III IC-01 Syllabus: The 11 Chapters of Principles of Insurance
Eleven chapters, one 2-hour paper. Here is every chapter III lists, and what each one asks you to know.
The IC-01 Principles of Insurance syllabus is the Insurance Institute of India's Revised Edition 2024 study course, and it runs to 11 chapters. It starts with what insurance is and how risk is measured, moves through the principles that make an insurance contract work, and ends with the business side: underwriting, claims, reinsurance and insurance accounts.
IC-01 is the compulsory paper of III's Licentiate, so it is written for anyone starting a career in insurance, life or general. Nothing in it assumes you already work at an insurer, but the later chapters reward anyone who has seen a proposal form or a claim file.
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The 11 Chapters, as III Lists Them
Chapter titles from III's Professional Examination Syllabus, Revised Edition 2024. The four groups are how we suggest studying them; III does not group or weight the chapters.
Foundations: insurance and risk
Chapters 1-3- 1Introduction to Insurance
- 2Risk, Peril, and Hazard, Risk Classification and Rating
- 3Rating and Pricing Insurance Products
The principles of insurance
Chapters 4-6- 4Principles of Insurance - One
- 5Principles of Insurance - Two
- 6Principles of Insurance - Three: Subrogation, Contribution and Proximate Cause
Law and underwriting
Chapters 7-8- 7Legal Aspects of Insurance
- 8Underwriting
Claims, reinsurance and accounts
Chapters 9-11- 9Claims
- 10Reinsurance
- 11Insurance Accounts
III Says the Syllabus Is Indicative, Not Exhaustive
III's Examination Handbook states that the syllabus in its study courses "is indicative and not exhaustive", that candidates are expected to know up-to-date developments in the industry, and that questions "will not necessarily be asked from the study courses only." Treat the 11 chapters as the core, not the boundary.
What Each Block Asks You to Know
A plain-English summary of the ground each group covers. The chapter titles are III's; the summaries are ours.
- Chapters 1-3: insurance, risk and pricing
- Why insurance exists and how pooling works, the difference between risk, peril and hazard, how risks are classified for rating, and how a premium is built up from the expected cost of claims. Expect definitional questions and simple "which of these is a hazard" scenarios.
- Chapters 4-6: the principles
- The heart of the paper. Utmost good faith and the duty to disclose material facts, insurable interest, indemnity and how it is provided, and, in chapter 6, subrogation, contribution and proximate cause. These are tested as scenarios: who can claim, how much, and which principle decides it.
- Chapters 7-8: legal aspects and underwriting
- What makes an insurance contract valid in law (offer, acceptance, consideration, capacity, free consent), how policy terms are read, and how an underwriter decides whether to accept a risk and on what terms.
- Chapters 9-11: claims, reinsurance and accounts
- How a claim moves from intimation to settlement, why and how insurers pass part of their risk to reinsurers, and how an insurer's accounts differ from an ordinary company's. Often left to the end, and often where marks are lost.
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Where IC-01 Sits in Your Licentiate
IC-01 carries 20 credit points. The Licentiate needs 60, built from:
- check_circleIC-01 Principles of Insurance, compulsory for everyone (20 credit points)
- check_circleIC-02 Practice of Life Insurance or IC-11 Practice of General Insurance, compulsory, your choice of stream (20 credit points)
- check_circleOne optional paper of 20, 30 or 40 credit points from III's optional list, such as IC-14 Regulations of Insurance Business (20)
IC-01 Next to the Other 20-Credit Papers
The four 20-credit papers on III's list, from its syllabus PDF and Examination Handbook. IC-01, plus IC-02 or IC-11, plus IC-14 (the only 20-credit optional) makes exactly 60 credit points.
IC-01 Principles of Insurance
Chapters
11
Edition
2024
Credit points
20
IC-02 Practice of Life Insurance
Chapters
11
Edition
2023
Credit points
20
IC-11 Practice of General Insurance
Chapters
9
Edition
2023
Credit points
20
IC-14 Regulations of Insurance Business
Chapters
10
Edition
2018
Credit points
20
| Paper | Chapters | Edition | Credit points |
|---|---|---|---|
| IC-01 Principles of Insurance | 11 | 2024 | 20 |
| IC-02 Practice of Life Insurance | 11 | 2023 | 20 |
| IC-11 Practice of General Insurance | 9 | 2023 | 20 |
| IC-14 Regulations of Insurance Business | 10 | 2018 | 20 |
No Official Chapter Weightage
III does not publish how many questions come from each chapter. Any chapter-wise mark split you see online is someone's estimate. PrepClever's mocks spread questions across all 11 chapters in proportion to their size, so no chapter is skipped.
FAQs
How many chapters are in the IC-01 syllabus?expand_more
Eleven, in III's Revised Edition 2024 study course: Introduction to Insurance; Risk, Peril and Hazard, Risk Classification and Rating; Rating and Pricing Insurance Products; three chapters on the Principles of Insurance; Legal Aspects of Insurance; Underwriting; Claims; Reinsurance; and Insurance Accounts.
Which edition of the IC-01 book should I study?expand_more
The Revised Edition 2024, which is the edition III's 2026 syllabus and price list both name. It is available in English and Hindi.
Which principles of insurance are in IC-01?expand_more
Chapters 4 to 6 cover the principles. III's contents list names chapter 6 as subrogation, contribution and proximate cause; chapters 4 and 5 cover the other core principles, utmost good faith, insurable interest and indemnity.
Are questions only asked from the study course?expand_more
No. III's handbook says questions will not necessarily be asked from the study courses only and expects candidates to follow current developments in insurance.
Is IC-01 the same for life and general insurance candidates?expand_more
Yes. IC-01 is compulsory for every Licentiate candidate. The stream choice comes in the second paper: IC-02 for life, IC-11 for general insurance.
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All 11 chapters, timed to 2 hours, scored against 60%.