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/ Agents’ Syllabus - Non Life
Syllabus for Non Life
The following is the syllabus for the Insurance agents’ written
examination as per IRDA regulations.
1. Introduction to Insurance:
- Purpose and Need of Insurance
- Insurance as a social security tool
- Role of Insurance in the development of economy
- Pooling of risks and resources, spread of risks
2. Fundamentals of Agency law:
- Agency Law including definition of who is an agent, what are his
functions, who can become an agent, the kind of business he can
procure, etc.
- Agents' Regulations
- Contract Act
- Various intermediaries in the insurance market - agents, brokers,
surveyors, consultants etc.
- Difference between an agent and a broker and other intermediaries
- Methods of remunerating the agent
3. Legislative and Regulatory Matters
- Insurance Act, 1938
- Marine Insurance Act, 1963
- General Insurance Business Nationalisation Act, 1972
- Insurance Regulatory & Development Authority Act, 1999
- Carriers Act, 1865
- Indian Stamp Act, 1899
- Public Liability Insurance Act, 1991
- Motor Vechicles Act, 1988
- Consumer Protection Act, 1986 & Ombudsman Scheme
- Workmen's Compensation Act, 1923
- Sale of Goods Act, 1930
4. Procedure for becoming an agent
- Pre - requisite for obtaining a license
- Insurance company sponsorship
- Obtaining a license - minimum age, educational qualification,
practical training
- Maintenance & Duration of license
- Termination of License: revocation or suspension/ termination
of appointment
- Unfair Practices: Rebates; Prohibited Inducements and Discrimination;
Misrepresentations & incomplete comparison; False statements
regarding insurance companies financial condition.
5. Functions of an Agent
- Proposal Form and other forms for grant of cover.
- Gathering all material and relevant information to the risk
including signature of the customer on the proposal form.
- Explaining the terms, conditions, coverages, exclusions under
the policy
- Advance payment of premium before acceptance of the risk: Sec.
64VB of the Insurance Act, 1938
- Ensuring delivery of policy to the insured
- Helping the customer in lodging the claim and completing all
the formalities.
6. Company Profile
- Organizational Set - up of the company.
- Corporate Mission
- Strengths of the company
- Market Share
- Product details
- Promotion Strategy
- Product Pricing
- Distribution Channels available with insurer - their relative
merits and demerits
7. Fundamentals/ Principles of Life Insurance
- Utmost Good Faith
- Indemnity
- Insurable Interest
- Subrogation
- Contribution
- Proximate cause
8. Financial Planning & Taxation
- Premium rates charged in policies
- Tax benefits under selected insurance policies.
- Comparison between different products offered by different
insurers vis-a-vis premium chargeable, coverage, etc.
9. Client needs & Analysis Training
- Salesmanship - An Introduction
- Selling Process
- Pre - Approach
- Interview
- Objection
- Closing
- Service
- Consumer Education
10. Proper use of General Insurance Products
- Products available in the general insurance market
- Scope of coverage some of the important policies
- Matching of the customers needs & requirements to that
of the products available
- Code of Advertisement & Publicity
11. Insurance Documents
- Insurance Forms
- Proposal Forms
- Cover Notes
- Certificate of Insurance
- Policy Forms
- Endorsements
- Renewal Notice
- Other Insurance Documents related to insurance
12. Rating
- Tariffs
- Basis of Rate Making
- Market Agreements
- Importance of Data Base
- Role of TAC
13. Government Schemes/ Programmes On Insurance
- Details of different Government insurance schemes like Crop
Insurance, PASS, Landless Agricultural Scheme, Solatium Fund
- Subsidy provided by the Government for underwriting the schemes
14. Rural Insurance
- Definition of rural area
- Rural Insurance Schemes
- Targets in terms of total premium which should be completed
by the agent
- Penalties for not meeting the laid down stipulations
- Special skills to market rural insurance schemes
- Details of Schemes specially designed for the rural areas.
15. Claims
- Preliminary Procedure
- Investigation & Assessment
- Surveyors & Loss Assessors
- Claims Documents
- Arbitration
- Limitation
- Settlement
- Loss Minimisation & Salvage
16. Agency Commision Structure
17. Personal Development
- Personal Business Goals - Understanding the competition and
enhancing time management skills
- Marketing and Sales opportunities - Identify target markets
and build relationship skills in the total planning sale.
- Target Marketing - Develop the prospect customers profile and
focus on new profitable target markets.
- Review the expanding market of ageing adults
- Business Continuity - Emphasis on retaining the client by providing
him upto date information on the changes taking place, the benefits
that he may enjoy because of changes in rules/ regulations/ change
in company policy, sending out renewal notices, etc.
18. Underwriting
- Fire Policies: Scope; Coverage; Exclusions; Conditions; Premium
- Marine Policies: Scope; Coverage; Exclusions; Conditions; Premium
- Miscellaneous Policies: Scope; Coverage; Exclusions; Conditions;
Premium
- Motor Policies: Scope; Coverage; Exclusions; Conditions; Premium
- Engineering Policies: Scope; Coverage; Exclusions; Conditions;
Premium
- Basis of fixing the sum insured under different policies.
- Discount, Loadings, etc.
- Management of Risks
19. Health Insurance
- Long Term/ Short Term Policies
- Annual Policies
- Unit Linked Policies
- Post Retirement (Bhavishya Arogya) Type plans
- Group Medical Insurance Schemes
- Basic Hospital, Medical and Surgical Policies
- Coverages, Exclusions, Premium. Cumulative Bonus
- Time limit on certain defences, reinstatement, Grace period
for renewal
- Pre-existing disease clause, maternity benefit
- Notification of claim, doctor's report, claim form, payment
of claims
20. Provisions and differences in policy Contracts
- Important differences to be highlighted
- Difference between Breach of Warranty & Condition
- Endorsement
- Drafting of a Cover Note
21. Behavioural Aspects
- Motivation
- Morale
- Communication Skills
- Persuasive Skills
- Analytical Ability
22. Feedback to Companies on Customers Requirements with regard
to their Insurance needs and Miscellaneous Matters
- New requirements of the customers
- Modifications on the coverages, rates, etc. of the customers
- Code of conduct laid down by IRDA
- Penalties
- Dispute resolution forum set up by IRDA for adjudication of
disputes between the Agent and customer/ insurer.
- Feedback to IRDA on the nature of disputes & methods of resolution.
Click here to view Agents' Syllabus
for Life
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