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100+ Free III IC-71 Practice Questions

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2026 Statistics

Key Facts: III IC-71 Exam

100

Online MCQs per paper

III Examination Handbook

2 hours

Exam duration

III Examination Handbook

60%

Passing mark (75% Distinction)

III Examination Handbook

30

Credit points for IC-71

III credit-point system

INR 600

India paper fee (30 credits) w.e.f. 1.4.2026

III Table of Fees

INR 800

Fresh registration (India) w.e.f. 1.4.2026

III Table of Fees

III IC-71 is a 100-question, 2-hour online MCQ paper on Agricultural Insurance. Passing requires 60% (Distinction from 75%). India paper enrollment for this 30-credit subject is INR 600 w.e.f. 1.4.2026, plus INR 800 registration for fresh candidates (taxes extra).

Sample III IC-71 Practice Questions

Try these sample questions to test your III IC-71 exam readiness. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.

1Under the Pradhan Mantri Fasal Bima Yojana (PMFBY), what is the maximum premium rate payable by farmers for all Kharif food and oilseed crops?
A.1.5%
B.2.0%
C.5.0%
D.Actuarial rate
Explanation: Under PMFBY, the premium paid by farmers is capped at 2.0% for all Kharif food and oilseed crops, making it highly affordable.
2Which specific weather parameter is NOT typically monitored as an index under the Weather Based Crop Insurance Scheme (WBCIS)?
A.Deficit rainfall
B.Temperature fluctuation
C.Relative humidity
D.Soil nutrient levels
Explanation: Soil nutrient levels are not a weather parameter and cannot be objectively measured by weather stations for index insurance.
3In livestock insurance, what is the standard method used by insurers to identify insured cattle and prevent fraudulent claims?
A.DNA testing
B.Polyurethane ear tagging
C.Microchip implantation exclusively
D.Brand marking on the flank
Explanation: Polyurethane ear tagging is the standard, cost-effective method used for identifying insured cattle. The tag must be surrendered during a claim.
4Which scheme was replaced by the Pradhan Mantri Fasal Bima Yojana (PMFBY) in India?
A.National Agricultural Insurance Scheme (NAIS)
B.Weather Based Crop Insurance Scheme (WBCIS)
C.Coconut Palm Insurance Scheme (CPIS)
D.Unified Package Insurance Scheme (UPIS)
Explanation: PMFBY was introduced in 2016, replacing the National Agricultural Insurance Scheme (NAIS) and the Modified NAIS.
5Under poultry insurance, what age group of broilers is typically eligible for cover?
A.1 day to 8 weeks
B.1 week to 24 weeks
C.1 day to 72 weeks
D.8 weeks to 52 weeks
Explanation: Broilers are reared for meat and usually have a short lifespan. They are typically insured from 1 day to 8 weeks of age.
6What is the primary basis for assessing crop loss under a yield-based crop insurance scheme like PMFBY?
A.Weather station data
B.Satellite imagery analysis
C.Crop Cutting Experiments (CCEs)
D.Farmer's self-declaration
Explanation: Under yield-based schemes, actual yield is estimated through Crop Cutting Experiments (CCEs) and compared against the threshold yield to determine losses.
7In the context of agricultural insurance, what does 'Threshold Yield' represent?
A.The maximum possible yield a farmer can achieve.
B.The guaranteed yield for a notified area, based on historical average yield multiplied by an indemnity level.
C.The yield below which premium subsidies are reduced.
D.The minimum yield required to qualify for taking out an insurance policy.
Explanation: Threshold Yield is the guaranteed yield for a notified Insurance Unit. Under PMFBY it is generally the average of the best 5 years' yield out of the last 7 years for that season, multiplied by the applicable Indemnity Level (70%, 80%, or 90%).
8A farmer claims for post-harvest losses under PMFBY. For how many days post-harvest are crops covered if left in the field in 'cut and spread' condition?
A.Up to 7 days
B.Up to 14 days
C.Up to 30 days
D.Post-harvest losses are entirely excluded
Explanation: PMFBY provides coverage for post-harvest losses for a maximum period of 14 days from harvesting, specifically for crops left in the field to dry.
9Under a standard Weather Based Crop Insurance Scheme (WBCIS), how is the payout determined?
A.Based on the reduction in actual crop yield compared to the threshold yield.
B.Based on a pre-defined scale triggering payouts when weather indices breach specified thresholds.
C.Based on an individual field assessment by a loss adjuster.
D.Based on the market price fluctuation of the harvested crop.
Explanation: WBCIS uses pre-defined weather triggers (indices). Payouts are made automatically when actual weather data deviates from the defined historical normal.
10Which peril is NOT covered under standard Poultry Insurance?
A.Fire and lightning
B.Flood and cyclone
C.Culling of birds due to an outbreak of Avian Influenza (Bird Flu)
D.Epidemic diseases contracted despite following scheduled vaccinations
Explanation: Culling mandated by public authorities due to diseases like Avian Influenza is generally a standard exclusion in poultry insurance.

About the III IC-71 Exam

The III IC-71 Agricultural Insurance exam evaluates candidate understanding of key principles and practical concepts in Agricultural Insurance. The syllabus encompasses various modules detailed below.

Assessment

100 objective multiple-choice questions in a single online paper. IC-71 is a 30-credit paper under the Insurance Institute of India (III) professional credit system.

Time Limit

2 hours

Passing Score

60% (Distinction at 75% or above)

Exam Fee

INR 600 per subject (30 credit points) for India candidates; fresh candidates also pay INR 800 registration (inclusive of life membership). Taxes extra. Fees w.e.f. 1.4.2026 per III Table of Fees. (Insurance Institute of India (III))

III IC-71 Exam Content Outline

7 questions

Claim Calculation

Practice questions focusing on claim calculation concepts.

6 questions

Technology

Practice questions focusing on technology concepts.

6 questions

Terminology

Practice questions focusing on terminology concepts.

4 questions

Claim Procedures

Practice questions focusing on claim procedures concepts.

4 questions

Core Concepts

Practice questions focusing on core concepts concepts.

4 questions

Risk Management

Practice questions focusing on risk management concepts.

4 questions

Coverage Types

Practice questions focusing on coverage types concepts.

4 questions

Policy Conditions

Practice questions focusing on policy conditions concepts.

3 questions

Basis Risk

Practice questions focusing on basis risk concepts.

3 questions

Administrative Structure

Practice questions focusing on administrative structure concepts.

3 questions

Underwriting Conditions

Practice questions focusing on underwriting conditions concepts.

3 questions

Policy Updates

Practice questions focusing on policy updates concepts.

2 questions

Premium Rates

Practice questions focusing on premium rates concepts.

2 questions

Eligibility

Practice questions focusing on eligibility concepts.

2 questions

Claim Mechanisms

Practice questions focusing on claim mechanisms concepts.

2 questions

Exclusions

Practice questions focusing on exclusions concepts.

2 questions

Area Approach

Practice questions focusing on area approach concepts.

2 questions

Prevented Sowing

Practice questions focusing on prevented sowing concepts.

2 questions

Fraud Prevention

Practice questions focusing on fraud prevention concepts.

2 questions

Enrollment Criteria

Practice questions focusing on enrollment criteria concepts.

2 questions

Yield Estimation

Practice questions focusing on yield estimation concepts.

2 questions

Operational Challenges

Practice questions focusing on operational challenges concepts.

2 questions

Implementation

Practice questions focusing on implementation concepts.

2 questions

Indices

Practice questions focusing on indices concepts.

1 questions

Covered Perils

Practice questions focusing on covered perils concepts.

1 questions

Scheme History

Practice questions focusing on scheme history concepts.

1 questions

Loss Assessment

Practice questions focusing on loss assessment concepts.

1 questions

Coverage Period

Practice questions focusing on coverage period concepts.

1 questions

Stakeholders

Practice questions focusing on stakeholders concepts.

1 questions

Sum Insured

Practice questions focusing on sum insured concepts.

1 questions

Historical Schemes

Practice questions focusing on historical schemes concepts.

1 questions

Claim Intimation

Practice questions focusing on claim intimation concepts.

1 questions

Crop Applicability

Practice questions focusing on crop applicability concepts.

1 questions

Insurance Unit

Practice questions focusing on insurance unit concepts.

1 questions

Valuation

Practice questions focusing on valuation concepts.

1 questions

Premium Subsidy

Practice questions focusing on premium subsidy concepts.

1 questions

Localized Calamity

Practice questions focusing on localized calamity concepts.

1 questions

Claim Types

Practice questions focusing on claim types concepts.

1 questions

Premium Collection

Practice questions focusing on premium collection concepts.

1 questions

Advantages

Practice questions focusing on advantages concepts.

1 questions

Indemnity Levels

Practice questions focusing on indemnity levels concepts.

1 questions

Policy Types

Practice questions focusing on policy types concepts.

1 questions

Data Sources

Practice questions focusing on data sources concepts.

1 questions

Timelines

Practice questions focusing on timelines concepts.

1 questions

Policy Design

Practice questions focusing on policy design concepts.

1 questions

Dispute Resolution

Practice questions focusing on dispute resolution concepts.

1 questions

Reinsurance

Practice questions focusing on reinsurance concepts.

1 questions

Actuarial Pricing

Practice questions focusing on actuarial pricing concepts.

1 questions

Distribution

Practice questions focusing on distribution concepts.

How to Pass the III IC-71 Exam

What You Need to Know

  • Passing score: 60% (Distinction at 75% or above)
  • Assessment: 100 objective multiple-choice questions in a single online paper. IC-71 is a 30-credit paper under the Insurance Institute of India (III) professional credit system.
  • Time limit: 2 hours
  • Exam fee: INR 600 per subject (30 credit points) for India candidates; fresh candidates also pay INR 800 registration (inclusive of life membership). Taxes extra. Fees w.e.f. 1.4.2026 per III Table of Fees.

Keys to Passing

  • Complete 500+ practice questions
  • Score 80%+ consistently before scheduling
  • Focus on highest-weighted sections
  • Use our AI tutor for tough concepts

III IC-71 Study Tips from Top Performers

1Study the official III IC-71 coursebook chapter by chapter before mixed mocks.
2Review the core regulations and guidelines relating to this paper.
3Sit full 100-question, 2-hour mocks aiming above 60%, with Distinction practice at 75%+.

Frequently Asked Questions

How many questions are on the III IC-71 exam?

The III objective papers, including IC-71, consist of 100 multiple-choice questions completed in 2 hours online.

What is the IC-71 passing score?

Passing marks for III online MCQ papers are 60% or above. Candidates scoring at least 75% earn Distinction in that subject.

How many credit points does IC-71 carry?

This paper (IC-71) carries 30 credit points under the Insurance Institute of India credit system.