How to become an insurance agent, financial consultant, or financial advisor? Read the study material given here to crack the IC-38 (IRDAI) exam 2026 conducted by the Insurance Institute of India (III). (Article No.5, January 2026):
Key Concepts for the IC-38 Exam (January 2026 Study Material Summary): I. Core Principles of Insurance Insurable Interest: Essential for life insurance at the time the policy is issued. Proximate Cause: The proximate cause of death in the scenario (falling off a horse, leading to pneumonia and death) is the initial event: falling off a horse. Complaint Filing: A complaint can be filed against any insurer (private or public) for all types of insurance. Risk Mitigation: Diversification reduces financial market risks by investing across various asset classes. Elements of Life Insurance Business: Asset, Risk, and the Principle of Mutuality are elements; subsidy is not. Contracts: Life insurance policies are contracts of assurance, while general insurance policies are contracts of indemnity. Definition of Assets: Car, Human Life, and House are considered assets; air is not. Exclusions from Risk: Natural wear is not considered a risk. II. The Value of Human Life Human Life Value (HLV...