IC71 mock test gives you free chapter wise and full length practice for the Insurance Institute of India (III) Agricultural Insurance exam. The real IC71 paper has 100 multiple choice questions in 2 hours with no negative marking, and the passing score is 50 out of 100. Start practicing now with tests mapped directly to all 15 chapters of the official III IC71 syllabus.
IC71 Agricultural Insurance Exam Pattern at a Glance
Knowing the exact exam structure before you start any IC71 mock test helps you use your practice time more effectively.
| Parameter | Details |
|---|---|
| Conducting Body | Insurance Institute of India (III), Mumbai |
| Subject Name | Agricultural Insurance |
| Paper Code | IC71 |
| Programme Level | Licentiate and Associateship |
| Total Questions | 100 Multiple Choice Questions |
| Total Marks | 100 |
| Duration | 2 hours (120 minutes) |
| Negative Marking | None |
| Passing Marks | 50 out of 100 |
| Medium | English |
| Exam Mode | Online via III portal |
| Regulator | IRDAI (Insurance Regulatory and Development Authority of India) |
No negative marking applies in IC71. Attempt every single question, including ones you are unsure about. Each unanswered question is a missed mark with no risk attached.
IC71 Mock Test by Chapter: All 15 Chapters Covered
Each IC71 practice test on this platform maps directly to the official III syllabus chapter. Attempt the chapter test after reading each chapter to lock in your understanding before the next one.
| Chapter | Topic | Practice Questions | Study Priority |
|---|---|---|---|
| Chapter 1 | Glossary of Terms for Agriculture Insurance | 20 | High (definitions return across all chapters) |
| Chapter 2 | Introduction to Indian Agriculture | 25 | Medium |
| Chapter 3 | Risk in Agriculture | 30 | High |
| Chapter 4 | History of Crop Insurance in India | 25 | High (10 or more direct questions per paper) |
| Chapter 5 | Crop Insurance Design Considerations | 30 | Very High |
| Chapter 6 | Crop Insurance: Yield Index Underwriting and Claims | 35 | Very High (PMFBY area approach questions) |
| Chapter 7 | Weather Based Crop Insurance | 30 | Very High (RWBCIS strike value questions) |
| Chapter 8 | Traditional Crop Insurance: Underwriting and Claims | 30 | High |
| Chapter 9 | Agriculture Insurance in Other Countries | 20 | Medium |
| Chapter 10 | Livestock and Cattle Wealth in Indian Economy | 25 | Medium |
| Chapter 11 | Types of Cattle and Buffaloes | 20 | Medium (often skipped, but 10 to 12 questions in real paper) |
| Chapter 12 | Cattle Insurance in India | 30 | High |
| Chapter 13 | Poultry Insurance in India | 25 | Medium |
| Chapter 14 | Miscellaneous Agriculture Insurance Schemes | 25 | High (CPIS, UPIS questions appear regularly) |
| Chapter 15 | Agriculture Reinsurance | 30 | High (8 to 10 questions, mostly concept based) |
5 High Weight IC71 Topics That Appear Most in the Exam
Scoring 50 or above in IC71 depends heavily on these 5 areas. Each one appears in multiple chapters and contributes the highest question count per paper.
1. Pradhan Mantri Fasal Bima Yojana (PMFBY)
PMFBY, launched on January 13, 2016 by the Ministry of Agriculture and Farmers Welfare, replaced both the National Agricultural Insurance Scheme (NAIS) and the Modified NAIS. Questions on PMFBY appear across Chapters 4, 5, 6, and 8. Know these 3 premium rates exactly: farmers pay 2% for Kharif crops, 1.5% for Rabi crops, and 5% for horticulture and commercial crops. The central and state governments split the remaining actuarial premium as subsidy. Crop Cutting Experiments (CCE) conducted by state governments determine yield data for area based claim settlements under PMFBY.
2. Yield Index vs. Weather Index Insurance
Yield index insurance, used in PMFBY, pays claims based on area average yield shortfall measured through Crop Cutting Experiments. Weather index insurance, used in RWBCIS, pays automatically when a weather parameter like rainfall, temperature, or humidity crosses the pre-agreed strike value. Chapter 6 and Chapter 7 together account for 20 to 25 questions per IC71 paper. Know the difference between basis risk (weather index gap from actual loss) and moral hazard (individual approach limitation) since both appear as MCQ options.
3. Cattle and Livestock Insurance (Chapters 10 to 13)
Cattle insurance in India covers milch animals, draught animals, and bullocks against death due to accident, disease, or surgical operation. Agriculture Insurance Company of India (AIC) and general insurers implement cattle insurance policies. Chapters 10 to 13 together contribute 25 to 30 marks in the actual IC71 exam. Most candidates skip these chapters, which gives you a direct advantage if you prepare them well.
4. History of Crop Insurance in India (Chapter 4)
India’s formal crop insurance history begins with the Pilot Crop Insurance Scheme introduced in 1979 by the General Insurance Corporation of India. Key milestones covered in Chapter 4 include the Comprehensive Crop Insurance Scheme of 1985, the National Agricultural Insurance Scheme of 1999, the Modified NAIS, and the current PMFBY structure from 2016. Expect at least 10 questions on scheme names, launch years, implementing agencies, and coverage types.
5. Agriculture Reinsurance (Chapter 15)
Agriculture reinsurance protects insurance companies from catastrophic crop loss years by transferring risk to reinsurers like GIC Re. Chapter 15 covers quota share arrangements, stop loss reinsurance, excess of loss treaties, and the role of reinsurance in stabilising the agricultural insurance market. Though Chapter 15 is short, it consistently produces 8 to 10 questions in every IC71 paper due to its concept based question style.
IC71 Agricultural Insurance Key Terms for Exam Ready Preparation
These definitions appear directly in Chapter 1 and return as answer options across all 15 chapters. Memorise them before attempting any IC71 practice test.
- Threshold Yield: the guaranteed minimum yield per unit area, calculated as a moving average of the past 3 to 7 years of actual yield data for that crop in that zone
- Indemnity Level: the percentage of threshold yield used to compute the insured farmer’s entitlement, typically set at 60%, 70%, 80%, or 90% under PMFBY
- Sum Insured: the maximum claimable amount per hectare under a crop insurance policy, linked to the scale of finance or cost of cultivation notified by the state government
- Area Approach: the method where all insured farmers in a defined insurance unit receive claims at the same rate based on average area yield, used in PMFBY
- Individual Approach: the method where claims are assessed at the individual farm level, applied mainly to horticulture and plantation crops
- Actuarial Premium: the scientifically computed premium rate that recovers expected long term losses for a specific crop in a specific zone over many years
- Strike Value: the pre-agreed weather threshold in RWBCIS at which a payout triggers automatically, such as rainfall below 50mm in a 30 day window
- Basis Risk: the gap between an individual farmer’s actual crop loss and the payout received under a weather index policy, a key limitation of RWBCIS
- Stop Loss Reinsurance: an agriculture reinsurance arrangement where the reinsurer covers losses above a fixed percentage of the gross premium earned by the insurer
- Quota Share: a reinsurance treaty where the insurer and reinsurer split every risk at a fixed percentage from the first rupee of liability
Government Crop Insurance Schemes Tested in IC71
Every major national crop insurance programme appears in the IC71 exam. Know each scheme by its name, implementing agency, coverage type, and how it differs from the others.
- Pradhan Mantri Fasal Bima Yojana (PMFBY): launched January 13, 2016, implemented by Agriculture Insurance Company of India (AIC) and empanelled general insurers, covers all food crops, oilseeds, and horticulture crops under area based yield approach with actuarial premium and government subsidy
- Restructured Weather Based Crop Insurance Scheme (RWBCIS): uses Automatic Weather Stations (AWS) data to trigger payouts automatically against rainfall, temperature, humidity, or wind speed crossing the strike value, no Crop Cutting Experiments needed
- National Agricultural Insurance Scheme (NAIS): operated from 1999 until it was replaced by PMFBY in 2016, used area based approach with community premium rates and government subsidy, implemented by AIC
- Coconut Palm Insurance Scheme (CPIS): covers coconut palms aged 4 to 60 years against death from natural calamities, fire, pest, and disease, premium subsidy shared by central and state governments
- Unified Package Insurance Scheme (UPIS): a bundled product covering crop, assets, life, personal accident, and student safety of a farm family under a single policy, implemented through a single premium
- Modified National Agricultural Insurance Scheme (MNAIS): an improvement over NAIS that used actuarial premiums, individual farm level assessments for localised risks, and faster claim settlement timelines before PMFBY replaced it
How to Use IC71 Mock Test for Best Results
A structured 4 step approach turns each IC71 mock test session into measurable score improvement, not just passive practice.
Step 1: Take a Full Baseline Test First
Attempt a full 100 question IC71 mock test before studying any chapter. Your baseline score immediately shows which chapters need the most attention. Candidates who skip this step waste study time on chapters they already understand well.
Step 2: Study Then Test Each Chapter
Read one IC71 chapter from the official III textbook, then attempt that chapter’s practice test the same day. Target a score above 70% in each chapter test before moving to the next. If you score below 70%, re-read the weak sections and retake the chapter test.
Step 3: Review Every Wrong Answer With Its Explanation
Read the explanation for every wrong answer, not just the correct option. Understanding why a wrong option is wrong builds faster pattern recognition for similar questions in the real IC71 paper. Spend at least 5 minutes on review for every 10 questions attempted.
Step 4: Take 3 to 4 Full Tests in the Final Week
Candidates who score 80 or above in at least 3 consecutive full IC71 mock tests pass the real exam with a strong margin. Set a strict 2 hour timer for every full test attempt. Stop when the timer ends, even if you have questions left. Real exam pressure starts with your practice habits.
Why Many Candidates Fail IC71 and How Mock Tests Fix That
Most IC71 failures come from 4 predictable mistakes. Each one has a direct fix through the right mock test practice.
- Skipping livestock chapters 10 to 13: These 4 chapters contribute 25 to 30 marks. Most candidates focus only on crop insurance and lose marks they could easily have scored
- Not memorising PMFBY premium rates: The 3 rates (2%, 1.5%, 5%) appear as direct MCQ options across multiple questions. Missing even 1 of the 3 costs you 2 to 3 marks minimum
- Confusing yield index and weather index insurance: Both models appear in at least 15 questions per paper. Know which scheme uses area approach and which uses strike value triggers
- Attempting the real exam with no timed practice: Answering 100 questions accurately in 120 minutes needs speed training. Reading the textbook alone does not build that speed
IC71 Study Schedule: 20 Day Plan Using Mock Tests
Follow this schedule to cover all 15 chapters and complete enough mock test practice to pass IC71 on your first attempt.
- Days 1 to 15: Read 1 chapter per day from the official III IC71 textbook, then attempt that chapter’s practice test before sleeping
- Day 16: Attempt your first full length IC71 mock test in 2 hours and review all wrong answers
- Day 17: Retake chapter tests for your 3 lowest scoring chapters from Day 16
- Day 18: Attempt a second full length IC71 mock test under timed conditions
- Day 19: Revise PMFBY, RWBCIS, NAIS, cattle insurance, and reinsurance key facts
- Day 20: Attempt your third full IC71 mock test targeting 80 or above
After Day 20, if your score is consistently above 70, you are ready for the real exam. If you score below 70 in any attempt, add 2 more days for the specific chapters pulling your score down.
IC71 Mock Test: Frequently Asked Questions
Each full length IC71 mock test has 100 multiple choice questions for 100 marks in 2 hours. Chapter wise practice tests carry 20 to 35 questions depending on the chapter’s weight in the actual III exam. All questions match the official III IC71 syllabus.
No, the IC71 Agricultural Insurance exam by the Insurance Institute of India has zero negative marking. Every wrong answer scores 0. Attempt all 100 questions even when unsure, as any guess can score 1 mark with no penalty for being wrong.
The IC71 passing score is 50 out of 100 (50%). Candidates targeting Associateship with higher aggregate credits should aim for 65 or above per paper. Track your mock test scores against these benchmarks after every full length attempt.
Chapters 5, 6, 7, and 8 carry the highest question weight in IC71, covering crop insurance design, yield index underwriting, weather based crop insurance, and traditional underwriting. Together with Chapter 4 (history) and Chapter 12 (cattle insurance), these 6 chapters typically account for 50 to 60 marks out of 100 in the real exam.
Mock tests alone are not enough to pass IC71. Read the official III IC71 textbook chapter by chapter first, since all real exam questions come directly from that material. Then use chapter wise practice tests to test recall and full length tests to build the speed needed for 100 questions in 120 minutes.
