Question 1

1. What is IC-76 – Aviation Insurance?

Accepted Answer

IC-76 is an Associate-level elective subject under the General Insurance stream, offered by the Insurance Institute of India. It covers concepts related to aviation risks, aircraft hull and liability insurance, underwriting practices, reinsurance, and claims handling in aviation insurance.

Question 2

2. What is the exam pattern of IC-76?

Accepted Answer

IC-76 consists of 100 multiple-choice questions (MCQs), each carrying one mark. The exam duration is 2 hours (120 minutes), and the total marks are 100.

Question 3

3. What is the passing mark for the IC-76 exam?

Accepted Answer

The passing mark for IC-76 is 60%, which means a candidate must secure at least 60 marks out of 100 to qualify.

Question 4

4. Is there any negative marking in IC-76?

Accepted Answer

No, there is no negative marking for incorrect answers in the IC-76 examination.

Question 5

5. What stream does IC-76 belong to?

Accepted Answer

IC-76 belongs to the General Insurance stream under the Associate-level category of the Insurance Institute of India.

Question 6

6. Who should take IC-76?

Accepted Answer

IC-76 is ideal for insurance professionals, underwriters, claims handlers, and those working with aviation risks or reinsurance.

Question 7

7. What topics are covered in the IC-76 syllabus?

Accepted Answer

IC-76 includes topics such as aviation risk types, underwriting practices for aircraft hull and liability, war risk insurance, international regulations, claims settlement procedures, and aviation reinsurance.

Question 8

8. Is IC-76 conducted online?

Accepted Answer

Yes, IC-76 is conducted in a computer-based format at approved online examination centers.

Question 9

9. In what language is IC-76 conducted?

Accepted Answer

IC-76 is conducted only in English.

Question 10

10. What is the credit point for IC-76?

Accepted Answer

IC-76 carries 30 credit points as per the Final EHB-2025 of the Insurance Institute of India.

Question 11

11. What is the fee for IC-76?

Accepted Answer

As per the 2025 handbook, the exam fee for IC-76 is ₹850 plus applicable GST for domestic candidates. International candidates may be charged differently.

Question 12

12. What is the exam duration of IC-76?

Accepted Answer

The total duration of the IC-76 exam is 2 hours (120 minutes).

Question 13

13. Can IC-76 be taken along with other Associate papers?

Accepted Answer

Yes, candidates can take IC-76 along with other Associate-level papers in the same exam window, subject to slot availability.

Question 14

14. How can one register for IC-76?

Accepted Answer

Registration must be done online via the Insurance Institute of India’s official portal within the stipulated registration period.

Question 15

15. What are the eligibility criteria for IC-76?

Accepted Answer

Candidates must have completed the Licentiate level and must choose the General Insurance stream to be eligible for IC-76.

Question 16

16. Is IC-76 relevant for aviation brokers?

Accepted Answer

Yes, IC-76 is highly relevant for brokers, especially those specializing in aviation risks and reinsurance.

Question 17

17. Are printed study materials available for IC-76?

Accepted Answer

Yes, printed study materials can be purchased from the Insurance Institute of India either during registration or separately.

Question 18

18. What types of risks are covered under Aviation Insurance?

Accepted Answer

Risks typically covered include aircraft damage, third-party liability, passenger liability, cargo, hangar keepers’ liability, and war risks.

Question 19

19. Does IC-76 deal with international aviation conventions?

Accepted Answer

Yes, the syllabus includes discussions on international aviation conventions like Warsaw, Montreal, and others relevant to aviation liability.

Question 20

20. How are claims handled under aviation insurance?

Accepted Answer

The claims process involves loss notification, surveyor appointment, damage assessment, regulatory reporting, and final claim settlement. The subject covers these steps in detail.

Question 21

21. Does IC-76 cover war risk insurance in aviation?

Accepted Answer

Yes, war risk insurance is a critical part of the IC-76 syllabus. It addresses insurance against war perils such as hijacking, sabotage, terrorism, and confiscation.

Question 22

22. What is hull insurance in aviation?

Accepted Answer

Hull insurance covers physical loss or damage to the aircraft, including both flight and ground risks. It is a major component of aviation insurance covered in IC-76.

Question 23

23. What is liability insurance in the context of aviation?

Accepted Answer

Liability insurance protects the insured against legal liabilities arising from third-party bodily injury or property damage caused by the aircraft operation. This is extensively covered in IC-76.

Question 24

24. What is the role of reinsurance in aviation insurance?

Accepted Answer

Due to high-value risks in aviation, reinsurance is essential. IC-76 explains proportional and non-proportional reinsurance arrangements for aviation underwriters.

Question 25

25. Does IC-76 cover regulatory aspects of aviation insurance?

Accepted Answer

Yes, IC-76 discusses both domestic and international regulatory frameworks affecting aviation insurance, including ICAO and DGCA guidelines.

Question 26

26. What international conventions are discussed in IC-76?

Accepted Answer

IC-76 covers conventions like the Warsaw Convention, Montreal Convention, and Hague Protocol, which govern liability in international air transport.

Question 27

27. What is hangar keeper's liability?

Accepted Answer

Hangar keeper's liability covers the insured's legal liability for damage to aircraft stored or repaired in their custody. This is included in IC-76.

Question 28

28. Can IC-76 be useful for risk managers in the aviation sector?

Accepted Answer

Absolutely. IC-76 provides insights into identifying, assessing, and mitigating aviation risks, making it valuable for aviation risk managers and safety officers.

Question 29

29. Does IC-76 discuss claims negotiation and settlement?

Accepted Answer

Yes, the subject includes practical guidance on managing aviation claims, negotiation techniques, documentation, and dispute resolution.

Question 30

30. What are some exclusions in aviation insurance policies?

Accepted Answer

Common exclusions include wear and tear, pilot error due to negligence, war without proper endorsement, and operation outside agreed parameters. IC-76 elaborates on these.

Question 31

31. Are case studies included in IC-76?

Accepted Answer

Yes, IC-76 includes practical case studies and examples to illustrate how aviation insurance operates in real-world scenarios.

Question 32

32. Does IC-76 require technical aviation knowledge?

Accepted Answer

While a basic understanding of aircraft operations helps, IC-76 is designed for insurance professionals and covers necessary aviation concepts in context.

Question 33

33. Can IC-76 be helpful for international aviation insurers?

Accepted Answer

Yes. IC-76 covers international aviation laws, insurance practices, and conventions, making it relevant for global insurers and brokers.

Question 34

34. What kinds of aircraft are covered in IC-76?

Accepted Answer

IC-76 covers insurance aspects of commercial airlines, charter flights, cargo aircraft, helicopters, and general aviation.

Question 35

35. What is the significance of deductible in aviation insurance?

Accepted Answer

A deductible is the portion of the claim the insured must bear. IC-76 discusses how deductibles are structured in hull and liability policies.

Question 36

36. Is pilot warranty covered in IC-76?

Accepted Answer

Yes, IC-76 discusses pilot warranty clauses that require certain qualifications or experience levels for the pilot operating the insured aircraft.

Question 37

37. How is aircraft valuation done in aviation insurance?

Accepted Answer

Aircraft are usually insured on an agreed value basis, which is predetermined and fixed at the time of underwriting. IC-76 explains this in detail.

Question 38

38. What is grounding cover?

Accepted Answer

Grounding cover compensates airline operators for losses due to aircraft being grounded following accidents or regulatory orders. This concept is included in IC-76.

Question 39

39. How often is the IC-76 exam conducted?

Accepted Answer

The IC-76 exam is typically conducted four times a year — in March, June, September, and December — as per III’s examination schedule.

Question 40

40. What certificate is awarded after passing IC-76?

Accepted Answer

Passing IC-76 contributes toward earning the Associate certification in the General Insurance stream, provided the required combination of papers is completed.

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IC-76 Aviation Insurance

This subject provides specialized knowledge on aviation insurance, covering underwriting, risk assessment, and claims related to aircraft, crew, passengers, and third-party liabilities, in both domestic and international contexts.

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