Principles of Insurance (three chapters); Legal Aspects of Insurance; Underwriting; Claims; Reinsurance; and Insurance Accounts. III says the syllabus is indicative, not exhaustive.
How are the questions split across chapters?
III does not publish a chapter-wise weightage. Our mocks spread the 100 questions across the 11 chapters in proportion to their size, grouped into four sections, so no chapter is over- or under-practised.
What is free on PrepClever?
Real questions from the Claims, Reinsurance and Insurance Accounts section, in six free practice tests you can take without paying. The remaining chapters, and the full 100-question mocks, are premium.
What does ₹199 unlock?
Full-length 100-question mocks on the 2-hour, 60% pass-mark pattern, section-wise practice sets across all four sections, and an explanation on every answer.
How is IC-01 different from IC-38?
IC-38 is the agent licensing exam (50 questions, 35% to pass) you sit before you can sell insurance. IC-01 is the first paper of III's professional Licentiate diploma, pitched at people building a career in insurance: deeper on principles and law, and it needs 60% to pass.
How long should I prepare for IC-01?
Most candidates give it 3 to 6 weeks: read III's IC-01 courseware once, make short notes on each principle and the legal chapter, then take timed mocks until you are scoring well above 60.