Books for IRDA IC-34 General Insurance Exam Gujarat

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Mr. Singh has insured his house for fire from 09.11.2012 to 08.11.2013. He sent his
renewal cheque dated 8.11.2013 by courier on 10.11.2013. It was received by the
insurance company on 14.11.2013. The insurance company issued a receipt on the
same day with a condition ‘subject to realization of cheque’. There was a fire on
9.11.2013 which destroyed Mr. Singh’s house. Is the insurance company liable to pay
the claim? Please give reasons for your answer.

Mr. Ahuja has several pieces of expensive electronic equipment in his office but has
not been insuring them since he feels the premium is very high. In what ways can he
handle the risk of their destruction?

3.
Mr. Suresh Verma maintains regular habits, does not smoke or drink, exercises
regularly, eats moderately and nutritive food avoiding junk food, etc. He maintains he
does not need health insurance because of his robust health. Do you agree with him?

4.
Mr. Srinivasan is convinced that insurance is irrational because while the insurance
rate for the fire & special perils policy for his house is just about Rs. 50/- per lac, the
rate for his factory building is Rs. 500/- per lac. After all, when both are buildings
constructed of RCC, why should there be such high premium for his factory building?
What would be your answer to Mr. Srinivasan

PRINCIPLES OF INSURANCE
Chapter Introduction
The purpose of insurance is to make good the financial losses suffered by the insured due to
loss or damage to assets, having some economic value, owned by him. These losses occur due
to the happening of an uncertain event called risk to which the asset is exposed. Risks, in
terms of impact, can be:
a) critical / catastrophic,
b) major or
c) minor / insignificant
Risks, in terms of nature, can be:
a) static (always present) or
b) dynamic (changing with circumstances)
Risks, in terms of who they affect, can be:
a) fundamental (affecting entire community) or
b) particular (affecting individuals)
Risk, in terms of results, can be
a) speculative (loss or gain) or
b) pure (no gain, only loss if peril occurs)

CHAPTER 3
SELLING AND MARKETING INSURANCE
Chapter Introduction
Sale is an ancient art of giving a product or service in return for money, unlike marketing
which is the process of identifying prospects, converting them as customers, serving them
satisfactorily and retaining them. Insurance agents are sales persons who use persuasive skills
to sell insurance.
Insurance marketing involves:
a) identifying and segmenting the market geographically, demographically,
b) targeting each segment according to their needs and positioning relevant products and
selling through a competitive strategy that involves product, price, promotion and
place, also known as the 4Ps of marketing
The steps involved in insurance sales process include:
a) prospecting – through immediate and natural markets, use of centers of influence /
other service providers, referencing, introductions & testimonials, conducting
seminars & events, reaching out through information pieces, newsletters, blogs & web
based networking and cold calling,
b) pre-interview to create interest,
c) sales interview that identifies & highlights the need,
d) determining & presenting appropriate solutions and
e) closing the sale

IRDA IC-34 General Insurance Exam work book

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