Principles of Insurance Exam Study Notes

Agents - Remuneration is by way of commission which is regulated by IRDA, It is the duty of the agent to keep the interests of the customer before everything else, analyse the customer's requirement and accordingly recommend only those products that fulfill the customer's requirement.
Brokers - Brokers are independent professionals and have to obtain licence from IRDA, Licence may authorise broker to place direct business with any insurer/insurers, or arrange reinsurance or both
Brokers - Should meet the minimum capital requirement ranging from Rs.50 lakhs for direct broker to 250 lakhs for reinsurance broker or composite broker, Remuneration is by way of brokerage by the insurers or reinsurers and is regulated by IRDA.
An insurance broker is an individual, a company, a society or a firm, wholly engaged in sourcing insurance business for various companies.
Surveyor - A surveyor is an individual whose job is to assess the loss in general insurance business, Surveyors are technically competent people who are specialists in various fields and are empanelled by insurers.

Licentiate Examination - IC 01 - Principles of Insurance Exam - Important Points