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Books, Apps and Resources for Preparation of Insurance Subject for Insurance Exams
Insurance Awareness is an important section in any insurance recruitment examination these days with some of them even having descriptive papers for insurance section. It has come a long way from the questions being asked regarding the head office of insurance companies to technical aspects of insurance. In order to be prepared for this section, you need to have good understanding of insurance and its various principles and lines of business. However, the main difficulty here is the availability of proper study material since the sector is not that developed in India. In this article, we shall discuss regarding the sources from where you can prepare for insurance awareness in various insurance recruitment examinations.
What you need to study for Insurance Awareness in Insurance Recruitment Examinations?
Since this is a highly technical subject, it becomes very difficult for aspirants to understand the topics to study for such exams. Mostly, the general insurance and life insurance officer as well as assistant recruitment exams have the following topics covered in the insurance awareness section:
- History of Insurance
- Structure of Insurance Industry in India
- General Insurance and its various technical aspects
- Life Insurance and its various technical aspects
- The roles and functions of Insurance Regulatory and Development Authority of India
- Taglines and headquarters of the Insurance companies in India
- Insurance terms
- Basic principles of insurance
Apart from this, you may face descriptive questions in the following topics in the insurance recruitment examination:
- Reinsurance and its terms and conditions – Treaty based and facultative reinsurance
- Social sector schemes in India in terms of insurance such as RSBY, AABY etc.
- Functions performed by insurers – underwriting, claims settlement, investment, reinsurance etc.
- Pooling of risk, diversification of risk in various portfolios by insurers for hedging
- Legal basis of insurance such as regulations of insurance and basic principles of insurance
Study material for insurance awareness
Since insurance is mainly an unknown subject for most of the candidates, it becomes very difficult to just mug up facts and apply in the examination. It is necessary that you understand the concept so that you can retain things properly. Now, the main question is – Where will one get materials for insurance section?
- Books: In order to understand the basic concepts of insurance, the best guide are the books published by the Insurance Institute of India. These books will give you basic idea about the technical aspects of insurance. Mainly, there are two basic books in case of the basic aspects of insurance: IC-01 (Principles of Insurance) along with IC 02 (Practices of Life Insurance) or IC 11 (Practices of General Insurance). In order to understand the legal aspects of insurance, IC-14 (Regulations of Insurance) is the best book to understand the important aspects of legal framework of insurance business.
Apart from the above, there are books for all the lines of business such as motor, Health, Fire and Engineering, Reinsurance etc. If you are not able to go through the whole book, there are pocket editions of all these books for understanding the salient points. You can access the e-books of all these subjects from the Website of the Insurance Institute of India (www.insuranceinstituteofindia.com)
- Apps: The best app for the purpose of preparation of insurance awareness is the ‘Insurance Awareness’ app (Official) by the Insurance Regulatory and Development Authority of India. You will get all your concepts clarified through this application of the insurance regulator in India. Apart from that, the applications from various online portals such as Affairs Cloud, Bankers’ Adda (Adda 24*7 App) are also helpful for preparation of insurance awareness section in the insurance recruitment exams. However, for technical aspects, such websites will not be that helpful. For government schemes related to social security, you may follow the GK Today app on daily basis.
Other online resources can also be followed in order to learn the basics of insurance for these recruitment examinations:
- Insurance Awareness Capsules by various websites such as Affairs Cloud or Gradeup or Bankers’ Adda (Two of the capsules are enough to cover for the basic insurance awareness)
- Insurance Awareness e-book from Gradeup
- Press Information Bureau Website for government schemes of social security
Insurance Awareness is not a very common topic among the students since people are not that aware of the importance of insurance as a social security measure. That is why it becomes difficult to prepare for insurance awareness especially for the descriptive papers. The Insurance Institute of India books are the best resources to prepare for insurance topics especially where detailed knowledge is required. Other capsules are good only to study the basic concepts of the subject. It depends on your requirement and the concerned syllabus of the examination to choose the resources for preparation of insurance subject. However, if the basic concepts are clear in your mind, it is a very interesting as well as scoring subject. So, if prepared properly, you will definitely score well in this section.
All the Best!!