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🇮🇳 IRDAI IC38 (Insurance Agent) · flashcards
IRDAI IC38 (Insurance Agent) Insurance Sales, Documentation and Ethics Flashcards
51 question-and-answer cards covering Insurance Sales, Documentation and Ethics as it is examined in IRDAI IC38 (Insurance Agent). 24 of them are printed below, taken from across the deck — no signup, no paywall on the preview.
24 sample cards from the Insurance Sales, Documentation and Ethics deck
Sampled from the end of the deck, so these are different cards from the ones shown on the syllabus page.
List common forms of mis-selling.
Misstating returns/benefits, hiding charges or exclusions, selling unsuitable products, churning/replacing policies for commission, forging signatures, and promising guaranteed returns on market-linked products.
What are the consequences of mis-selling for an agent?
Cancellation of agency licence, forfeiture of commission, penalties/fines, legal action, reputational damage, and the insurer being liable to compensate the customer.
What does KYC (Know Your Customer) require?
Verifying the identity and address of customers before/at the time of issuing a policy, using valid proof of identity and proof of address documents.
Why are KYC norms enforced in insurance?
To prevent fraud, money laundering, terrorist financing and impersonation by ensuring the insurer knows who the genuine customer is.
Give examples of valid KYC documents (Officially Valid Documents) in India.
PAN card, Aadhaar, passport, voter ID, driving licence — used as proof of identity and/or proof of address.
What is Anti-Money Laundering (AML)?
A set of guidelines and procedures aimed at preventing criminals from disguising illegally obtained money as legitimate funds through financial products such as insurance.
What is 'money laundering'?
The process of concealing the origins of illegally obtained money so it appears to come from a legitimate source — typically through placement, layering and integration.
What are the three stages of money laundering?
1) Placement (introducing illicit cash into the system), 2) Layering (moving funds to obscure the trail), 3) Integration (bringing the laundered money back as apparently legitimate funds).
Under AML, what is the agent expected to report?
Suspicious transactions and high-value/unusual transactions that may indicate money laundering, to the insurer's Principal Officer for reporting to the FIU-IND.
Why is fair and prompt claims settlement considered the 'moment of truth' in insurance?
Because the claim is when the customer actually receives the promised benefit; fair, fast settlement proves the insurer's value and is the real test of the contract.
What are the main steps in the life insurance claim procedure (maturity claim)?
Insurer sends an intimation before the maturity date, the policyholder submits the discharge form and original policy document, and the insurer pays the maturity proceeds on the due date.
What are the main steps in a life insurance death claim procedure?
Claim intimation, submission of claim forms with death certificate, policy document and proof of title/identity, insurer's verification/investigation, and then settlement to the nominee/beneficiary.
What key documents are required for a life insurance death claim?
Death certificate, original policy document, claim/claimant's statement form, proof of age (if not admitted), and identity/relationship proof of the nominee; medical/hospital records for early claims.
What is an 'early claim' in life insurance and why does it get extra scrutiny?
A death claim arising within the early years of the policy (e.g. within 3 years); it is investigated more closely to rule out fraud, suppression of material facts or anti-selection.
What are the basic steps of the general insurance claim procedure?
Intimate the insurer immediately, register the claim, survey/assessment of loss by a surveyor, submission of supporting documents, assessment of admissible amount, and settlement.
What is the role of a surveyor in general insurance claims?
A licensed surveyor/loss assessor investigates, assesses and quantifies the loss and reports the admissible claim amount to the insurer for larger general insurance claims.
What does 'repudiation of a claim' mean?
The insurer's rejection of a claim — refusing to pay because it falls outside the policy terms, is fraudulent, or breaches conditions such as non-disclosure of material facts.
Give common grounds on which a claim may be repudiated.
Non-disclosure/misrepresentation of material facts, exclusions under the policy, lapse of policy, fraudulent claim, breach of warranty/condition, or claim outside the period of cover.
What avenues exist for a policyholder to resolve a claim dispute in India?
The insurer's internal Grievance Redressal Cell, the Insurance Ombudsman, the IRDAI/Bima Bharosa (IGMS) grievance system, Consumer Forums, and civil courts.
What is the role of the Insurance Ombudsman?
An independent authority that resolves complaints/disputes between policyholders and insurers (e.g. claim repudiation, delay, premium disputes) quickly and without cost to the complainant, within prescribed monetary limits.
What is the agent's role in assisting a claimant?
Guiding the claimant on procedures, helping fill claim forms, ensuring correct and complete documents are submitted, liaising with the insurer, and giving moral/empathetic support during settlement.
Why should an agent never assist in falsifying a claim?
Because helping inflate or fabricate a claim is fraud — it is illegal, breaches the agent's code of conduct, can lead to licence cancellation and prosecution, and harms the insurer and honest policyholders.
What is 'free look period' and how does it protect the policyholder?
A period (typically 15 days, 30 days for electronic/distance marketing) after receiving the policy during which the policyholder can review and cancel it for a refund if dissatisfied with the terms.
What is the difference between 'representation' and 'non-disclosure' as causes of voidable policies?
Representation is a statement made by the proposer that turns out untrue (misrepresentation); non-disclosure is failing to reveal a material fact. Both, if material, can make the policy voidable at the insurer's option.
What this deck covers
The Insurance Sales, Documentation and Ethics deck follows the IRDAI IC38 (Insurance Agent) Insurance Sales, Documentation and Ethics syllabus — 4 chapters and 18 topics — so questions land on material that is genuinely examinable rather than trivia around it. That works out to roughly 12.8 cards per chapter.
Answers are written to be recallable, not just readable — averaging about 179 characters, which is long enough to carry the reasoning and short enough to say out loud.
A deck like this earns its keep on the second and third pass. Read the syllabus first so you know the shape of the subject, then use the cards to find the specific facts that have not stuck.
Insurance Sales, Documentation and Ethics flashcards FAQ
How many Insurance Sales, Documentation and Ethics flashcards are in this IRDAI IC38 (Insurance Agent) deck?
51 cards. This page previews 24 of them, sampled evenly across the deck so you can judge the difficulty before installing anything.
Are these IRDAI IC38 (Insurance Agent) flashcards free?
Yes. The preview here is free to read with no signup, and the full 51-card deck is free inside the Examius app.
What do the Insurance Sales, Documentation and Ethics cards cover?
They follow the IRDAI IC38 (Insurance Agent) Insurance Sales, Documentation and Ethics syllabus — 4 chapters and 18 topics — so the questions track what is actually examinable.
How should I use these flashcards?
Read the syllabus first so you know the shape of the subject, then drill the deck. Examius schedules each card with spaced repetition, so cards you keep missing come back sooner and ones you know drift further apart.