SYLLABUS FOR IC-33 (LIFE INSURANCE) AGENTS STUDY COURSE
- 1. INTRODUCTION TO INSURANCE
a) What is insurance.
b) Purpose and need of insurance.
c) Classification of risks.
d) The human asset.
e) Insurance as a social security tool.
f) Role of Insurance in economic development.
- 2. PRINCIPLES OF LIFE ASSURANCE
a) Life insurance contracts.
b) Principle of utmost good faith.
c) Insurable Interest
d) Principle of Indemnity.
e) Different risks.
- 3. PREMIUMS AND BONUS
a) What is Premium.
b) Premium calculation .
c) Life fund.
d) Actuarial valuation.
e) Bonus
- 4. LIFE INSURANCE PRODUCTS
a) Basic Elements.
b) Some popular plans.
c) Variable Insurance plans..
d) Salary Savings Schemes.
e) Riders.
f) Annuities,
g) Group Insurance .
- 5. UNDERWRITING
a) Introduction.
b) Classification of risk.
c) Financial underwriting.
d) Assessing risks.
e) Adverse selection.
f) Non-medical underwriting.
g) Recent Trends.
- 6. INSURANCE DOCUMENTS
a) Proposal form and Personal statement.
b) First / Renewal Premium Receipt.
c) Policy Document.
d) Endorsements
e) Prospectus.
- POLICY CONDITIONS
a) Age , Days of grace,
b) Lapse and Non – forfeiture,
c) Paid up value,
d) Revival,
e) Assignment , Nomination
f) Surrenders and loan.
g) Foreclosure.
h) Alterations.
i) Married Women’s Property Act policy.
- 8. CLAIMS
a) Maturity claims
b) Survival benefit payments
c) Death claims.
d) Accident and disability benefits.
e) Claims Concession
- 9. Linked Life Insurance Products
a) What is a Linked Policy.
b) Option of Funds.
c) Net Asset Value(NAV)
d) Flexibility.
e) Lock-In.
f) Charges.
g) ULIP and traditional insurance.
h) Annuities and pensions.
10. INSURANCE AGENCY
a) Definition of an agent.
b) Agents’ Regulations.
c) Procedure for becoming an agent.
d) Methods of remunerating agents.
e) Functions of agents.
f) Agency as a profession.
g) Responsibilities of an agent.
h) Prerequisites for success.
i) Ethical behavior.
11. LAW AND REGULATIONS
a) Insurance Act 1938.
b) LIC Act, 1956.
c) IRDA Act 1999.
d) Consumer Protection Act, 1986.(COPA)
e) Ombudsman,
f) Income tax Act,
g) MWP Act.
h) Rural and social sectors.
i) Micro Insurance.
ANNEXURES
I. IRDA Licensing of Insurance Agents Regulation 2000.
II. IRDA Licensing of corporate Agents Regulation 2002.
iii. Financial Market, Capital Market, Stock Technicals etc.
