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Course for becoming an insurance agent

If an individual wish to become an insurance agent, he/she has to go through an insurance agent certification course as prescribed by the Insurance Regulatory and Development Authority of India (IRDAI). The course details the concept of insurance and educates agents on the workings of insurance. The certificate course should be understood by agents because they appear for an agent’s exam which is based on the course. Only if the exam is cleared can individuals obtain a license to sell insurance policies.

Study material of the course

The certification course is contained in a book called IC 38. Every individual who wants to become a life or general insurance agent has to study this book, The important topics of the course include the following –

  • The concept and working of insurance – what is insurance, how it works, why insurance is necessary, etc. are discussed in this topic
  • The principles of insurance – this topic discusses the unique principles on which insurance is offered to individuals
  • The types of insurance plans – this deals mainly with the type of life insurance plans available in the market
  • Claims – the different types of claims which incur in a life insurance policy and how should the claims be settled are discussed herein
  • Underwriting – this topic states how the insurance company assesses the risk before issuing the policy
  • The professional insurance market – herein the structure of the insurance market and how agents are required to conduct business is discussed
  • Work ethics – this topic details the different legislations which govern the work ethics of insurance agents as well as insurance companies
  • Grievance redressal – a very important topic, this topic outlines the process using which policyholders can raise and get their grievances settled with respect to insurance

Sample questions

General insurance exams –

Which among the following is a method of risk transfer?

  • Bank FD
  • Insurance
  • Equity shares
  • Real estate

In customer relationship, the first impression is created:

  • By being confident
  • By being on time
  • By showing interest
  • By being on time, showing interest and being confident

Which of the following factor does not affect the morbidity of an individual?

  • Gender
  • Spouse job
  • Habits
  • Residence location

According to the principle of indemnity, the insured is paid for –

  • The actual losses to the extent of the sum insured
  • The sum insured irrespective of the amount actually spent
  • A fixed amount agreed between both the parties
  • The actual losses irrespective of the sum assured

AUnder which of the following condition, is domiciliary hospitalization is covered in a health insurance policy?

  • The condition of the patient is such that he/she can be removed to the Hospital/Nursing Home , but prefer not to
  • The patient cannot be removed to Hospital/Nursing Home for lack of accommodation therein
  • The treatment can be carried out only in hospital/Nursing home
  • Duration of hospitalization is exceeding 24 hours

Life insurance exams –

Who among the following is most likely to buy variable life insurance?

  • People seeking fixed return
  • People who are risk averse and do not dabble in equity
  • Knowledgeable people comfortable with equity
  • Young people in general

Which of the below losses are covered under keyman insurance?

  • Property theft
  • Losses related to the extended period when a key person is unable to work
  • General liability
  • Losses caused due to errors and omission

Which of the below is not a factor in determining life insurance premium?

  • Mortality
  • Rebate
  • Reserves
  • Management expenses

During the _________ period, if the policyholder has bought a policy and does not want it, he / she can return it and get a refund.

  • Free evaluation
  • Free look
  • Cancellation
  • Free trial

When is a policy deemed to be lapsed?

  • If the premiums are not paid on due date
  • If the premiums are not paid before the due date
  • If the premium has not been paid even during days of grace
  • If the policy is surrendered

IRDAI exam

After the individual is trained in the certification course, an exam is conducted which is prescribed by the Insurance Regulatory and Development Authority of India (IRDAI). If the individual scores at least 40% in the exam, he can obtain an insurance agent license and sell insurance policies.

The Mintpro alternative

Mintpro is an online platform which allows individuals to enrol with it and become a POSP (point of sale person). A POSP (point of sale person) is also a type of an agent who can sell both life and general insurance policies of multiple companies.

The certification course for becoming a POSP (point of sale person) is short and simple. Any individual can enrol for the certification course if he is more than 18 years old and has cleared Class 10.

The course is taught through online videos and tutorials which can be accessed through the candidate’s computer or smartphone from the comfort of his/her own home or office. The course includes knowledge about the following –

  • Concept and working of insurance
  • Insurance market in India
  • Classification of insurance
  • Health and personal accident insurance
  • Documents required in insurance
  • Premiums
  • Claims
  • Protection of policyholder’s interests
  • Grievance redressal mechanisms
  • AML and KYC guidelines
  • Do’s and Don’ts of a PoSP

You can see a sample video here

After the completion of the online certification course, there is an online exam. If the individual clears the exam with a minimum of 40%, he can become a POSP (pointof sale person) with Mintpro.

So, if you don’t want a complicated certification course meant for agents, you can join Mintpro, take an online certification course and become a POSP (point of sale person).

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