IC38 GENERAL INSURANCE AGENT EXAM - Study Notes

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  • IDV = (Manufacturers listed selling price ? depreciation) + (Accessories that are not included in listed selling price-depreciation) and excludes registration and insurance costs.
  • IDV of vehicle which is beyond 5 years of age and of obsolete models - on the basis of an understanding between insurers and insured.
  • IDV of old cars is arrived at by assessment of vehicles condition done by surveyors, car dealers etc. IDV is the amount of compensation given in case a vehicle is stolen or suffers total loss.
  • Insurers provide a range of 5% to 10% to decrease IDV to the insured. Lesser IDV would mean lesser premium.
  • The fire policy for commercial risks covers the perils of Fire ? Lightning; Explosion / implosion, Riot strike and malicious damage, Impact damage ; Aircraft damage, Storm, tempest, cyclone, typhoon, hurricane, tornado, flood and inundation

IC38 General Insurance

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