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100+ Free III IC-78 Practice Questions

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2026 Statistics

Key Facts: III IC-78 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-78

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-78 is a 100-question, 2-hour online MCQ paper on Miscellaneous 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-78 Practice Questions

Try these sample questions to test your III IC-78 exam readiness. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.

1Which of the following elements is absolutely essential to constitute a claim under a Burglary (Business Premises) policy?
A.Violent and forcible entry or exit
B.Entry by use of duplicate keys
C.Peaceful entry into the premises
D.Entry by a known employee
Explanation: A standard Burglary (Business Premises) policy requires the loss to involve theft following an actual, forcible, and violent entry into or exit from the premises.
2Under Fidelity Guarantee Insurance, what does the 'discovery period' signify?
A.The time taken by the insurer to discover fraudulent acts
B.The period within which the insured must discover the loss after the expiry of the policy or termination of the employee
C.The time given to an employee to admit their fraud
D.The time during which the employer cannot file any claims
Explanation: The discovery period in a Fidelity Guarantee policy is the specific time frame allowed for the employer to discover a loss following the termination of the errant employee or the expiry of the policy.
3In Money Insurance, which of the following is usually excluded from the definition of 'Money' unless specifically declared?
A.Bank notes
B.Treasury notes
C.Promissory notes
D.Cheques
Explanation: Promissory notes are generally excluded from standard definitions of 'Money' in money insurance policies unless specially agreed upon, whereas cash, bank notes, and cheques are normally covered.
4Which specific cover can be added to a Burglary policy to protect against losses resulting from damage caused to the premises by burglars?
A.Theft extension
B.Hold-up cover
C.All risks extension
D.Damage to premises extension
Explanation: Damage to premises extension covers the costs associated with repairing the physical damage inflicted by burglars during a break-in or an attempted break-in.
5In Personal Accident insurance, what percentage of the Capital Sum Insured (CSI) is typically payable for Permanent Total Disablement (PTD)?
A.100%
B.75%
C.50%
D.150%
Explanation: Standard Personal Accident policies pay 100% of the Capital Sum Insured (CSI) in the event of Permanent Total Disablement (PTD).
6Credit Insurance protects the insured against which of the following risks?
A.Physical damage to insured goods during transit
B.Non-payment of trade debts due to insolvency or protracted default of the buyer
C.Fraud committed by the insured's employees
D.Loss of profit due to machinery breakdown
Explanation: Credit Insurance is designed to cover businesses against the risk of non-payment by their buyers due to insolvency or protracted default.
7Under a Special Contingency policy covering an event cancellation, which of the following is typically a standard exclusion?
A.Adverse weather conditions
B.Non-appearance of a key speaker due to accident
C.Lack of interest or inadequate ticket sales
D.Power failure at the venue
Explanation: Event cancellation insurance explicitly excludes losses arising from a lack of public interest, inadequate ticket sales, or poor marketing, as these are normal business risks.
8Which of the following Fidelity Guarantee policies covers a specified group of employees where the guarantee amount is the same for each employee?
A.Individual Policy
B.Blanket Policy
C.Floating Policy
D.Collective Policy
Explanation: A Collective Policy covers a named group of employees, with a specified guarantee amount applying separately to each named individual.
9In Money in Transit insurance, when does the transit risk generally commence?
A.From the moment the money is handed over to the authorized messenger
B.When the money is placed in a locked safe
C.When the money physically leaves the insured's premises
D.When the money is drawn from the bank
Explanation: Transit risk in money insurance commences as soon as the money is handed over to the authorized employee or messenger for transit.
10A Personal Accident policy is typically an 'agreed value' policy. What does this mean?
A.The insurer will replace the injured body part
B.The compensation is a pre-agreed fixed sum for specific injuries regardless of actual financial loss
C.The payout is based strictly on the actual medical expenses incurred
D.The sum insured is determined only after the accident occurs
Explanation: Personal Accident is a benefit policy where pre-agreed fixed sums are paid for death or specific disablements, rather than being strictly an indemnity policy based on exact financial loss.

About the III IC-78 Exam

The III IC-78 Miscellaneous Insurance exam evaluates candidate understanding of key principles and practical concepts in Miscellaneous Insurance. The syllabus encompasses various modules detailed below.

Assessment

100 objective multiple-choice questions in a single online paper. IC-78 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-78 Exam Content Outline

13 questions

Exclusions

Practice questions focusing on exclusions concepts.

9 questions

Definitions

Practice questions focusing on definitions concepts.

6 questions

Extensions

Practice questions focusing on extensions concepts.

6 questions

Policy Types

Practice questions focusing on policy types concepts.

5 questions

Benefits

Practice questions focusing on benefits concepts.

5 questions

Clauses

Practice questions focusing on clauses concepts.

4 questions

Underwriting

Practice questions focusing on underwriting concepts.

4 questions

Aviation Insurance

Practice questions focusing on aviation insurance concepts.

4 questions

Jewellers Block Policy

Practice questions focusing on jewellers block policy concepts.

3 questions

Policy Coverage

Practice questions focusing on policy coverage concepts.

3 questions

Policy Conditions

Practice questions focusing on policy conditions concepts.

3 questions

Principles

Practice questions focusing on principles concepts.

3 questions

Bankers Blanket Policy

Practice questions focusing on bankers blanket policy concepts.

3 questions

Warranties

Practice questions focusing on warranties concepts.

3 questions

Package Policies

Practice questions focusing on package policies concepts.

3 questions

Pedal Cycle Insurance

Practice questions focusing on pedal cycle insurance concepts.

2 questions

Event Cancellation

Practice questions focusing on event cancellation concepts.

2 questions

Transit Risk

Practice questions focusing on transit risk concepts.

2 questions

First Loss Policy

Practice questions focusing on first loss policy concepts.

2 questions

Risk Classification

Practice questions focusing on risk classification concepts.

2 questions

Ttd

Practice questions focusing on ttd concepts.

2 questions

All Risks

Practice questions focusing on all risks concepts.

2 questions

Declaration Policy

Practice questions focusing on declaration policy concepts.

2 questions

Television Insurance

Practice questions focusing on television insurance concepts.

2 questions

Bloodstock Insurance

Practice questions focusing on bloodstock insurance concepts.

2 questions

Neon Sign Insurance

Practice questions focusing on neon sign insurance concepts.

2 questions

Ppd

Practice questions focusing on ppd concepts.

2 questions

Indemnity

Practice questions focusing on indemnity concepts.

2 questions

Claims Procedure

Practice questions focusing on claims procedure concepts.

2 questions

Plate Glass Insurance

Practice questions focusing on plate glass insurance concepts.

2 questions

Claims

Practice questions focusing on claims concepts.

2 questions

Infidelity

Practice questions focusing on infidelity concepts.

1 questions

Burglary Elements

Practice questions focusing on burglary elements concepts.

1 questions

Discovery Period

Practice questions focusing on discovery period concepts.

1 questions

Policy Exclusions

Practice questions focusing on policy exclusions concepts.

1 questions

Ptd

Practice questions focusing on ptd concepts.

1 questions

Commencement Of Cover

Practice questions focusing on commencement of cover concepts.

1 questions

Agreed Value

Practice questions focusing on agreed value concepts.

1 questions

Subrogation

Practice questions focusing on subrogation concepts.

1 questions

Specialized Covers

Practice questions focusing on specialized covers concepts.

1 questions

Atm Insurance

Practice questions focusing on atm insurance concepts.

1 questions

System Of Check

Practice questions focusing on system of check concepts.

1 questions

Whole Turnover

Practice questions focusing on whole turnover concepts.

1 questions

Hull Insurance

Practice questions focusing on hull insurance concepts.

1 questions

Collusion

Practice questions focusing on collusion concepts.

1 questions

Money In Safe

Practice questions focusing on money in safe concepts.

1 questions

Valuation

Practice questions focusing on valuation concepts.

1 questions

Loss Of License

Practice questions focusing on loss of license concepts.

1 questions

Trade Disputes

Practice questions focusing on trade disputes concepts.

1 questions

Average Clause

Practice questions focusing on average clause concepts.

1 questions

Position Policy

Practice questions focusing on position policy concepts.

1 questions

Occupational Class

Practice questions focusing on occupational class concepts.

1 questions

Prize Indemnity

Practice questions focusing on prize indemnity concepts.

1 questions

Hole In One

Practice questions focusing on hole in one concepts.

1 questions

Baggage Insurance

Practice questions focusing on baggage insurance concepts.

1 questions

Stock Book

Practice questions focusing on stock book concepts.

1 questions

Cessation Of Cover

Practice questions focusing on cessation of cover concepts.

1 questions

Cumulative Bonus

Practice questions focusing on cumulative bonus concepts.

1 questions

Ecgc

Practice questions focusing on ecgc concepts.

1 questions

Coverage

Practice questions focusing on coverage concepts.

1 questions

Reinstatement

Practice questions focusing on reinstatement concepts.

1 questions

Passenger Liability

Practice questions focusing on passenger liability concepts.

1 questions

Transit

Practice questions focusing on transit concepts.

1 questions

Protracted Default

Practice questions focusing on protracted default concepts.

1 questions

Validity

Practice questions focusing on validity concepts.

1 questions

Inherent Vice

Practice questions focusing on inherent vice concepts.

1 questions

Csi

Practice questions focusing on csi concepts.

1 questions

Credit Limit

Practice questions focusing on credit limit concepts.

1 questions

Forcible Entry

Practice questions focusing on forcible entry concepts.

1 questions

Entrustment

Practice questions focusing on entrustment concepts.

1 questions

Amount Of Guarantee

Practice questions focusing on amount of guarantee concepts.

1 questions

Cessation

Practice questions focusing on cessation concepts.

1 questions

Geographical Limits

Practice questions focusing on geographical limits concepts.

1 questions

Covered Risks

Practice questions focusing on covered risks concepts.

1 questions

Non Qualifying Loss

Practice questions focusing on non qualifying loss concepts.

1 questions

Deductibles

Practice questions focusing on deductibles concepts.

1 questions

Co Insurance

Practice questions focusing on co insurance concepts.

1 questions

Group Policies

Practice questions focusing on group policies concepts.

1 questions

Sports Insurance

Practice questions focusing on sports insurance concepts.

1 questions

Basis Of Indemnity

Practice questions focusing on basis of indemnity concepts.

1 questions

Reinstatement Value

Practice questions focusing on reinstatement value concepts.

1 questions

Security Warranties

Practice questions focusing on security warranties concepts.

1 questions

Pet Insurance

Practice questions focusing on pet insurance concepts.

1 questions

Floating Policy

Practice questions focusing on floating policy concepts.

1 questions

Underwriting Factors

Practice questions focusing on underwriting factors concepts.

1 questions

Political Risks

Practice questions focusing on political risks concepts.

1 questions

Policy Nature

Practice questions focusing on policy nature concepts.

1 questions

Breach

Practice questions focusing on breach concepts.

1 questions

Discretionary Limit

Practice questions focusing on discretionary limit concepts.

1 questions

Valuable Papers

Practice questions focusing on valuable papers concepts.

1 questions

Commercial Crime

Practice questions focusing on commercial crime concepts.

1 questions

Medical Expenses

Practice questions focusing on medical expenses concepts.

1 questions

Assault Cover

Practice questions focusing on assault cover concepts.

1 questions

Ground Risks

Practice questions focusing on ground risks concepts.

1 questions

Salvage

Practice questions focusing on salvage concepts.

1 questions

Non Appearance

Practice questions focusing on non appearance concepts.

1 questions

Moral Hazard

Practice questions focusing on moral hazard concepts.

1 questions

Franchise

Practice questions focusing on franchise concepts.

How to Pass the III IC-78 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-78 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-78 Study Tips from Top Performers

1Study the official III IC-78 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-78 exam?

The III objective papers, including IC-78, consist of 100 multiple-choice questions completed in 2 hours online.

What is the IC-78 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-78 carry?

This paper (IC-78) carries 30 credit points under the Insurance Institute of India credit system.