All III Exam Modules
Practice question banks for every paper — written from the III prescribed study material. Try a free demo on any module before purchasing.
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Licentiate from ₹1,999 · Associate from ₹2,499 · Fellowship from ₹3,999 · 1 year access
Licentiate
Entry level · 60 Credit PointsIC-01 is compulsory for all students. Choose Life or General stream for your second compulsory paper, then pick one elective.
The foundation paper for every III exam candidate. Covers insurable interest, indemnity, subrogation, and the legal framework of insurance contracts.
Compulsory for the Life stream. Covers life insurance products, underwriting, claims, and practical aspects of life assurance business in India.
Compulsory for the General stream. Covers fire, marine, motor, and miscellaneous insurance.
Associate
Mid level · 250 Credit PointsTwo compulsory papers based on your stream, plus electives to reach 250 credit points total.
Compulsory for the General stream Associate. Covers underwriting principles, risk assessment, rating, and commercial lines underwriting.
Compulsory for the General stream Associate. Covers insurance accounting, financial statements, and financial management.
Compulsory for the Life stream Associate. Covers underwriting principles, financial underwriting, occupational and residential risks, reinsurance, and medical conditions including blood disorders, nervous system, diabetes, thyroid, cardiovascular, respiratory, and gastrointestinal disorders.
Compulsory for the Life stream Associate. Covers life insurance accounting — premium and expense accounting, investments, final accounts, financial analysis, budgeting, taxation, and AML.
Associate level elective for the General stream. Covers fire insurance basic principles and the fire policy, add-on covers and special policies, fire hazards and prevention, erstwhile tariff rules and rating, documentation, underwriting, legal and procedural aspects of claims, consequential loss (business interruption) insurance, and specialised policies and overseas practice.
Associate level elective covering marine insurance fundamentals, principles of insurance, marine underwriting, Incoterms, cargo insurance coverages and clauses, inland transit clauses, marine cargo policies, hull insurance, marine cargo and hull claims, recoveries, the role of bankers, and loss prevention, marine reinsurance and maritime frauds.
Associate level elective covering motor insurance fundamentals, marketing, types of vehicles and policy documents, underwriting, own-damage and third party claims, IT applications, consumer delight, third party liability, procedures for filing and defending claims, quantum fixation, and fraud management and internal audit.
Associate level elective for the General stream. Covers the legal background of liability, liability underwriting, statutory and public liability, products liability, professional indemnity, commercial general liability, directors and officers liability, and errors and omissions cover.
Fellowship
Highest level · 490 Credit PointsAt least one actuarial paper is required. The full elective pool is available — same papers as Associate level.
One of eight actuarial papers — Fellowship candidates must choose at least one. Covers the mathematical and statistical foundations of actuarial science.
Based on the Casualty Actuarial Society text Foundations of Casualty Actuarial Science. Covers the foundations of casualty actuarial science — the role of the actuary, risk theory, ratemaking (pure premium and loss ratio methods, trending, loss development and increased limits), individual risk rating (experience and retrospective rating), loss reserving (chain ladder and Bornhuetter-Ferguson) and risk classification.
One of eight actuarial papers for Fellowship. Covers the mathematical principles underlying life assurance calculations.
Part II of the Casualty Actuarial Society text Foundations of Casualty Actuarial Science. Covers reinsurance (functions, forms, pricing, treaties, finite covers and loss reserving), credibility theory (classical full and partial credibility and least-squares/Buhlmann and Bayesian credibility), investment issues in property-liability insurance (investment income, tax strategies and rate-of-return measures) and special issues (valuing, operating and regulating an insurance company, including risk-based capital and solvency).
One of eight actuarial papers for Fellowship. Covers actuarial principles in insurance product design and development.
One of eight actuarial papers for Fellowship. Covers finance and economics principles applied to actuarial science.
One of eight actuarial papers for Fellowship. Covers investment principles and financial markets from an actuarial perspective.
One of eight actuarial papers for Fellowship. Covers risk management from an actuarial science perspective.
Covers the fundamentals of reinsurance — its purpose, forms (facultative and treaty) and methods (proportional quota share and surplus, and non-proportional excess of loss and stop loss); retentions and reinsurance programme design; placement, law and treaty clauses; reinsurance accounting; markets and financial security; alternative risk transfer; inward business; information processing; catastrophe modelling; Indian reinsurance regulations; and insurance pools.
Covers risk and probability theory, the scope and objectives of risk management, building an effective risk management programme, the risk management decision-making process, risk engineering, alternative risk transfer mechanisms, enterprise risk management, business continuity and disaster recovery, loss exposures for major classes and practical risk management checklists.
Covers the legal framework of life assurance in India — sources of law and administration of justice; the law of contract and the life insurance contract; policy conditions, lapse, revival and non-forfeiture; group and other schemes; the policy as property; assignment, nomination and MWP Act rights; claim settlement; tax laws; insurance intermediaries; the legal status of individuals and FEMA provisions; nationalisation and the LIC Act; consumer protection and the Ombudsman; insurance legislation abroad; and the IRDA Act 1999.
A 30 credit point elective available in both Associate and Fellowship pools.
A 30 credit point elective available in both Associate and Fellowship pools.
A 30 credit point elective available in both Associate and Fellowship pools.
A 30 credit point elective available in both Associate and Fellowship pools.
A 30 credit point elective available in both Associate and Fellowship pools.
A 30 credit point elective available in both Associate and Fellowship pools.
Practice MCQs for the III Associateship paper IC-76 Aviation Insurance: introduction to aviation and the aviation insurance market, aviation insurance covers (AVN clauses), underwriting of general aviation, airlines and aerospace risks, aviation law and international conventions, aviation claims, aviation finance and leasing, and drone (UAS) insurance.
A 30 credit point elective available in both Associate and Fellowship pools.
A 30 credit point elective available in both Associate and Fellowship pools.
Covers group insurance products and regulations, tax aspects of group and retirement benefits, accounting standards (AS-15 / Ind AS 19), investment patterns for retirement schemes, administration, claims, reinsurance, valuation of liabilities, retirement benefit schemes and social security schemes.
A 30 credit point elective available in both Associate and Fellowship pools.
Covers HR principles, recruitment, training, performance management, and labour law as applied to insurance organisations.
Covers asset and asset-liability management for insurers; investment alternatives; security market, fundamental, company and technical analysis; IRDAI investment and solvency regulations and SEBI/securities laws; bond valuation and interest-rate risk; time value of money; portfolio theory, modern portfolio theory and CAPM; portfolio management and equity investments; mutual funds; bonds and derivatives; the forex market; FDI/FII and international investment; and applied case studies.
Covers financial management and financial statements, ratio analysis, budgeting and budgetary control, fund flow and cash flow statements, insurance company investments and IRDA regulations, the Indian capital market, mutual funds and AIFs, capital budgeting (NPV/IRR), international financial management, MIS, disclosure norms, portfolio management, the foreign exchange market and financial risk management and derivatives.
More Fellowship papers
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Fellowship electives — same pool as Associate
Fellowship candidates fill their remaining paper slots from the full Table 1 elective pool — the same papers listed in the Associate section above. IC-57, IC-67, IC-72, IC-74, IC-77, IC-85, IC-86 and more are all valid Fellowship electives.
See all Associate / Fellowship electives above ↑Specialized Diplomas
Standalone qualificationsThree diploma tracks — Health Insurance, Fire Insurance, and Marine Insurance. Each diploma requires all three papers in its track. These are standalone qualifications and do not carry credit points toward Licentiate, Associate, or Fellowship.
Three diploma tracks available
Specialized Diploma in Health Insurance. Covers health insurance concepts, healthcare systems, financing models, underwriting principles and practices, products, and the regulatory environment. 669 practice MCQs across 7 chapters.
Practice MCQs for the III Specialised Diploma paper IC-36 Health Insurance Claims Management: medical terminology for health insurance, the health claims process and adjudication, the role of Third Party Administrators (TPAs), provider network management, cost containment and clinical audit, medical coding (ICD-10, ICD-10-PCS, CPT), and fraud and abuse control.
Practice MCQs for the III Specialised Diploma paper IC-37 Health Insurance Operations: policy administration, customer service in health insurance, data management and warehousing, MIS and analytics, the role of IT in health insurance, government and social health insurance schemes in India, and the Rashtriya Swasthya Bima Yojana (RSBY).
Practice MCQs for III Associateship paper IC-56 Fire Insurance Claims: fire policy principles, Standard Fire & Special Perils and Bharat (Laghu/Sukshma/Griha Raksha) policies, conditions & warranties, claims procedure, surveying, amount of claim payable (average clause, RIV, contribution), legal aspects and grievance redressal. 456 chapter-wise questions with worked solutions.
Practice MCQs for the III Specialised Diploma paper IC-58 Fire Insurance Coverages: basic principles of fire insurance, the Standard Fire & Special Perils Policy, general conditions, exclusions and warranties, special policy types (Reinstatement Value, Floater, Declaration), the three new IRDAI fire policies (Bharat Griha Raksha, Sookshma & Laghu Udyam Suraksha), the erstwhile All India Fire Tariff, policy drafting and premium computation, standard & special add-on covers, special clauses, petrochemical / Industrial All Risks / Mega Risk / Stand-Alone Terrorism policies, consequential loss (business interruption) insurance, and an actuarial perspective. 456 chapter-wise questions with worked explanations.
Practice MCQs for the III Specialised Diploma paper IC-59 Fire Insurance Rating and Underwriting: basic principles of fire insurance, underwriting and reinsurance, policy drafting and premium rating, tariff rules and IIB rating, product filing procedures, special policies and add-on covers, new fire products, petrochemical and large-risk policies, protection of policyholders' interests, IT applications and overseas practice.
Marine Insurance covers the fundamentals of marine cargo insurance — the classes of marine insurance and the marine market (Lloyd's, IUMI, the Indian market); how the principles of insurance apply to marine under the Marine Insurance Act; Incoterms and where cost and risk transfer; the Institute Cargo Clauses (A/B/C) and Inland Transit Clauses; marine underwriting and critical underwriting aspects; the documents used in marine cargo trade; and the types of marine cargo policies (open policy, open cover, STOP, stock throughput and DSU). Part of the Marine Insurance Diploma. 405 practice MCQs across 9 chapters.
Marine Insurance Claims covers the settlement of marine cargo claims — types of loss (total and partial, ATL and CTL, general and particular average); the key professionals in the claims chain (surveyors, average adjusters, salvors, recovery agents); the Marine Insurance Act 1963; international conventions (Hague, Hague-Visby, Hamburg, Rotterdam, Warsaw, Montreal) and Indian carriage statutes; the cargo survey process; worked case studies on real marine claims; and risk management in marine cargo. 400 practice MCQs across 8 chapters.
Practice MCQs for III paper IC-70 Marine Hull Insurance Underwriting and Claims: ships and vessels as subject-matter, principles of marine insurance and the Marine Insurance Act, hull policy types, Institute Time Clauses (Hulls) and covers, builders' and ship-breaking risks, underwriting and rating, maritime-safety bodies (IMO/IACS), specialised and offshore oil & gas products, war & strike risks, P&I clubs and reinsurance, and hull claims including total loss, general average, salvage, collision liability and freight. 617 chapter-wise questions with worked explanations.
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