Licentiate Exam Study Tips
Licentiate Exam Study Tips
A lot of people call the insurance industry in India a "new industry." Since 2000, when the insurance industry was liberalised and opened up to private businesses, this industry has grown a lot and still has a lot of room for growth in a fast-growing economy like ours. People who have insurance now are paying more for it, which is a good thing. There are more brokers, more insurers, and more people who have insurance. The world average for insurance penetration, which is the percentage of premiums paid out to GDP, was 6.3% in 2013. In India in 2015, this figure was only 3.9%, which is far less than the world average of 6.3% in 2013. Even though the insurance industry is growing, there aren't enough people with the skills needed to work in all parts of insurance companies, like risk management, underwriting, distribution, accounts and finance, product development, reinsurance, and strategy. This is what a survey said: By 2025, there will be a need for about 20 Lakh insurance professionals in India.
In the insurance industry, regulators and statutory bodies have always said that employees and new workers need formal training and a methodical way to learn about insurance from the very beginning. Recent years have seen a lot of people in India start to study insurance as a formal academic field. There are a lot of private, government, and non-profit institutions now that offer formal degrees in insurance as a specialization.
Students who want to work in insurance don't seem to know that there are exams and certifications that are recognized both at national and global levels. In this article, we'll talk about the Licentiate exam that the Insurance Institute of India holds. We'll also give you study tips and give you more information about the exam.
In 1955, the Insurance Institute of India, better known as III, was founded. Since then, it has helped the country by promoting insurance education and training, which has helped the country. In India, the Insurance Institute of India offers executive diploma programs in insurance marketing, health insurance, and insurance management, as well as other programs. It also holds exams for agents, surveyors, marketing firms, and web aggregators. Aside from that, the company organizes online training for brokers, and it has a few good certificates. Candidate must pass three stages to become a Licentiate, Associate, or Fellow. Each stage requires a certain number of credit points.
Scheme of the examination: Licentiate: For students from both Life and General Insurance, this is the first level exam. Candidates need to get 60 credit points, and two of them must be passed. Licentiate exams are conducted on the internet/online mode. III is the code for major cities in India. [caption id="attachment_60994" align="aligncenter" width="665"] Licentiate Exam Study Tips[/caption] Licentiate status is given by III and a certificate is given to the candidate who has done so.
Associateship: This is the second level of the exam, and it tests your knowledge of a wide range of insurance topics from a practical point of view. The candidate can choose from the fields of life insurance, general insurance, or both, or he can choose both. 60 credits are required for the candidate to pass the licentiate exam. In addition, the candidate must earn 190 credit points and pass two required papers. It takes 240 credit points in total to become an Associateship III. [caption id="attachment_60995" align="aligncenter" width="697"] Licentiate Exam Study Tips[/caption]
Fellowship: If you want to become a fellow, you need to know a lot about all kinds of insurance. This is the third and last level of examination. The candidate must also get 240 credit points and pass a compulsory paper in addition to getting 250 credit points for the licentiate and associate exams. 490 credit points are needed to become a Fellow III. III gives the candidate a certificate that says he or she has been given the title of "fellow." Exams for most of the subjects are done online and in a multiple-choice format, but some exams are done on paper and pen and are subjective. To pass, a student must score 60% or above. To get a distinction, they must score 75% or above. There is a lot of goodwill in the insurance industry for the fellowship designation and credit points that people get from the Insurance Institute of India. These points and credits can be used to get a few exemptions from some international bodies that give similar certificates, such as the CII in London.
Study Materials:–III publishes study materials for all required and optional subjects. After a candidate orders them online, they are sent to their home address. Online fees must be paid to register for all three levels of the exam at the Insurance Institute of India website. Slot booking of a center, date, and time of the exam must also be done online in the dates and times listed on the III website. A test is a way to see if you are good. If you want to pass the Licentiate exam: First, let's learn about the subjects and think about taking some extra papers.
It is important to know the basics of insurance/IC 01: The goal of this paper is to teach the student about some of the basic principles of insurance, which are the foundations of the insurance business. There are some very important things to know at this level to understand how insurance works. The principles of utmost good faith, insurance, indemnity, proximate cause, and indemnity are all very important.
Life insurance IC 02: – This paper gives an overview of some of the basics of life insurance, including the terminology used and how it works. For the subjects of Associateship and Fellowship, the foundation for this subject is laid out in this one.
General Insurance IC 03:–This paper gives an overview of some of the basic general insurance principles, terminology, and how things work.
Behind it: This subject also introduces us to other types of General Insurance, like property and casualty. This subject is the foundation for the other General insurance subjects of Associateship and Fellowship, which are based on this one. It's possible to buy an extra paper. Candidates can choose their optional subject of 20 credits from a wide range of fields. At this point, it's a good idea to start with a basic foundational subject that can lay the groundwork for higher levels of study based on the candidate's interests and the scope of his or her work. It is one of the recommended papers for students to take. It is called IC 14.
Licentiate Exam Study Tips
The licentiate level can be passed by studying the study material that III has made available and going through the MCQ that it has.
Make sure you read through all of your study material at least once and pay attention to the main ideas because some questions can be based on how you use them.
It's important for students who choose to take IC 14 Regulation of Insurance Business as an optional paper to remember the dates of the regulations that were passed.
The most important thing is to get used to the computer-based test as soon as you can. The student should spend some time getting used to the place where they are going to be for the first time.
The candidate should spend all the time allotted (2 hours) reviewing the answers and cross-checking them because the options can be very close at times. Candidates can't go back and make changes after they've taken the test.
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