III Exam Pattern and Points Table

The III (Insurance Institute of India) exams for Licentiate, Associateship, and Fellowship are designed to award certificates based on the candidate’s accumulated credit points across various subjects.

General Rules and Guidelines:

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1. Credit Points Allocation:
   Each subject of study is assigned credit points based on the difficulty level of the subject and the level of examination.

2. Subject Choice Flexibility:
   Candidates can choose subjects of their choice and accumulate credits. However, a maximum of 6 papers can be taken in one examination session.

3. Compulsory Subjects:
   Certain subjects are compulsory. If these compulsory subjects are not passed, even with the required number of credit points, the candidate will not be awarded the Licentiate, Associateship, or Fellowship certificate.

4. Examination Sequence:

   • Licentiate Examination: Must be passed before registering for Associateship.
   • Associateship Examination: Must be passed before registering for Fellowship.

5. Minimum Credit Points Required:

   • Licentiate Certificate: 60 credit points
   • Associateship Diploma: 250 credit points (including points from the Licentiate level)
   • Fellowship Diploma: 490 credit points (including points from both Licentiate and Associateship levels)

Examination Structure:

1. Licentiate Examination:

• Compulsory Subjects:
  • Principles of Insurance (IC – 01): 20 Credit Points
  • Plus one of the following:
    • Practice of Life Insurance (IC – 02): 20 Credit Points
      OR
    • Practice of General Insurance (IC – 11): 20 Credit Points
• Optional Subject:
  Select any one subject from Table 1 (below) to reach a total of 60 credit points.

2. Associateship Examination:

(Eligible for registration only after passing the Licentiate Examination)

• Compulsory Subjects:

  • Life Insurance Underwriting (IC – 22) or General Insurance Underwriting (IC – 45): 30 Credit Points
  • Life Insurance Finance (IC – 26) or General Insurance Accounts (IC – 46): 30 Credit Points

• Optional Subjects:
  Choose from Table 1 to accumulate a total of 250 credit points (including 60 points from the Licentiate level).

3. Fellowship Examination:

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(Eligible for registration only after qualifying for the Associateship Examination)

• Compulsory Actuarial Subject:
  Choose any one from the following:

  • Foundation of Actuarial Science (Life) (IC – 28): 40 Credit Points
  • Foundation of Casualty Actuarial Science Part I (IC – 47): 40 Credit Points
  • Mathematical Basis of Life Assurance (IC – 81): 40 Credit Points
  • Foundation of Casualty Actuarial Science Part II (IC – 84): 40 Credit Points
  • Actuarial Aspects of Product Development (IC – 92): 40 Credit Points

• Optional Subjects:
  Select from Table 1 to accumulate 490 credit points (including 250 points from the Associateship level).

Table 1: Optional Subjects

Special Notes:

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• Validity of Credit Points:
  Credit points for passed subjects are valid for 5 years from the date of passing. For subjects passed before May 2012, validity lasts until March 2017.

• Permanent Credit Points for Associateship:
  Associateship holders receive permanent 250 credit points.

• Fellowship Examination Validity:
  Candidates must complete the Fellowship within 7 years from the first subject passed after completing the Associateship.

Credit Points for Current Subjects

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