What is the III exam?
The Insurance Institute of India (III) runs the professional insurance qualifications in India — Licentiate, Associateship and Fellowship — awarded on a credit-point system: Licentiate needs 60 credits, Associateship needs 250 credits, Fellowship needs 490 credits. Each subject is a separate 100-mark paper.
How many questions are in a III exam paper, and what is the pass mark?
Every paper is 100 multiple-choice questions in 120 minutes (2 hours). You need 60% to pass and 75% for a Distinction. There is no negative marking, so attempt every question.
Is IC-38 part of the III credit path?
No. IC-38 is the IRDAI agent-licensing exam — a separate track from the III Licentiate/Associateship/Fellowship credit qualifications. It carries no III credit points, and most people sit it to become a licensed insurance agent rather than to earn a professional designation.
Are Certena’s practice questions free?
Every subject page shows real practice questions with answers and explanations, with no sign-up. A free account unlocks the rest of the bank — 13,949 verified questions across 34 papers, timed mock papers, and your weak areas.
How do I register for a III exam and what does it cost?
Registration, exam dates, fees and centres are handled by the Institute itself. We keep a current summary at /blog/iii-exam-dates-fees-centres-2026 — always confirm against the Institute before you pay.