Are you preparing for the IC-01 (Principles of Insurance) exam? Study4Insurance provides comprehensive IC-01 mock tests with 500+ memory-based MCQs, previous year questions, and detailed chapter-wise solutions. Our IC-01 question bank is designed to help you pass the Insurance Institute of India Licentiate exam in your very first attempt.
What is IC-01 ā Principles of Insurance?
IC 01 (Principles of Insurance) is the foundational paper for the III Licentiate examination. It covers the fundamental concepts of insurance including the nature and functions of insurance, key principles such as utmost good faith, insurable interest, indemnity, contribution, subrogation, and proximate cause. This paper is compulsory for all Licentiate candidates and forms the basis for all advanced insurance studies.
IC-01 Exam Pattern & Structure
The IC-01 exam consists of 100 multiple-choice questions (MCQs) to be completed in 2 hours (120 minutes). Each question carries 1 mark with no negative marking. The passing score is 60 out of 100 (60%). The exam is conducted online through the Insurance Institute of India portal with quarterly examination windows.
| Parameter | Details |
|---|---|
| Exam Name | IC-01 ā Principles of Insurance |
| Conducting Body | Insurance Institute of India (III) |
| Exam Level | Licentiate |
| Total Questions | 100 MCQs |
| Duration | 2 hours (120 minutes) |
| Passing Marks | 60 out of 100 (60%) |
| Negative Marking | No |
| Exam Mode | Online (Computer-Based Test) |
| Exam Frequency | 4 times a year (March, June, September, December) |
IC-01 Syllabus: Chapter-wise Topics
The IC-01 syllabus covers the following chapters. Our mock tests include questions from every chapter to ensure comprehensive preparation:
Chapter 1: Nature & Functions of Insurance
Chapter 2: Insurance as a Risk Transfer Mechanism
Chapter 3: Principles: Utmost Good Faith, Insurable Interest, Indemnity
Chapter 4: Contribution & Subrogation
Chapter 5: Proximate Cause
Chapter 6: Classification of Insurance
Chapter 7: Insurance Market & Intermediaries
Chapter 8: Life Insurance Basics
Chapter 9: General Insurance Basics
Chapter 10: Regulatory Framework: IRDAI
Why Choose Study4Insurance for IC-01 Preparation?
500+ Memory-Based MCQs: Our IC-01 question bank is built from actual questions asked in recent III examinations, giving you the closest experience to the real exam.
Unlimited Mock Tests: Practice as many times as you need with our IC-01 mock test series. Each attempt is timed to simulate real exam conditions. You can see the solutions unlimted times.
Detailed Explanations: Every question comes with a clear, detailed explanation to help you understand the concept, not just memorize the answer.
Chapter-wise Practice: Focus on specific chapters where you need improvement with our topic-wise IC-01 practice tests.(On Request)
100% Pass Guarantee: If you do not pass your IC-01 exam after completing our mock tests, you get free extended access for once.
Mobile-Friendly: Study anytime, anywhere. Our platform works perfectly on smartphones and tablets for on-the-go preparation.
How to Prepare for IC-01 Exam: Expert Tips
Follow these expert-recommended strategies to maximize your chances of passing the IC-01 examination:
Tip 1: Start with understanding the fundamental concepts covered in Nature & Functions of Insurance and Insurance as a Risk Transfer Mechanism as they form the backbone of the entire syllabus.
Tip 2: Focus on practical applications and real-world scenarios, especially in Principles: Utmost Good Faith, Insurable Interest, Indemnity and Contribution & Subrogation.
Tip 3: Pay special attention to regulatory aspects and recent amendments covered in the syllabus.
Tip 4: Practice with timed mock tests regularly to build speed and accuracy for the actual examination.
Tip 5: Review all chapters systematically as questions can come from any topic in the IC-01 syllabus.
Who Should Take the IC-01 Exam?
The IC-01 exam is ideal for insurance professionals at the entry level, including PSU insurance company employees (LIC, NIACL, NICL, OICL, UIICL), private insurance company staff, new insurance agents, and anyone looking to build a career in the insurance industry. Passing Licentiate exams is often a requirement for confirmation and promotions in PSU insurance companies.
Related Insurance Exams & Resources
If you are preparing for IC-01, you may also find these Study4Insurance resources helpful:
- IC 02 mock test practice of life insurance
- IC 11 mock test practice of general insurance
- IC 14 mock test regulation of insurance business
- Licentiate exam insurance institute of india
- III exam
Frequently Asked Questions About IC-01 Exam
Q: How many questions are in the IC-01 exam?
A: The IC-01 exam consists of 100 multiple-choice questions (MCQs) to be completed in 2 hours (120 minutes). Each question carries 1 mark with no negative marking. You need to score at least 60 out of 100 (60%) to pass.
Q: Is IC-01 compulsory for the Licentiate exam?
A: Yes, IC-01 is one of the compulsory/elective papers for the III Licentiate examination.
Q: How should I prepare for IC-01 in 30 days?
A: Week 1: Cover the first three chapters thoroughly. Week 2: Study chapters 4-6 with practice questions. Week 3: Focus on remaining chapters and regulatory aspects. Week 4: Take full-length mock tests daily and revise weak areas.
Q: Can I use IC-01 preparation for LIC AAO 1B exam?
A: Yes, IC-01 is directly part of the LIC AAO (1B) Internal Promotion Exam syllabus under the Insurance Knowledge paper. Your IC-01 preparation will significantly help you in the LIC promotion exam as well.