IIQE Paper 3 study plan

Map the full life insurance product landscape (term, whole life, endowment, universal life, annuity, investment-linked) into a one-page comparison table showing premium structure, cash value treatment, death benefit mechanics and typical use case

Explain in writing how participating (with-profits) policies work: how premiums are pooled, how bonuses and dividends are declared, and what is meant by smoothing and terminal bonus

Distinguish between the main annuity types (immediate vs deferred, fixed vs variable, life vs fixed-term) and state for each whether it addresses longevity risk, estate planning or liquidity

Define and correctly use core policy terms: sum assured, surrender value, paid-up value, non-forfeiture, reinstatement, incontestability and grace period

Analyse policy features and riders (accidental death, critical illness, disability, waiver of premium, medical) and identify which base products each rider is typically attached to and why

Work through at least 10 numerical scenarios calculating surrender value, paid-up value, loan-to-value limits and policy loan interest to build fluency with policy servicing arithmetic

Compare whole life and endowment policies on cash value accumulation, maturity benefit and protection duration, and articulate when each is more suitable for a client

Identify the policyholder, life assured, beneficiary and owner roles and explain how each can differ and what rights attach to each

Explain the essential elements of a valid insurance contract (offer, acceptance, consideration, insurable interest, legal capacity, legality of object) and apply each to a life policy scenario

Distinguish the doctrines of utmost good faith, material facts, misrepresentation, non-disclosure and concealment, and predict the remedy (avoidance, rescission, or claim adjustment) in given fact patterns

Explain the effect of the standard policy provisions: grace period, incontestability clause, suicide clause, free-look/cooling-off period and reinstatement conditions

Describe how contract law principles differ for insurance contracts versus ordinary commercial contracts, including the role of the proposer's duty of disclosure

Describe the underwriting process from proposal to policy issue, including the roles of the agent, underwriter, medical examiner and reinsurer

List the main risk factors underwritten in life insurance (age, health history, occupation, hazardous pursuits, smoking, family history, residency) and explain how each affects the premium or the decision

Explain the financial underwriting concepts: mortality and morbidity tables, net vs gross premium, loading for expenses and contingencies, and the effect of interest assumptions

Distinguish standard, substandard, declined and postponed underwriting outcomes and the terms (extra premium, exclusion, lien) that may be applied

Explain how investment-linked policies (ILAS) work: unit pricing, bid/offer spread, allocation rates, switching, and how investment risk sits with the policyholder

Compare ILAS with traditional participating and universal life policies on risk allocation, transparency, charges and suitability for different client needs

Describe the main retirement products (annuities, retirement income funds, MPF-style schemes, decumulation options) and the key risks each addresses

Explain policy servicing tasks: premium collection, policy loans, assignments, beneficiary changes, surrenders and claims, and identify which require written instruction or underwriting

Map the regulatory framework for long term insurance intermediaries: the roles of the Insurance Authority and the self-regulatory bodies, licensing requirements, and the difference between a licensed insurance broker and a licensed insurance agency

State the key conduct requirements: fit and proper criteria, continuing professional development, client agreement, disclosure of capacity and remuneration, and the handling of client money

Explain the purpose and main requirements of the policyholder protection and anti-money-laundering/counter-terrorist-financing regimes as they apply to life insurance sales

Identify the main statutory offences and disciplinary sanctions relevant to intermediaries, including misrepresentation, unauthorized selling and improper handling of premiums

Apply the suitability and know-your-client process: financial needs analysis, risk profiling, product matching and the documentation that must be completed

Explain the disclosure obligations around remuneration, conflicts of interest, product features and charges, and identify what constitutes mis-selling or an improper inducement

Analyse ethical dilemmas in selling (churning, twisting, pressure tactics, unsuitable replacement of policies) and justify the correct course of action with reference to conduct principles

Describe complaint handling and dispute resolution channels available to policyholders and the intermediary's obligations when a complaint arises

Complete at least two full-length timed mock examinations under exam conditions and record scores by domain to identify remaining weak areas

Revisit every domain where mock performance fell below 70% and produce condensed revision notes for each weak area

Recite from memory the key definitions and legal tests from contract law, underwriting and regulation without referring to notes

Build a final one-page formula and definitions sheet covering surrender value, paid-up value, premium calculations and key regulatory thresholds