Fire and Consequential Loss Insurance - IC 57 Exam Study Notes

Based on the type of risks for underwriting and exposures, the products are classified into: i. Class rated products: These are further sub-classified as Internal tariff rated products and packaged or customised products; ii. Individual rated products: These are further sub-classified as Individual experience rated products and Exposure rated products
The alternative terms used for ?retention? are limit and net holding.
In facultative reinsurance, each risk is reinsured individually.
?Motor insurance other than fleets? will be classified under ?internal tariff rated products?.
With regards to burning intensity, ?metal goods and hardware? will be classified under the category of ?incombustible or burn very slowly?.

Important Points for IC 57 - Fire and Consequential Loss Insurance Exam