Pillar: Every III Subject Explained, on One Page
The III catalogue is large, the codes are not self-explanatory, and most candidates meet it as a wall of numbers. This page is the map: every subject, what it is, what it is worth, and where to read more.
How the qualification is structured
Three levels, each with a credit threshold: Licentiate at 60 credits, Associateship at 250, Fellowship at 490. Subjects are worth 30 or 40 credits each, and are either compulsory at a level or optional within a stream.
Most subjects belong to the life or general stream; a few are open to both, which makes them useful if you have not committed to a direction. See life versus general if you are still deciding, and how credit points work for the arithmetic.
Every exam works the same way
Whichever paper you sit: online, multiple choice, 120 minutes, 100 marks, 60% to pass, 75% for distinction. All questions are compulsory, so there is never a reason to leave one blank. Up to six papers may be taken in a sitting, and simple and scientific calculators are permitted.
Licentiate
- IC-01 Principles of Insurance — the foundation. Guide
- IC-11 Practice of General Insurance — the general stream introduction. Guide
- IC-14 Regulations of Insurance Business — the legal frame. Guide
- IC-02 Practice of Life Insurance — the life stream introduction. Guide
Start at the Licentiate guide.
Associateship — general stream
- IC-45 General Insurance Underwriting — risk selection and pricing. Guide
- IC-46 General Insurance Accounts Preparation & Regulation of Investment — Guide
- IC-72 Motor Insurance — the largest class in the market. Guide
- IC-67 Marine Insurance — the oldest branch. Guide
- IC-57 Fire and Consequential Loss Insurance
- IC-74 Liability Insurance, IC-77 Engineering Insurance, IC-76 Aviation Insurance, IC-71 Agriculture Insurance, IC-78 Miscellaneous Insurance, IC-29 General Insurance Claims
Associateship — life stream
- IC-22 Life Insurance Underwriting — Guide
- IC-26 Life Insurance Finance — Guide
- IC-83 Group Insurance & Retirement Benefit Scheme
- IC-24 Legal Aspects of Life Assurance
Open to both streams
- IC-27 Health Insurance — Guide
- IC-39 Fraud Risk Management in Insurance — Guide
- IC-99 Asset Management — Guide
- IC-90 Human Resources Management — Guide
- IC-88 Marketing and Public Relations — Guide
- IC-85 Reinsurance Management — Guide
- IC-86 Risk Management — Guide
- IC-89 Management Accounting
Fellowship
Compulsory papers at 40 credits each:
- IC-81 Mathematical Basis of Life Assurance — Guide
- IC-92 Actuarial Aspects of Product Development — Guide
- IC-47 Foundation of Casualty Actuarial Science Part I — Guide
- IC-84 Foundation of Casualty Actuarial Science Part II
- IC-28 Foundation of Actuarial Science
Actuarial science papers: AS-03 Finance and Economics, AS-05 (iv) Finance and Investment, AS-05 (v) Actuarial Aspects of Risk Management.
See the Fellowship guide for the full route.
Agent certification
IC-38 is a separate track from the III certifications — the licensing exam for insurance agents, not part of the Licentiate ladder. If you are unsure which you need, read IC-38 versus III Licentiate.
Where to start
Pick your level, read its guide, then build a study plan with a target date. If you are working full-time, this is how to fit it in.