The IC71 mock test is a free online practice test for the Agricultural Insurance subject of the Insurance Institute of India (III) exam. It has 100 questions and covers all 15 IC71 syllabus chapters. You need 60 marks out of 100 to pass. Start the free IC71 mock test online below. Find your weak chapters before your III exam date.
IC71 Agricultural Insurance Exam Pattern: What You Must Know Before Starting
The IC71 Agricultural Insurance exam has 100 MCQs in 90 minutes. The IRDAI Licentiate exam IC71 is conducted online as a Computer Based Test (CBT). The Insurance Institute of India (III) runs this exam 4 times a year. There is no negative marking. Every unanswered question is a lost mark.
IC71 is an optional subject worth 20 credit points under the IRDAI Credit Point System (CPS). These 20 credit points count toward the 60 needed for the Licentiate Certificate. They also count toward the 250 needed for the Associateship Diploma.
Each IC71 MCQ tests a specific concept from one of the 15 chapters. Every agricultural insurance MCQ is drawn directly from the IC71 textbook by the Insurance Institute of India. Identifying which chapters produce the most crop insurance MCQs is the fastest scoring strategy.
| Exam Parameter | Details |
|---|---|
| Subject Code and Name | IC71: Agricultural Insurance |
| Conducted By | Insurance Institute of India (III), Mumbai |
| Governed By | IRDAI (Insurance Regulatory and Development Authority of India) |
| Exam Level | Licentiate, Associateship, Fellowship (optional subject) |
| Total Questions | 100 Multiple Choice Questions (MCQs) |
| Total Marks | 100 (1 mark per question) |
| Passing Marks | 60 out of 100 |
| Exam Duration | 90 minutes |
| Exam Mode | Online: Computer Based Test (CBT) |
| Exam Frequency | 4 sessions per year: January, April, July, October |
| Negative Marking | None: attempt all 100 questions |
| Credit Points on Passing | 20 credit points (Licentiate and Associateship level) |
| Credit Point Validity | 5 years from date of passing (permanent after Associateship) |
| Exam Fee | Rs. 500 per subject |
| Study Material | IC71 Agricultural Insurance textbook published by III, Mumbai |
| IC71 exam registration portal | insuranceinstituteofindia.com |
IC71 Syllabus: All 15 Chapters and What the III Exam Actually Tests
The IC71 Agricultural Insurance syllabus has 15 chapters published by the Insurance Institute of India. The IC71 question paper draws from all 15. Chapter-wise IC71 mock test practice shows exactly which chapters are costing you the passing mark.
Chapter 1: Glossary of Terms for Agriculture Insurance
This chapter defines every core term in agricultural insurance underwriting. IC71 mock test questions on glossary terms produce guaranteed easy marks because each definition is specific and directly testable as one MCQ.
- Threshold yield: the benchmark yield level that triggers a NAIS claim when actual yield falls below it
- Indemnity level: the percentage of threshold yield that sets the claim trigger, at 60%, 70%, 80%, or 90%
- Area approach: uses average yield of a defined insurance unit rather than an individual farm, reducing moral hazard
- Individual approach: covers individual farm yield, carries higher moral hazard, and requires more data
- Insurance unit: the smallest geographic area used for claim calculation in crop insurance
- Sum insured: the maximum claim amount a farmer receives under the policy
- Moving average yield: the average of past yield data used to calculate threshold yield under NAIS
- IC71 important questions on glossary terms appear in every III exam session, so read this chapter first
Chapter 2: Introduction to Indian Agriculture
This chapter covers India’s agricultural economy, land records, the Agricultural Census, and major research bodies like ICAR. Questions from Chapter 2 in IC71 Agricultural Insurance mock tests test factual recall. One thorough reading of this chapter is enough.
- Agriculture contributes approximately 18% to India’s GDP and employs over 50% of the workforce
- ICAR (Indian Council of Agricultural Research) coordinates all agricultural research and education in India
- Agricultural Census collects data on land use, tenancy, and cropping patterns every 5 years
- India has 4 agro-climatic zones and 15 agro-climatic regions used in crop insurance planning
- Land records computerization under the Digital India initiative affects insurance data quality directly
Chapter 3: Risks in Agriculture (High Weight)
Agricultural risks fall into 4 main types: production risk, market risk, financial risk, and institutional risk. Chapter 3 is the conceptual base for all IC71 Agricultural Insurance underwriting questions. Expect 6 to 9 exam questions from this chapter.
- Production risk: crop failure from drought, flood, cyclone, hailstorm, pest attack, or disease
- Market risk: price collapse after harvest, reducing farmer income even when crops succeed
- Financial risk: inability to repay Kisan Credit Card (KCC) loans when crops fail
- Institutional risk: failure of government crop support programs like MSP procurement
- Climate change increases covariate risk, meaning losses hit all farmers in a region at once
- Covariate risk is why individual crop insurance is not viable without reinsurance support
- Tools to manage agricultural risk include crop insurance, commodity futures, and government price support
Chapter 4: History of Crop Insurance in India
India’s crop insurance history spans more than 4 decades. IC71 Agricultural Insurance mock test questions on crop insurance history test the correct launch years and scheme names. Getting the chronology wrong loses marks that should be easy to score.
- Pilot Crop Insurance Scheme (PCIS): individual approach, launched 1979
- CCIS (1985): area-based approach that replaced PCIS, linked to crop loans
- Experimental Crop Insurance Scheme (ECIS): targeted small and marginal farmers with 100% premium subsidy
- National Agricultural Insurance Scheme (NAIS): launched 22 June 1999, replaced CCIS
- Modified NAIS (MNAIS): piloted from Rabi 2010 to 2011 with actuarial premium and a farmer-share cap
- Pradhan Mantri Fasal Bima Yojana (PMFBY): implemented from Kharif 2016, replaced MNAIS
Chapter 5: Crop Insurance Design Considerations (High Weight)
Crop insurance design questions are among the highest-scoring MCQ areas in the IC71 Agricultural Insurance exam. Chapter 5 accounts for 8 to 12 marks in the III exam and must get focused mock test practice before your exam date.
- Area approach advantages: reduces moral hazard, lowers data requirements, speeds up claim settlement
- Individual approach advantages: accurate farm-level loss measurement, higher farmer satisfaction
- Moral hazard: a farmer’s reduced effort to protect the crop because losses are covered by insurance
- Adverse selection: high-risk farmers enroll while low-risk farmers opt out, raising the overall loss ratio
- Actuarial premium: premium based on actual historical loss probability for that crop in that area
- Subsidized premium: government pays part of the actuarial premium on behalf of the farmer
- Indemnity level options in NAIS: 60%, 70%, 80%, and 90% of threshold yield
- Sum insured for loanee farmers: the scale of finance for the crop loan (Kisan Credit Card limit)
- Sum insured for non-loanee farmers: value of the threshold yield for the insured crop
Chapter 6: Yield Index Based Underwriting and Claims, NAIS (Highest Weight)
Chapter 6 is the single most tested chapter in every IC71 Agricultural Insurance mock test. The NAIS threshold yield formula appears in almost every IC71 question paper and IC71 question bank. Master this formula before attempting any IC71 practice test.
NAIS Threshold Yield Formula: Most Repeated IC71 Calculation
- Threshold Yield for Rice and Wheat: 3-year moving average of past yields multiplied by Indemnity Level
- Threshold Yield for all other crops: 5-year moving average of past yields multiplied by Indemnity Level
- A claim triggers when Actual Area Yield falls below the Threshold Yield
- Claim per unit = (Threshold Yield minus Actual Area Yield) divided by Threshold Yield, multiplied by Sum Insured
- A minimum of 10 years of past yield data is required before a crop qualifies for NAIS coverage
NAIS Underwriting and Claims: Key IC71 Exam Facts
- NAIS was launched on 22 June 1999 and replaced CCIS as India’s national crop insurance program
- Loanee farmers: compulsory enrollment through crop loan or Kisan Credit Card disbursement
- Non-loanee farmers: voluntary enrollment through bank branches and PACS
- Area unit for major crops: Taluka, Mandal, or Hobli level
- Area unit for minor crops: District or Agro-Climatic Zone level
- Crop Cutting Experiments (CCE) provide the actual area yield data used in claim calculation
- CCE is conducted by state agriculture departments and supervised by patwaris and tehsil officers
- Premium subsidy for small and marginal farmers: 50% shared equally by Central and State Governments
- GIC Re was the initial implementing agency before Agriculture Insurance Company (AIC) of India started in 2002
- Claims get paid directly into the farmer’s bank account linked to the Kisan Credit Card
Chapter 7: Weather Based Crop Insurance (High Weight)
Weather-based crop insurance pays out when a weather parameter crosses a pre-agreed trigger level. No field survey or Crop Cutting Experiment (CCE) is needed for weather index claims. This speeds up payment but creates basis risk.
Weather Based Crop Insurance Scheme (WBCIS): IC71 Mock Test Key Points
- Weather triggers include: deficit rainfall, excess rainfall, high temperature, low temperature, high humidity, and frost
- Data source: Automatic Weather Stations (AWS) operated by IMD and private AWS providers
- Meghdoot App: joint initiative of IMD and ICAR providing weather advisories to farmers
- WBCIS is implemented by Agriculture Insurance Company (AIC) of India under government sponsorship
- Payout is automatic when the trigger breaches, with no farm visit needed
Basis Risk in IC71 Weather Insurance Questions: Most Repeated Definition
- Basis risk: the gap between the insurance payout received and the actual farm-level loss suffered
- Basis risk arises when AWS weather differs from conditions on the farmer’s individual plot
- A farmer can receive a payout even when no loss occurred on the farm
- A farmer can also receive no payout even when the crop failed completely
- Basis risk is the main reason WBCIS scores lower than NAIS yield index insurance in IC71 exam comparisons
- Reducing basis risk requires placing AWS units closer to insured farms, which raises program cost
WBCIS vs NAIS: Comparison Questions in IC71 Agricultural Insurance Exam
| Parameter | NAIS (Yield Index) | WBCIS (Weather Index) |
|---|---|---|
| Claim Trigger | Actual Area Yield below Threshold Yield | Weather parameter crosses trigger level at AWS |
| Data Required | Crop Cutting Experiment (CCE) yield data | AWS weather station readings |
| Field Survey | Yes: CCE conducted by state government | No: payout is automatic from AWS data |
| Claim Speed | Slower: CCE takes weeks or months after harvest | Faster: automated payout within days of trigger breach |
| Basis Risk Level | Lower: yield measured at area unit level | Higher: AWS may not match individual farm conditions |
| Primary Risk | CCE data quality and timeliness | Basis risk between AWS location and farm location |
Chapter 8: Traditional Crop Insurance, Underwriting and Claims
Traditional crop insurance covers named perils such as flood, drought, hailstorm, cyclone, and pest attack. IC71 Agricultural Insurance exam questions on Chapter 8 focus on loss assessment procedures and claim settlement steps.
- Named peril insurance: only the perils listed in the policy get covered
- All-risk insurance: all perils get covered except those specifically excluded
- Plantation and horticulture crop insurance: covers standing crops against named perils
- Traditional crop loss assessment requires a field survey by a licensed insurance surveyor
- CCE is also used in traditional area-based policies to verify actual area-level losses
Chapter 9: Agriculture Insurance in Other Countries
Global crop insurance models give the comparative context for IC71 Agricultural Insurance mock test questions on international programs. The USA Federal Crop Insurance Corporation (FCIC), set up in 1938, is the most tested international reference in IC71 previous year question papers.
- USA: Federal Crop Insurance Corporation (FCIC) since 1938, subsidized multiple-peril crop insurance
- Canada: AgriStability and AgriInsurance provide income stabilization linked to farm revenue history
- Spain: ENESA (Entidad Estatal de Seguros Agrarios) manages the national crop insurance system
- Mexico: AGROASEMEX provides parametric crop insurance and catastrophe reinsurance support
- Japan: Mutual aid crop insurance runs through agricultural cooperatives called JA
- World Bank Group: promotes index-based agricultural insurance in developing countries, including India
- CGAP and IFC: support microinsurance products for small and marginal farmers in Asia and Africa
Chapter 10: Livestock and Cattle Wealth in Indian Economy (High Weight)
India has the world’s largest cattle population and the largest buffalo population. IC71 Agricultural Insurance mock test questions on Chapter 10 cover livestock’s share in agricultural GDP and the role of NDDB, NABARD, and the National Livestock Mission.
- India has approximately 303 million cattle and 109 million buffaloes per Agricultural Census data
- NDDB (National Dairy Development Board) launched Operation Flood, making India the world’s top milk producer
- Livestock contributes approximately 26% of agricultural GDP in India
- National Livestock Mission (NLM): a Government of India scheme promoting livestock production and insurance
- NABARD provides refinance to banks for crop and livestock loans, supporting insurance penetration
Chapter 11: Types of Cattle and Buffaloes
This chapter lists major cattle breeds, buffalo breeds, their production traits, and disease vulnerabilities. IC71 exam candidates who skip Chapter 11 lose 3 to 5 marks from breed identification questions.
- Cattle breeds for milk production: Gir, Sahiwal, Red Sindhi, and Tharparkar are all high-yielding indigenous breeds
- Cattle breeds for draught work: Ongole, Hariana, and Kangayam are used in farm operations
- Buffalo breeds: Murrah (highest milk yield), Surti, Jaffarabadi, Nili-Ravi, and Mehsani
- Micro-chip implant and ear-tag numbering are mandatory for cattle insurance policy issuance and claim checks
- Foot and Mouth Disease (FMD): a viral disease that causes heavy livestock mortality and directly affects claims
- Hemorrhagic Septicemia (HS): a bacterial disease affecting cattle and buffaloes, a key Chapter 11 question
- Bovine Brucellosis: causes abortions in cattle, impacts both livestock value and insurance claim settlement
Chapter 12: Cattle Insurance in India (High Weight)
Cattle insurance protects farmers from financial loss when insured livestock dies accidentally or gets permanently disabled. IC71 Agricultural Insurance mock test questions on cattle insurance cover valuation, documentation, claim procedures, and government subsidy programs.
- Sum insured: the lower of market value of the animal or the outstanding loan amount
- Premium rate: typically 3% to 4% per annum of the sum insured for milch animals
- Ear-tag number and micro-chip ID are mandatory before any cattle insurance policy gets issued
- Post-mortem report from a registered veterinary surgeon is mandatory for all cattle death claims
- Rashtriya Pashudhan Bima Yojana (RPBY): Central Government scheme with 50% premium subsidy for BPL farmers
- State-sponsored cattle insurance programs: several states add premium subsidies through NABARD channels
- Cattle insurance is implemented by Agriculture Insurance Company (AIC) of India and empanelled general insurers
Chapter 13: Poultry Insurance in India
Poultry insurance covers mortality of broiler and layer birds from disease and accident on a commercial flock basis. IC71 Agricultural Insurance exam questions on Chapter 13 test underwriting criteria, flock size limits, and the difference between broiler and layer policy terms.
- Broiler insurance: all-risk mortality cover from day-old chick stage to slaughter weight
- Layer insurance: mortality cover for birds across the full laying cycle until end of productive life
- Minimum flock size: 500 birds per batch for commercial broiler or layer operations
- Premium rate: linked to breed, historical flock mortality, farm biosecurity level, and management practices
- Claim assessment: based on actual mortality records, veterinary reports, and farm inspection by a surveyor
Chapter 14: Miscellaneous Agriculture Insurance Schemes
Chapter 14 covers niche agricultural insurance products that many IC71 exam candidates overlook entirely. Skipping Chapter 14 costs 5 to 8 marks that are among the easiest to score in the IC71 Agricultural Insurance question paper.
- Aquaculture insurance: covers shrimp and fish against disease, flood, and natural calamity
- Sericulture insurance: covers silkworm rearing against disease and weather-related mortality
- Apiculture insurance: covers honey bee colonies and equipment against peril
- Agricultural pump set insurance: covers electric and diesel pump sets against flood, lightning, and fire
- Farmer Package Policy: combines accident, cattle, crop, and pump set cover for small and marginal farmers
- Biogas plant insurance: covers biogas digesters and related equipment used on farms
- Jan Prabha Accident (JPA): personal accident cover for farmers and agricultural workers
- Kalihan insurance: covers animal-drawn carts used in farm transport
- Pig, sheep, goat, and camel insurance: available through AIC and state-sponsored programs
- Sheep and goat insurance under Central Wool Board: a targeted program for wool-producing states
Chapter 15: Agriculture Reinsurance (High Weight)
Agriculture reinsurance is necessary because crop insurance losses are catastrophic and affect all farmers in a region at once. IC71 Agricultural Insurance mock test questions on Chapter 15 focus on stop-loss treaties, quota share treaties, and the government’s role as reinsurer of last resort.
- Quota Share Treaty (proportional): insurer and reinsurer share every risk in a fixed percentage from the first rupee of loss
- Surplus Treaty (proportional): insurer retains risks up to a defined limit; reinsurer takes the rest
- Excess of Loss Treaty (non-proportional): reinsurer pays only above the insurer’s per-event retention limit
- Stop-Loss Treaty (non-proportional): reinsurer pays when the overall loss ratio crosses a set threshold, such as 115% of premium
- Stop-Loss Treaty is the most suitable reinsurance structure for agricultural insurance because it controls the total portfolio loss ratio
- Government of India acts as reinsurer of last resort under NAIS for catastrophic loss years
- GIC Re (General Insurance Corporation of India): mandated reinsurer for all Indian insurers, including AIC of India
- Global agriculture reinsurers active in India: Swiss Re, Munich Re, Hannover Re, and GIC Re
- NABARD provides premium subsidy funding and works as a financial intermediary for agricultural insurance distribution
IC71 Chapter-Wise Weightage: Where Each Mark Comes From in the III Exam
Scoring 60 marks in the IC71 Agricultural Insurance exam does not need equal study of all 15 chapters. Chapters 5, 6, 7, 12, and 15 together account for 45 to 60 marks. Score 80% accuracy on these 5 chapters and you clear the IC71 exam even with average performance elsewhere.
| Chapter | Topic | Expected MCQs | Scoring Priority |
|---|---|---|---|
| Ch. 6 | Yield Index Based Underwriting and Claims (NAIS) | 12 to 15 | Start Here First |
| Ch. 7 | Weather Based Crop Insurance (WBCIS) and Basis Risk | 10 to 14 | Start Here First |
| Ch. 5 | Crop Insurance Design Considerations | 8 to 12 | Start Here First |
| Ch. 12 | Cattle Insurance in India and RPBY | 8 to 10 | Start Here First |
| Ch. 15 | Agriculture Reinsurance: Stop-Loss and Quota Share | 7 to 10 | Start Here First |
| Ch. 3 | Risks in Agriculture: Production, Market, Financial | 6 to 9 | High |
| Ch. 10 | Livestock and Cattle Wealth in Indian Economy (NDDB) | 5 to 7 | High |
| Ch. 9 | Agriculture Insurance in Other Countries (FCIC USA) | 5 to 8 | Medium |
| Ch. 14 | Miscellaneous Schemes: Aquaculture, Sericulture, Pump Set | 5 to 8 | Medium |
| Ch. 8 | Traditional Crop Insurance: Underwriting and Claims | 4 to 6 | Medium |
| Ch. 4 | History: PCIS, CCIS, NAIS, MNAIS, PMFBY | 4 to 6 | Moderate |
| Ch. 11 | Types of Cattle and Buffaloes: Breeds, FMD, HS | 3 to 5 | Moderate |
| Ch. 13 | Poultry Insurance: Broiler and Layer | 3 to 5 | Moderate |
| Ch. 2 | Introduction to Indian Agriculture: ICAR, Census | 3 to 5 | Easy Marks |
| Ch. 1 | Glossary: Threshold Yield, Indemnity Level | 4 to 6 | Easy Marks |
NAIS vs PMFBY vs MNAIS: Comparison Questions Answered for IC71 Exam
IC71 Agricultural Insurance mock tests and III exam papers regularly test NAIS, MNAIS, and PMFBY comparisons. Getting this comparison right earns 4 to 6 marks that most candidates lose because of confusion between the three schemes.
| Parameter | NAIS | MNAIS | PMFBY |
|---|---|---|---|
| Launch | 22 June 1999 | Rabi 2010 to 2011 (pilot) | Kharif 2016 |
| Premium for Farmers | Actuarial or subsidized, varied by crop and state | Actuarial with a government cap on farmer share | Flat: 2% Kharif, 1.5% Rabi, 5% commercial |
| Area Unit | Taluka or Mandal level | Village Panchayat level | Village Panchayat or smaller unit |
| Post-Harvest Loss Cover | Not covered | Up to 2 weeks after harvest | Up to 14 days after harvest |
| Localized Perils | Not covered separately | Partial coverage only | Hailstorm, landslide, inundation at farm level |
| Technology | Manual CCE only | Partial modernization of CCE | Drone surveys, satellite remote sensing, mobile apps |
| Loanee Enrollment | Compulsory for all crop loanees | Compulsory for all crop loanees | Voluntary from PMFBY 2.0 (Kisan Credit Card holders) |
| NE States Premium Share | 50:50 Central and State | 50:50 Central and State | 90% Central, 10% State for North Eastern states |
| Delay Penalty | Not specified | Not specified | 12% per annum interest for late claim payment |
| Implementing Agency | GIC Re, then AIC of India | AIC and empanelled general insurers | 18 empanelled general insurance companies |
How to Pass IC71 Agricultural Insurance Exam on First Attempt: 4-Step Strategy
Candidates who fail IC71 on their first attempt almost always make the same preparation mistakes. Passing IC71 on the first attempt saves you Rs. 500 in re-exam fees and months of credit point validity. Use this 4-step strategy to pass IC71 without coaching or external classes.
Step 1: Take One Full IC71 Mock Test Before Reading Any Chapter
Attempt a complete 100-question IC71 Agricultural Insurance mock test without opening the textbook. Your baseline score shows exactly which chapters need work. Most candidates score between 35 and 45 marks on their first IC71 practice test without any preparation. That score tells you precisely where to spend study time.
Step 2: Study Chapters 5, 6, 7, 12, and 15 Before All Others
These 5 high-weight chapters contribute approximately 45 to 60 marks to the IC71 Agricultural Insurance exam. Scoring 75% accuracy across these 5 chapters alone pushes your total above 60 marks. Run chapter-wise IC71 mock tests after each chapter to confirm retention before moving forward.
Step 3: Memorise the NAIS Formula and PMFBY Premium Rates
The threshold yield formula and the PMFBY flat premium rates of 2%, 1.5%, and 5% appear in IC71 Agricultural Insurance mock tests across every session. Getting these 3 to 4 formula questions right every time stops you from failing by a narrow margin that trips up most repeat IC71 exam candidates.
Step 4: Simulate the Actual III Exam 3 Times in the Final Week
Set a 90-minute timer. Attempt all 100 IC71 questions without stopping for notes. Repeat this simulation 3 to 4 times in the 7 days before your III exam date. 90 minutes for 100 questions means 54 seconds per question. Timed practice builds the speed and stamina you need on exam day.
Can I Pass IC71 Without Coaching, and How Fast Can I Improve My Score?
Can I Pass IC71 Without Coaching?
Yes, you can pass IC71 Agricultural Insurance without any coaching. The III exam tests your reading and retention of the IC71 textbook published by the Insurance Institute of India. The textbook covers all 15 chapters in full. Pair it with chapter-wise IC71 mock tests and at least 5 full-length IC71 online tests before the exam. Self-study with a structured IC71 practice test plan is enough to score above 60 marks.
IC71 Score Improvement Through Mock Test Practice
IC71 score improvement through practice tests is consistent and measurable. Without any preparation, most candidates score 35 to 45 marks on their first IC71 Agricultural Insurance mock test. After 3 chapter-wise mock tests on high-weight chapters, scores rise to 52 to 58 marks. After 5 full-length IC71 online tests under timed conditions, most candidates score 63 to 72 marks in the actual III exam. Each IC71 mock test attempt pinpoints the exact chapters still costing you marks.
IC71 Last Minute Preparation: What to Do in the Final 48 Hours
IC71 last minute preparation works best when you stop reading new chapters. Run 2 full IC71 online test simulations back to back instead. Then spend 30 minutes on these 6 quick revision points.
- Revise the NAIS threshold yield formula: 3 years for Rice and Wheat, 5 years for all other crops
- Re-read PMFBY premium rates: 2% Kharif, 1.5% Rabi, 5% commercial crops
- Re-read the basis risk definition for WBCIS questions
- Revise Stop-Loss vs Quota Share reinsurance treaty differences from Chapter 15
- Skim Chapter 14 miscellaneous schemes for aquaculture, sericulture, and apiculture keywords
- Attempt one full 100-question IC71 online test with a 90-minute timer before sleeping
IC71 Exam Failed: What to Do Next
If you failed the IC71 Agricultural Insurance exam, the most common reason is fewer than 3 mock tests before the exam date. Candidates who failed IC71 typically scored between 50 and 58 marks within a narrow gap of the passing mark. The fix is targeted and fast.
- Identify which chapter produced the most wrong answers in your last IC71 practice test
- Run chapter-wise IC71 mock tests on only those specific weak chapters for 2 weeks
- Attempt 3 full IC71 online test simulations before re-registering for the next III exam session
- Re-exam fee is Rs. 500 per attempt and the exam runs 4 times a year, so the next window is within 3 months
IC71 vs IC72: Which Is Easier for the III Licentiate Exam?
IC72 Motor Insurance is generally easier than IC71 Agricultural Insurance because motor insurance concepts are familiar from daily life. IC71 has more technical content. It includes threshold yield formulas, weather index triggers, breed identification, and reinsurance treaty types. Candidates with no agricultural background find IC71 harder than IC72. Bank officers and rural insurance staff find IC71 easier because they work with Kisan Credit Card loans and crop insurance daily. Choose IC71 if your work involves agricultural lending or rural insurance. Choose IC72 if your work involves motor vehicle claims or urban non-life insurance lines.
About the Insurance Institute of India (III) and IC71 in the Licentiate Exam
The Insurance Institute of India (III) was established in 1955 and is headquartered in Mumbai. It conducts Licentiate, Associateship, and Fellowship examinations under the authority of IRDAI. For the Licentiate Certificate, a candidate needs 60 credit points total. This means passing IC01 (Principles of Insurance, 20 credit points), one of IC02 or IC11 (20 credit points), and one optional subject like IC71 (20 credit points).
- III exams are conducted 4 times a year: January, April, July, and October sessions
- Candidates can attempt a maximum of 6 subjects per exam session
- Credit point validity: 5 years from date of passing at Licentiate and Associateship level
- After completing Associateship (250 credit points), those points remain permanently valid
- IC71 exam registration: online at insuranceinstituteofindia.com
- IC71 study material: IC71 Agricultural Insurance textbook published and sold by III, Mumbai
- IC71 is relevant for LIC employees, public sector general insurance staff, bank officers on Kisan Credit Card portfolios, and NABARD officers
- III qualifications are recognised by the Chartered Insurance Institute (CII) in the UK
Frequently Asked Questions: IC71 Agricultural Insurance Mock Test
The IC71 mock test is a free IC71 Agricultural Insurance online test covering all 15 chapters of the IC71 syllabus set by the Insurance Institute of India (III). It has 100 MCQs with instant answers and chapter-wise score analysis. Bank officers with Kisan Credit Card portfolios, AIC of India employees, NABARD staff, public sector general insurance underwriters, and LIC employees choosing IC71 as their optional subject all benefit from attempting IC71 Agricultural Insurance mock tests before the actual III exam.
The passing mark for IC71 Agricultural Insurance is 60 out of 100. Each question carries 1 mark. There is no negative marking for wrong answers. Scoring 60 earns 20 credit points under the IRDAI Credit Point System (CPS). These count toward the 60 credit points needed for the Licentiate Certificate and the 250 needed for the Associateship Diploma.
Chapters 6 (NAIS Yield Index Underwriting and Claims), 7 (Weather Based Crop Insurance and Basis Risk), 5 (Crop Insurance Design), 12 (Cattle Insurance in India), and 15 (Agriculture Reinsurance) together carry approximately 45 to 60 marks out of 100. Practice IC71 mock tests for these 5 chapters first. Scoring 75% accuracy across them alone can push your total above the 60-mark passing threshold.
NAIS (launched 1999) uses actuarial or subsidized premium rates that vary by crop and state. PMFBY (from Kharif 2016) fixes the farmer’s premium at 2% for all Kharif crops, 1.5% for all Rabi food crops, and 5% for annual commercial crops. PMFBY mandates drone surveys and satellite remote sensing for CCE. PMFBY 2.0 made enrollment voluntary for loanee farmers with Kisan Credit Cards. NAIS enrollment for loanee farmers was compulsory. Both schemes are tested extensively in IC71 Agricultural Insurance mock tests.
Practice at least 5 full-length IC71 Agricultural Insurance mock tests (100 questions, 90-minute timer each) before your exam date. Start with chapter-wise IC71 mock tests for each high-weight chapter. Switch to full-length timed IC71 online tests in the final 2 weeks. Candidates who attempt fewer than 3 IC71 practice tests before the exam frequently score between 53 and 59 marks. That is a gap that mock test practice would have closed. IC71 exam fee is Rs. 500 per attempt, so passing on the first attempt is the most cost-effective preparation strategy.
