Basic facts about Licentiate Exams
Posted on 27 Jan 2021
The Insurance Institute of India was formed in the year 1955, with an objective of promoting insurance education and training for the insurance advisors of the country. This institute conducts various examinations to inculcate specialized qualifications and expertise of insurance with Indian context in the aspirants. These exams are usually conducted on three levels which are Licentiate Examination, Associateship Examination and Fellowship Examination. Each level is a benchmark of your expertise and knowledge in the field.
If you are planning to appear for a Licentiate exam, here is a quick overview of the exam for you to understand what this exam is all about.
Licentiate exam!
Licentiate exam is the most essential introductory level course which includes two compulsory papers i.e., Principles of Insurance and Practice of Insurance (life and non life). Apart from this there is an optional paper from the curriculum of the professional exam. A candidate can pass the licentiate exam only when he/she clears the two compulsory papers with a minimum score of 60 credit points. Licentiate exam not only have good industry reputation but it also opens your door to advance insurance agent exams such as associateship and fellowship exams.
Licentiate exam can be broadly categorized in two categories:
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Licentiate exam for Life insurance - In this category, the candidate has to appear for the following 3 exams:
i. Principles of insurance
ii. Practice of life insurance
iii. Regulation of business insurance
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Licentiate exam for General insurance - In this category, the candidate has to appear for the following 3 exams:
i. Principles of insurance
ii. Regulation of business insurance
iii. Practice of general insurance
In order to clear the actual licentiate exam in the first attempt, a mock test can be proved to be of a great help. It gives you a fair idea about your strength and weaknesses and at the same time you learn about managing your time. Subscribe for some good licentiate exam mock test series before you appear for the actual Licentiate exam.
Difficulty level of Licentiate exam is very low. There are simple MCQ type questions which can be easily attempted if you have read the workbook and your concepts are clear. For students with non-commerce background subjects like general insurance accounts and insurance principles can appear little difficult at first sight, but with regular study and practice they can easily conquer these subjects.
The details regarding the list of subjects and related credit points, is given on the website of Insurance Institute of India. This information will help you in right selection of subjects for scoring high credit points. It is important to know that, with these certifications in your CV, Insurance Companies will come to know about your domain knowledge in this industry which will definitely multiply your chances of getting desired job.