IC 11 - Practice of General Insurance Exam Study Notes

Certificate of Insurance ? Motor Insurance - Provides existence of insurance in cases where proof may be required, Issued in addition to the policy, as required by the Motor Vehicles Act, Provides evidence of insurance to the Police and Registration Authorities
Payment of Premium in Advance (Section 64 VB of Insurance Act, 1938) - As per Insurance Act, premium is to be paid in advance, before the start of the insurance cover. the risk may be assumed only from the date on which the premium has been paid in cash or by cheque.
Where the premium is tendered by postal money-order or cheque sent by post, the risk may be assumed on the date on which the money-order is booked or the cheque is posted, as the case may be.
Warranties are used in an insurance contract to limit the liability of the insurer under certain circumstances. A warranty is a condition expressly stated in the policy which has to be literally complied with for validity of the contract. Warranty is not a separate document. It is part of the policy document.
If certain terms and conditions of the policy need to be changed at the time of issuance, it is done by setting out the amendments / changes through a document called endorsement.

Licentiate Examination - IC 11 - Practice of General Insurance Exam - Important Points