IAI SP2 study plan

Distinguish the main life insurance product families (term, whole life, universal life, variable/unit-linked, endowment, annuities) and state the defining mechanics of each from memory.

Explain how mortality tables, interest assumptions, and expense loadings combine into a gross premium, and compute a simple net premium for a one-year term policy given a mortality rate and discount rate.

Map reserves, cash values, and nonforfeiture options to the products that generate them, and describe how a change in assumed interest shifts premium and reserve levels.

Build a one-page comparison matrix of six products across premium pattern, cash value, death benefit variability, and typical buyer need.

Trace how pricing assumptions (mortality, morbidity, lapse, expense, investment return) feed profit testing and how a mis-set assumption shows up in later-year strain.

Explain the underwriting purpose of the application, attending physician statement, paramedical exam, and financial questionnaire, and state which risk each document targets.

Apply the standard risk classification ladder (preferred, standard, substandard, declined) to five short applicant profiles and justify each placement.

Describe how reinsurance and retention limits change an insurer's appetite for large or impaired lives.

Interpret the implications of key medical impairments (cardiovascular disease, diabetes, cancer history, build/BP readings) for mortality rating and table placement.

Explain the role of MIB-style coded information, prescription histories, and financial underwriting in detecting anti-selection and fraud at application stage.

Distinguish contestability, suicide, and misstatement-of-age clauses and state how each interacts with the underwriting decision timeline.

Draft the questions you would ask to resolve an ambiguous non-medical disclosure without stepping outside permitted practice.

Sequence the death-claim workflow from notification through proof of death, beneficiary verification, contestability review, and settlement, naming the document required at each step.

Explain how insurers handle competing or ambiguous beneficiary designations, minors as beneficiaries, and estates as claimants.

Describe the servicing lifecycle events (premium mode changes, loans, withdrawals, surrenders, reinstatements, ownership and beneficiary changes) and the checks each requires.

Identify the red flags in a claim file that trigger enhanced investigation and state the compliance obligation to decide claims within regulatory timeframes.

Compare the producer channels (career agency, independent brokerage, bancassurance, direct/digital) on compensation structure, persistency behaviour, and suitability obligations.

Explain the elements of a compliant sales illustration and identify at least five presentation practices that would misrepresent a policy's guaranteed versus non-guaranteed values.

Design a needs-analysis conversation for a client with dependents, debt, and a limited budget, and justify the recommended coverage amount.

Describe how field supervision, joint fieldwork, and activity metrics are used to manage producer productivity and conduct risk.

Outline the core regulatory pillars for life insurance (licensing, product filing and approval, market-conduct examination, advertising review, replacement rules) and state the purpose of each.

Explain anti-money-laundering and know-your-customer duties at the point of sale and at claim payout, including when enhanced due diligence applies.

Apply a decision framework to four ethical dilemmas (churning, undisclosed replacement, pressure to inflate coverage, handling client funds) and identify the conflicting duties in each.

Describe privacy and data-protection expectations for client information across underwriting, servicing, and distribution.

Read a simplified life insurer balance sheet and income statement and classify assets, reserves, and surplus, explaining how reserve strengthening affects reported earnings.

Explain the purpose of statutory versus general-purpose reporting and how solvency capital requirements constrain product design and investment strategy.

Trace how premium, investment income, claims, expenses, and reserve movements combine into operating results for a single product line.

Connect compliance failures (mis-selling, late claim payment, unsuitable replacement) to their financial consequences for the insurer.

Re-derive the highest-yield calculations (net premium, reserve movement, coverage need) without notes and check against earlier work.

Re-answer every previously missed practice question and record the reason for each correction.

Summarise each of the seven domains in five bullet points that could be recited from memory.

Run two timed mixed-domain practice sets under exam conditions and review errors immediately afterwards.