Actuarial Aspects of Product Development
Insurance Institute of India: Fellowship Examination
One of eight actuarial papers for Fellowship. Covers actuarial principles in insurance product design and development.
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IC-92 exam at a glance
| Level | Fellowship, compulsory for life candidates |
|---|---|
| Credit points | 40 |
| Exam | 2 hours, online, multiple choice |
| Pass mark | 60% (75% for distinction) |
Across 14 chapters, every question reviewed and exam-aligned.
Tap a chapter to see what it covers.
1Insurance Product30 questions30
Insurance products: history of insurance, product features, legal aspects, and the parties involved.
2Importance of Product Design30 questions30
Product design: what it means, benefits, guarantees and options, and factors that shape insurance product design.
3Pricing of Products - I30 questions30
Pricing of insurance products: price and premium, and the factors that influence premium rates.
4Types of Insurance Products - Individual30 questions30
Individual life products: term, endowment and annuity contracts, and riders or add-ons.
5Pricing of Products - 230 questions30
Pricing methods: the formula method, allowing for expenses, and the cash flow method.
6Types of Insurance Products - Group30 questions30
Group insurance products: features of group schemes, types of groups and schemes, and group pricing.
7Premium Bases - Interest Rate30 questions30
Interest rate as a premium basis: setting assumptions, determining rates, and interest rate risk.
8Premium Bases - Mortality and Morbidity Rates30 questions30
Mortality and morbidity rates as premium bases: determining rates, experience analysis and experience studies.
9Premium Bases - Persistency/Withdrawal Rates30 questions30
Persistency and withdrawal rates as premium bases: meaning, the persistency ratio, and their effect on pricing.
10Premium Bases - Commission Rates30 questions30
Commission rates as a premium basis: their importance, regulatory limits and effect on premiums.
11Premium Bases - Margins30 questions30
Margins in pricing and reserving, the risk discount rate, and a brief note on reserving.
12Premium Bases - Expense Rates30 questions30
Expense rates as a premium basis: fixed, variable and semi-variable expenses and their allocation to policies.
13Reinsurance Support30 questions30
Reinsurance support: the meaning and need for reinsurance, and how reinsurance arrangements work.
14Financial Viability - Profit Margin and Solvency Margin30 questions30
Financial viability: required and available solvency margin, how it is calculated, and types of profit margin.
Draws from all 420 questions across every chapter, so no two attempts are the same.
IC-92: frequently asked questions
What does IC-92 cover?
IC-92 covers actuarial aspects of product development: insurance product features and design, pricing methods, individual and group products, premium bases, reinsurance support, profit and solvency margins.
Is IC-92 compulsory?
Yes, for the life stream. IC-92 is a compulsory Fellowship paper worth 40 credit points.
What is the pass mark for IC-92?
60%. A score of 75% or more is a pass with distinction.
How long is the IC-92 exam?
2 hours. It is an online exam with multiple choice questions.
When will I know my result?
You see your score right after the online exam. The formal result usually follows within about a month.
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