#### Basic Principles of Insurance: There are six basic principles of insurance:  1. Insurable interest 2. Utmost good faith 3. Proximate cause 4. Indemnity 5. Subrogation 6. Contribution. Why is the IC-38 Exam Called That? The IC-38 exam is named after the Insurance Act of 1938, which served as the foundational legislation for regulating the insurance sector in India. "IC" stands for Insurance Certificate (or Insurance Core), while "38" refers to the year of the Act. This exam is a mandatory pre-licensing requirement set by the IRDAI for all prospective insurance agents. **Tips for the IRDA (IC-38) Exam:** - **Duration:** 1 hour - **Submission:** The exam will automatically submit if not completed within the time limit. - **Questions:** Attempt all questions. **Strategy:** - Start with questions you are confident about. - Avoid spending too much time on lengthy questions.    **Marking:** There is no negative marking. **Results:** Results will be displayed on the...