IC-38 Life study plan

Map the full IC-38 syllabus into a one-page outline listing every chapter heading and sub-heading, so you know exactly what the exam covers before studying any detail

Define and write out in your own words the core life-insurance vocabulary set: risk, peril, hazard, insurable interest, indemnity, utmost good faith, proximate cause, subrogation, contribution

Distinguish life insurance from general insurance by listing at least six structural differences (contract duration, indemnity vs. benefit, underwriting basis, reserving, claim trigger, tax treatment)

Explain the purpose and mechanics of life insurance to a non-specialist in a five-minute spoken summary without notes

Describe the main life insurance product types (term, whole life, endowment, money-back, unit-linked, annuity) and state for each the benefit structure, premium pattern, and typical buyer need

Compare participating and non-participating policies on premium, bonus, and risk borne by the policyholder

Trace how a policy moves through proposal, underwriting, acceptance, issuance, and free-look, naming the document produced at each stage

Identify which policy features are regulated disclosures versus contractual promises

Explain the legal foundations of a life insurance contract: offer and acceptance, consideration, capacity, lawful object, and free consent

Apply the principles of insurable interest, utmost good faith, and disclosure of material facts to three invented fact patterns and justify each conclusion

State the rules on misrepresentation, non-disclosure, fraud, and their effect on claim payment

Describe nomination, assignment, and succession issues that arise on the death of a policyholder

Walk through the underwriting process from proposal form to risk classification, listing the information sources used

Explain the roles of medical examination, attending physician's report, and moral hazard assessment in premium decisions

Describe standard, substandard, and declined risk outcomes and the loading or exclusion mechanisms applied to each

Outline the claims process end to end, including early claims, death certificates, investigation triggers, and the nominee's role

Summarize the regulatory framework governing life insurers and intermediaries, including the roles of the insurance regulator, the agent, and the corporate agent

List the key duties owed by an agent to the insurer and to the prospect, and identify conduct that breaches them

Explain commission structures, remuneration disclosure, and the rules on rebating and misleading sales illustrations

Describe anti-money-laundering and know-your-customer obligations as they apply at the point of sale

Compute simple premium, bonus, surrender value, and loan-against-policy figures using worked examples

Interpret a specimen policy schedule and identify where each key contractual term appears

Explain policy servicing events: premium lapse, revival, surrender, partial withdrawal, policy loan, and maturity claim

State the tax treatment principles for premiums, maturity proceeds, and death benefits at a conceptual level

Sit a full-length timed practice paper under exam conditions and record the score by topic area

Review every incorrect answer and write the underlying rule it tested, not just the right option

Re-study your three weakest topic areas using your own glossary and syllabus map

Practise answering case-based questions in the exam's wording style to reduce misreading errors

Re-sit a second full-length timed paper and compare topic scores against week 7 to confirm improvement

Drill your remaining weak areas with short focused sessions until each error category is closed

Recite from memory the definitions, limits, and procedural steps most likely to be tested directly

Finalize exam-day logistics: timing per question, order of attempt, and a strategy for flagged questions