III IC-27 study plan
III IC-27 · Give each week a clear focus.
8 weeks · About 6 hours per week
Life Insurance Finance
Map the Life Insurance Finance domain outline into a one-page concept map covering reserves, cash flow, taxation, and reporting
Define and write plain-language explanations for 25 core finance terms (net premium, gross premium, reserve, surplus, cash value, policy loan, nonforfeiture)
Solve 30 calculation drills on present value and future value of premium streams using standard annuity formulas
Build a personal formula sheet with each formula annotated by when it applies
Your checkpoint
A one-page concept map plus a 25-term glossary and a formula sheet, reviewed for gaps
Life Insurance Finance
Derive net premium and gross premium for term, whole life, and endowment products from sample assumptions
Compute level premium reserves using the prospective and retrospective methods and reconcile the two results
Explain how mortality, interest, and expense assumptions change premium and reserve outcomes
Complete 40 practice calculations across product types with at least 90% accuracy
Your checkpoint
A worked problem set of 40 calculations with a short note on where each method diverges
Life Insurance Finance
Trace how premiums, claims, expenses, and investment income flow through an insurer's financial statements
Interpret the main line items of an insurer balance sheet and income statement
Compute key ratios (reserve-to-liability, expense, surplus growth) from a sample statement
Identify how reserve strengthening and assumption changes hit surplus
Your checkpoint
A ratio analysis of a sample insurer statement with written commentary on three risk signals
Life Insurance Finance
Explain the tax treatment of premiums, inside buildup, policy loans, surrenders, and death benefits
Distinguish taxation of the insurer from taxation of the policyholder
Work through 20 tax-treatment scenarios and classify each correctly
Summarize the regulatory reserve and capital concepts that interact with tax and reporting
Your checkpoint
A scenario classification log of 20 tax cases with a one-page summary of tax rules applied
Life Insurance Finance
Analyze product profitability using cash flow projections over the policy lifetime
Compute and interpret internal rate of return and break-even year for sample products
Explain the roles of investment return, lapse, and mortality assumptions in projections
Compare profitability of two products under identical assumptions
Your checkpoint
A side-by-side profitability comparison of two products with IRR and break-even figures
Life Insurance Finance
Review all missed items from weeks 1-5 and re-solve each until correct without notes
Consolidate the formula sheet down to what is actually used in practice problems
Practice explaining finance concepts aloud in exam-style short answers
Complete a timed 40-question mixed set under exam conditions
Your checkpoint
An error log with every missed item re-solved and a scored timed set result
Life Insurance Finance
Run two full-length timed practice exams and record section-level scores
Diagnose the two weakest sub-areas and drill 30 targeted problems in each
Reduce calculation time per problem by practicing the highest-frequency formulas
Verify command of definitions with a self-quiz of 50 terms
Your checkpoint
Two scored practice exams with a written remediation plan for the weakest sub-areas
Life Insurance Finance
Re-take the weakest sub-areas until scores exceed the passing threshold consistently
Complete one final full-length timed exam in exam-day conditions
Review the formula sheet and error log one final time
Confirm logistics: exam format, timing, allowed materials, and environment
Your checkpoint
A final practice exam score at or above target plus a completed logistics checklist
Milestones
Week 4: Score at least 75% on a 30-question quiz covering reserves, premiums, and financial statements, and be able to explain the prospective versus retrospective reserve methods without notes
Week 6: Score at least 80% on a timed 40-question mixed set and show an error log where every missed item has been re-solved correctly
Week 8: Score at or above the target passing threshold on a full-length timed exam and report no unresolved gaps in the error log