Licentiate Exam Books – A Complete Guide

As an introductory course, the Licentiate exam has two compulsory papers, viz. Principles of Insurance and Practice of Insurance, for both Life and Non-Life, and the other one is optional as per professional exam curriculum. Many aspirants appear for this exam, and over the years, Licentiate exam paper has gained good rapport and reputation in the sector. Having that said, ultimately, it becomes an outstanding achievement to pass the associate exam as well as the fellow exam.

The main crunch for passing the Licentiate exam is to clear the above-mentioned compulsory papers of Licentiate exams and manage to score 60 credit points. Does that seem easy to you? Think twice!

The Licentiate exam paper is intricately designed to analyse the capabilities and sheer understanding of the potential aspirants who aim to work and associate themselves with an insurance company. In addition, we would want to highlight that the main aspects covered in the insurance are both Life and non-life insurance domains. So, one must understand the practices, policies and principles of both the nature of the insurance business and not just one.

In this article, we have collated the necessary information that you as a young Licentiate exam aspirant would require to make a plan to clear the exam. From the Licentiate exam papers to the Licentiate exam eligibility criteria, from the Licentiate exam pattern to the Licentiate exam syllabus, you will find everything here. So, make sure you make the most of the information and get, set, achieve your goal. 

#1. The Licentiate Exam Paper:

Well, as mentioned above, the Licentiate exam has two papers, namely Principles of Insurance and Practice of Insurance, for both Life and Non-Life, which are equally essential and compulsory. We want to shed some more light on the Licentiate exam paper below.

1. Licentiate Exam Paper- Life Insurance – This exam entails of three papers, which are

  • Principles of Insurance (IC 01),
  • The practice of Life Insurance (IC 02),
  • Regulation of Insurance Business (IC 14).

2. Licentiate Exam Paper- General Insurance– This exam consists of three papers, which are

  • Principles of Insurance (IC 01),
  • The practice of General Insurance (IC 11),
  • Regulation of Insurance Business (IC 14).

As you would have noticed that, the standard exam papers for both the Licentiate exams are–Principles of Insurance (IC01) and also the Regulation of Insurance Business papers (IC14). It would be best if you were mindful of the common exams and different exams as well, for which the codes of the paper will be a great help.

#2. The Importance of the Licentiate Exam Paper:

The Licentiate exam paper is the gateway to a successful journey in an insurance company. It is a must-have and at the same time, an asset to clear the exam. It is because; the Licentiate exam unfolds many career opportunities for the aspirants who appear in the exam. The most apparent and standard option is the post of an insurance agent, but depending on your other capabilities, you can fit in anywhere and everywhere you desire. You need to be clear and transparent with the basic difference between the Life and non-life in terms of insurances if at all you want to succeed in this field. There is a plethora of opportunities available in the non-life insurance section as well.

#3. The Licentiate Exam Pattern

Do you know the most vital key to unlock best practices of preparation is to understand and observe the pattern or trend of questions that are asked for the desired exam you are preparing for? 

Well, if the answer is no, then my dear friend, we just saved you from the trouble, because we are going to give an overview of the Licentiate exam pattern and the kind of questions that have been asked in the previous years.

There are ten questions in total from which the candidates have to answer any eight of the questions, based on their choice. But, yes, be mindful that the first question is compulsory to attempt and will carry 16 marks. So, do not ever skip it!

The remaining questions are of 12 marks each. The exam paper is designed intricately to cover the entire syllabus of the Licentiate exam. Each question in the paper will have sub-questions therefore; you need to be extra cautious while choosing questions.

Be smart and pick rightly to score more!

#4. The Licentiate Exam Eligibility Criteria

The eligibility criteria for the Licentiate exam is quite specific. Please read on to find the right measures before you apply and register for the Licentiate exam paper.

Any candidate is considered eligible to appear for the Professional examination if he fulfils the following criteria:

  • He has successfully completed the Matriculation, S.S.L.C., S.S.C. or any other equivalent examination; OR
  • He has worked with an insurer, either in the corporate office or in the field, for three years or more, before the date of application or registration.

#5. The Licentiate Exam Topics

The Licentiate exam paper has a detailed syllabus that can be obtained from the official website. All the aspirants are also advised to visit the official website regularly so that they never miss an update about the Licentiate exam. The following is the list of common topics that should be thoroughly prepared and revised if you want to pass with flying colours.

  • Advantages and Disadvantages of Self Insurance,
  • Aims and Objectives of Regulations of Insurance.
  • Asbestosis- Workmen’s Compensation,
  • Case of Family Floater Covering Health Insurance,
  • Co-Insurance,
  • Concept of Risk and Its Types,
  • Constructive Total Loss,
  • Detailed Essentials of a Valid Contract plus Insurance Contract,
  • Exclusions,
  • Fidelity Guarantee Policy,
  • General Average,
  • General Insurance Business,
  • Government as Insurer,
  • Indemnity,
  • Insurable Interest,
  • Life Insurance Business,
  • Management of Risk,
  • Particular Average,
  • Registration of Brokers,
  • Reinstatement Value,
  • Risk Sharing and Risk Transfer,
  • Salvage,
  • Self-Insurance,
  • Solvency,
  • Subrogation,
  • Sue and Labour,
  • The Lloyds, Insurance Contract and the Parties Involved

#6. The Licentiate Exam Books

The two books that we at Edvizo, would recommend you to use and study thoroughly are

  • The practice of general insurance
  • Regulations on insurance

Besides, you know the trick, right?

Always practice previous years’ question paper for the Licentiate Exam Paper and solve mock tests that will help you manage your time well.

Good luck to the aspirants!