IAI SP2 study guide
IAI SP2 · Work through your exam, one topic at a time.
SP2 is a specialist paper in the Insurance Institute of India's Associate (licentiate-to-fellowship) examination ladder, focused on life insurance practice rather than general insurance principles. It suits candidates who already work in a life insurer, broker, or distribution role and want a recognised credential showing command of product design, underwriting, servicing, claims, regulation, and the financial mechanics behind a life book. The IAI SP2 study guide has 7 sections and about 2,485 words.
01Life Insurance Products and Pricing
The Life Insurance Products and Pricing domain tests how life products are structured and how premiums and reserves are set. You must know the product families, the pricing building blocks, and how assumptions interact.
431 words, about 2 min02Life Insurance Underwriting and Risk Assessment
The Life Insurance Underwriting and Risk Assessment domain tests how insurers classify lives, collect evidence and decide terms. You must distinguish medical, non-medical and financial underwriting.
368 words, about 2 min03Life Insurance Claims and Policy Servicing
The Life Insurance Claims and Policy Servicing domain tests claim settlement and day-to-day policy administration: maturity, death, surrender, loans, nominations, assignments, revival and alterations. Claim documents: claim form, death certificate, policy document, identity proof, medical or hospital records, and police report where relevant.
360 words, about 2 min04Life Insurance Distribution and Sales Management
This domain tests how life products reach customers and how sales forces are managed ethically and effectively. It covers channels, licensing, need analysis, suitability, remuneration and persistency.
340 words, about 2 min05Life Insurance Regulation and Compliance
The Life Insurance Regulation and Compliance domain tests the rules that govern life insurers: licensing, capital and solvency, product approval, market conduct, anti-money laundering and grievance redress. Entry and capital: insurers must be licensed and maintain minimum paid-up capital and solvency margins.
325 words, about 2 min06Life Insurance Financial Management and Accounting
This domain tests how life insurers report results, hold reserves, manage solvency and measure value. It covers valuation, solvency, asset-liability matching, surplus distribution and embedded value.
325 words, about 2 min07Life Insurance Ethics and Professional Conduct
The Life Insurance Ethics and Professional Conduct domain tests the standards expected of insurers, advisers and actuaries: integrity, objectivity, confidentiality, competence and fair treatment of customers. Professional principles: integrity, objectivity, competence, confidentiality and professional behaviour.
336 words, about 2 min