The Practice of Life Insurance – IC 02 Licentiate Exam

The Practice of Life Insurance – IC 02 Licentiate Exam comes under one of the two categories of the Licentiate exam – Licentiate exam for life insurance and Licentiate exam for general insurance. This exam is one of the most essential introductory-level courses which will help the candidates to understand the concept of life insurance and its evolution. This License is offered by the Insurance Institute of India. The candidates need to pass this exam successfully in order to become a Life insurance agent.

Skills acquired from this exam

Learning about the concept of appointing life insurance agents
Learning about the duties and their remuneration of life insurance agents
Studying the insurance history and its growth
Overview of the concept of Indian insurance market.
Learning the activities and organisational structure of a life insurance company
Understanding the appointment of life insurance agents and their functions.
Understanding remuneration to agents and continuation of the agency.
Learning the trends in life insurance distribution channels.

IC-02 Exam Details

The Practice of Life Insurance – IC 02 Licentiate Exam comprises a total of 100 questions. All the questions are either multiple-choice or multiple-response questions (for both online and offline) in which the candidates have to choose from a list of possible answers. The candidates are supposed to complete the exam in 120 minutes. The exam is conducted in the English language. The candidates needs to score at least 60% in order to pass the exam successfully. The License Validity period is 5 years after which the candidates will have to renew their certification. Also, there is no negative marking system for this exam.

Prerequisites/Eligibility Criteria

The candidates can enroll for the IC-02 Licentiate examination if they satisfy the following conditions-

Successfully passed S.S.C or any other equivalent exam
Completed the age of 18

Course Outline

The Practice of Life Insurance – IC 02 Licentiate Exam comprises of the following topics –

Understanding thoroughly Practice of Life Insurance
Understand the concepts of Premiums and Bonuses
How to Plans Life Insurance
Learning Annuities
Overview of Group Insurance
Understanding Linked Life Insurance Policies
Studying about Applications and Acceptance
Overview of the concepts of Policy Documents
Understanding Premium Payment, Policy Lapse and Revival
Understanding Assignment, Nomination and Surrender of Policy
Learning everything about Policy Claims

Process of Renewing the License

If you want to start with the Renewal Online Training, visit the website insurance institute of india

Go to the official website of IRDAI, then click on IRDAI examinations, select the option Corporate Agents, then Renewal Online Training, Single Registration for Go to the official website of IRDAI, then click on IRDAI examinations, select the option Corporate Agents, then Renewal Online Training, Single Registration.

The candidate has to select between clicking on Certification No of SP/PO/AV (IRDAI) or PAN Number of the Candidate.

If the candidate has selected ‘ The candidate has to select between clicking on Certification No of SP/PO/AV (IRDAI) or PAN Number of the Candidate, then enter the Certification No of SP/PO/AV (IRDAI) and COR Number of the Corporate Agent.

If the candidate selects the other option, i.e, PAN Number of the Candidate, enter the PAN Number of the Candidate and COR Number of the Corporate Agent.

You will see the following details displayed-

Now, select and click on proceed with payment, update your mobile number and email id and make the payment.

Finally, a receipt will be generated after the completion of payment which you can save for your own record.

Registration Process

The candidates can register and enroll for the IC-02 exam through an online facility of III website. The candidates can also submit their registration form to the local Associated Institute along with the fees of the exam. Candidates wre required to submit the entryb form available in the Asscociated Institute. You can get access to the entry form on the IRDAI website itself.

Keep in mind the following if you register for the exam thriugh an Associated Institute/Affiliated Institute.

Collect the printout of Enrollment of Papers having details of paper enrolled, date of the examination, center of the examination, language selected and fee paid within 3 days of the submission.

Exam Guidelines to keep in mind

1. Candidates should have any one of the following original photo identity proofs specified by the Regulatory Body-

PAN Card
Passport
Driving License
Election ID Card
Bank passbook including photo
Credit or Debit Card including Photograph
College ID, if any

2. The candidates will be only allowed a pen and a calculator.

3. No personal belonging is allowed in the exam hall including mobile phones.

4. The candidates will be provided with 10 minutes grace time if there is an internet or a power issue.

Preparatory Guide

Getting certified for this exam is not that easy and requires a lot of focus, hard work, and determination. Also, it is important to put your efforts in the right direction and for that, you need an effective plan. To make your work easier, here is a well-planned, systematic format to help you reach your target. This study guide will give you an entire plan for your preparation including learning resources, practice tests, and more.

Refer to the Official Site and Course Structure

Before starting the preparation, it is essential that you gather all the relevant and important details, information regarding the exam. This should be the first step a candidate needs to take when preparing for this exam. The candidate should visit the official site of The Practice of Life Insurance – IC 02 Licentiate as it will contain the most accurate and original information. This site will provide you with all the latest updates about the exam and all the important exam guidelines. This also includes the resources you will need to prepare for the exam such as sample papers, online documentation, e-resources. Most of these are provided free of cost and some might charge you. Don’t forget to visit the website or lose out on any important information.

Also, it is very important for this exam is to carefully understand all the course modules in detail. Make sure you have clearly examined each of the core and elective modules. Study thoroughly and have an in-depth knowledge of every topic covered in the modules.

Practice of Life Insurance
Bonuses and Premiums
Life Insurance Plans
Annuities
Group Insurance
Linked Life Insurance Policies
Acceptance and Applications
Policy Documents
Premium Payment, Policy Lapse and Revival
Assignment, Nomination and Surrender of Policy
Policy Claims

IC-02 Learning Resources

IC-02 Practice of Life Insurance Book

This e-book is mandatory to pass if you are giving the IC-02 exam from Insurance Institute of India. This book is important than you think. This contains each and every topic in detail which will help you have a clear understanding of each module to ensure you pass the exam successfully. Click here to download the book

IC-02 Mock Test by IRDAI

IRDAI provides you access to mock tests which will help you a lot as it consists of all the unique and relevant questions which might be very similiar to the exam.

Practice Tests

Practice questions are very crucial for the preparation of the exam. This will help you to find your strengths and weaknesses, which you can work on to perform better each time. Self-evaluate your performance. Take as many practice tests as you can. This will boost up your confidence and get you familiar with the exam format and environment. Start preparing now!