Life Insurance Underwriting Exam-IC22
IC22 Mock Test -Life Insurance Underwriting Exam- click here>> The suitability of an insurance application is verified by a life insurance underwriter. He is the one who decides the premium to insure against the risk by defining, measuring, and calculating the risk. He is the one who has the authority to examine the application and determine if it should be approved or rejected. A life insurance underwriter specializes in a specific area of insurance, such as life insurance, commercial insurance, or general insurance. The underwriter analyses and reviews the application for insurance coverage for both firms and individuals. Analytical skills, decision-making skills, attention to detail, and interpersonal skills are a few requirements of the underwriters. Computer literacy, and knowledge of business, finance, and accounting, are required for underwriters. Smoking, personal or family history of sickness, old age, or a skydiving hobby are all risk factors that could shorten a person's lifespan and all these factors should be considered by the underwriter. The higher the risk, the higher the premium must pay for the policy.
Eligibility B. Com. in Finance or Accounting, M.Com. in Finance or Accounting, or BBA/MBA are all preferred qualifications for this position. Candidates with computer skills and an analytical mindset will be given priority. If you have relevant experience with a similar company or organization, you might be able to get an underwriter's job without a degree.
Entrance To be eligible for the position of the underwriter, applicants must pass the following entrance test. This can be accomplished through a variety of certifications. With experience, it is important to become certified or receive certificates. Several institutions provide the below certificates. According to IRDA regulations, several institutes have been approved to perform pre-licensing tests for insurance surveyors and loss assessors. Licentiate Test, Associate Ship Exam, CIS Exam, Surveyors Exam, and Actuarial Science Exam are the exams that are given to underwriters. For a life insurance underwriter, there are usually two stages of examination given below:
Stage I: The passing mark for the licentiate exam is 60% or higher in concerned, objective type MCQ (on-line/off-line). The examination duration is two hours.
Stage II: Passing marks for all descriptive subjects/papers are 50% or higher, and the examination duration is 3 hours.
Licentiate Exam: There are two mandatory papers i.e. Principles of Insurance and Practice of Insurance (Life and Non-Life), and one optional paper from the professional exam Curriculum.
Associate Examination: The person taking this Associate Examination will have the option of choosing either Life or Non-Life subjects, or both. The study plan provides knowledge of the chosen subject. Candidates must, however, become acquainted with the practical aspects of these subjects.
Fellowship Examination: This is the highest level of examination with advanced studies in a specific area of Higher Study. In addition, there are many universities and institutes that offer degrees and diplomas in insurance studies. Insurance Institute of India, Nalanda Open University, Silver Jubilee Degree College, Vinayak Rao Patil Mahavidyalaya, Mahatma Gandhi Open University, Pune, etc.
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