IRDA Phase II Paper II Syllabus, IRDA Phase II Paper II: Sample Questions and Answers,IRDA Phase II Paper II Preparation Tips and Resources, IRDA Phase II Paper II Exam day Tips on how to attempt. IRDA Paper II free resources.
IRDA Junior Officer Phase II Paper II: Preparation Tips Free Resources
In the series of preparation tips for IRDA Junior Officer’s exam, we have covered Phase I preparation tips, Phase II English Preparation tips (Essay, Precis and Business Correspondence). We hope these tips help you crack the IRDA Junior Officer examination.
Today we will cover IRDA JO Phase II’s second paper i.e. Economic Issues Impacting Insurance preparation tips. Let us start with the syllabus of Paper II of IRDA Junior Officers Exam, followed by questions to be asked and preparation tips.
IRDA Phase II Paper II Syllabus
The Syllabus of the second paper of IRDA JO is divided into 5 main categories. These are:
a) Economic Growth, business cycles and Insurance penetration, impact of age structure on economy, application of utility theory to Insurance premium setting, macroeconomic factors including catastrophes and pandemics that may impact insurers and insurance markets.
b) Financial markets, Financial Institutions and financial services integration and risks arising from interconnectedness. systemic risk and concentration risk.
c) Economic capital and risk based capital requirements, economic impact of risk transfer arrangements including reinsurance, contribution of Insurance sector to sustainable and responsible development of economy, Insurance Investments in Infrastructure sector
d) Economic reforms in India leading to Insurance sector reforms, Insurance regulation – financial and market conduct regulations, functions of IRDA, role of an Actuary, de-tariffing in India, motor business and Indian experience, changing Insurance Regulations/Laws and FSLRC.
e) Social structure in India, Insurance in rural and social sectors and obligations of Insurers thereto, Indian Micro-Insurance experience, Social security laws and implementation thereof. RSBY – Health insurance scheme for Below Poverty Line (BPL) families.
IRDA Phase II Paper II: Sample Questions and Answers
The questions in IRDA phase II paper II will be framed to test your level of acquaintance with the Insurance sector as a whole. Following kind of questions can be asked:
Questions related to Economy?
Read about the growth of economy in our country, the impact that this growth will have on the Insurance industry and the various theories claiming it.
About the various risks and issues the Insurance Industry is facing?
Read all the risks associated with the insurance industry like catastrophes, pandemics etc.
About how Insurance is need of the Society?
This is where you have to write your views. Write to the point views, don’t elaborate beyond the need.
Social structure of our country in reference to insurance?
Here your focus should be on the various micro insurance schemes.
Various reforms in the Insurance Sector?
Read about the various insurance sector reforms, the rules and regulations.
Your opinion about the Insurance Sector?
Write your opinion giving suggestions and constructive criticism.
IRDA Phase II Paper II Preparation Tips and Resources
- All the topics given above are important.
- Read about all the topics, and make notes.
- To read about Insurance Sector checkout the following links and read as much as you can:
- Give Insurance related quizzes to enhance your knowledge. (Click here to give Insurance Quizzes)
- Study the various reports and research papers published on Insurance.
- Go to IRDA’s website and have a look at the IRDA Journal and IRDA Public Notices. (IRDA Journals)
- Read a good English newspaper like Economic Times every day, thoroughly.
- Watch any good Economic TV News Channel like ET NOW everyday.
- Read every day, the Editorials and other analyses and reports in the newspaper.
- This will, help you in your language and to form critical views about current and social issues.
IRDA Phase II Paper II Exam day Tips on how to attempt
- One thing that you should keep in mind is that, it is more of your insurance awareness test.
- Don’t treat it like an essay writing exam.
- Use simple and clear language.
- Short sentences are always better than long ones
- There will be no word limit for the questions going to be asked in this exam.
- So our attempt should be to write optimum words in respect of each answer.
- Read the question carefully to understand what is being asked
- Try to explain your points by giving suitable examples.
- Allot a specified time for each question and restrict your attempt upto only that much time.
- This will help us to be able to attempt all the questions being asked.
Friends this is it for IRDA Phase II Paper II Preparation Tips and Free Resources. If you have any queries, please ask them in the comments section below. Do not forget to Sign Up for Free IRDA Junior Officers All India Rankers Test and get your performance reviewed against all IRDA junior officer participants.