III IC-45 Syllabus: The 13 Chapters of General Insurance Underwriting
Thirteen chapters, one 2-hour paper. Here is every chapter III lists and what it asks of you.
The IC-45 syllabus is the contents page of III's study course, General Insurance Underwriting, Revised Edition 2023. It runs to 13 chapters, the last of which is a glossary, and it follows the underwriter's work in order: how risks are assessed, how rates are built, how products reach the market, and how a portfolio is kept profitable.
III does not publish chapter weightage for its professional papers, so any percentage split you see elsewhere is someone's estimate. Prepare every chapter.
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The IC-45 Chapters
Chapter titles as III lists them. The right-hand column is our summary of what each chapter is about.
1
Title
Introduction to Underwriting
What it is about
What underwriting is and why it decides an insurer's result
2
Title
Methodology & Procedures of Underwriting
What it is about
How a proposal is assessed and turned into a decision
3
Title
Principles of Rate Making
What it is about
What a rate must achieve, and how premium is built up
4
Title
Rating Approaches and Pricing Methods
What it is about
Class, individual, schedule and experience approaches to pricing
5
Title
IRDA File & Use Guidelines
What it is about
The regulator's product filing framework
6
Title
Applications of 'File & Use' and 'Use & File' Procedures
What it is about
How filing procedures work in practice
7
Title
Tools of Underwriting
What it is about
Retention, reinsurance and other tools for managing exposure
8
Title
Types of Policies
What it is about
How policy forms differ and shape the risk taken on
9
Title
Underwriting Profitability & Reunderwriting Strategies
What it is about
Measuring results and repairing a loss-making portfolio
10
Title
Protection of Policyholder's Interests
What it is about
Fair dealing and the duties owed to policyholders
11
Title
Research & Development in Underwriting, Rating & Product Innovation: Challenges Ahead
What it is about
Product innovation and the challenges ahead
12
Title
I.T. Applications in Underwriting
What it is about
How systems and data support underwriting
13
Title
Glossary
What it is about
Key terms
| Chapter | Title | What it is about |
|---|---|---|
| 1 | Introduction to Underwriting | What underwriting is and why it decides an insurer's result |
| 2 | Methodology & Procedures of Underwriting | How a proposal is assessed and turned into a decision |
| 3 | Principles of Rate Making | What a rate must achieve, and how premium is built up |
| 4 | Rating Approaches and Pricing Methods | Class, individual, schedule and experience approaches to pricing |
| 5 | IRDA File & Use Guidelines | The regulator's product filing framework |
| 6 | Applications of 'File & Use' and 'Use & File' Procedures | How filing procedures work in practice |
| 7 | Tools of Underwriting | Retention, reinsurance and other tools for managing exposure |
| 8 | Types of Policies | How policy forms differ and shape the risk taken on |
| 9 | Underwriting Profitability & Reunderwriting Strategies | Measuring results and repairing a loss-making portfolio |
| 10 | Protection of Policyholder's Interests | Fair dealing and the duties owed to policyholders |
| 11 | Research & Development in Underwriting, Rating & Product Innovation: Challenges Ahead | Product innovation and the challenges ahead |
| 12 | I.T. Applications in Underwriting | How systems and data support underwriting |
| 13 | Glossary | Key terms |
Chapters 5 and 6 Need a Current Check
The study course is a 2023 edition, and IRDAI has rewritten much of its product framework since then. Learn the concepts from the book, then check IRDAI's website for the rules in force today.
Quick practice on rating and risk selection. No signup needed.
Where to Start
- check_circleChapters 1 and 2 give you the vocabulary the rest of the paper assumes.
- check_circleChapters 3 and 4 are the most numerical. Work the examples on paper rather than reading them.
- check_circleChapter 7 links to reinsurance knowledge from IC-01, so revise that first if it has faded.
- check_circleCheck III's published corrections to the book before you learn its reinsurance section: see the study material page.
FAQs
How many chapters are in the IC-45 syllabus?expand_more
13, counting the glossary, in the Revised Edition 2023.
Does III publish IC-45 chapter weightage?expand_more
No. III does not publish a weightage for its professional papers.
Is the syllabus limited to the book?expand_more
No. III's handbook says candidates should also read beyond the study course and follow industry developments.
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