III IC-92 study guide
III IC-92 · Work through your exam, one topic at a time.
IC-92, Actuarial Aspects of Product Development, is one of the professional examinations listed by the Insurance Institute of India (III) under its Professional Examinations menu, alongside subjects such as IC-01 Principles of Insurance, IC-83 Group Insurance & Retirement Benefit Schemes and IC-90 Human Resources Management. It is an English-language paper and appears in the Institute's study material listing as "IC-92-Acturial Aspects of Product Development (English)", which is the only official description the Institute's public page gives for it. The subject sits naturally with the actuarial and life-underwriting family of papers (for example AS 03 Finance and Economics for Actuarial and AS 05 (v) Actuarial Aspect of Risk Management), so it suits candidates working toward associateship or fellowship who need product-design and pricing knowledge rather than general insurance fundamentals. Because the Institute publishes no detailed syllabus breakdown, chapter list, question count, duration, marks or pass mark for IC-92 on its home page, candidates should treat any such figures found elsewhere with caution and confirm them against the current IC-92 study material and the Professional Examination regulations before booking. Preparation therefore starts with the official IC-92 study text and addendum, followed by the Institute's model question bank and past-question practice where available, and should be timed around the Institute's online examination sessions. Note that the Institute has announced revised study course materials from June 2026 and further new and revised materials from September 2026, so check which edition applies to your session. Topics on this exam: Actuarial Aspects of Product Development. The III IC-92 study guide has 1 section and about 416 words.
01Actuarial Aspects of Product Development
IC-92 treats product development as an actuarial process rather than a marketing one. The exam tests whether you can move from a benefit design to a defensible premium, reserve and profit signature, and explain how assumptions, regulation and risk interact. Idea generation → feasibility → design and pricing → internal sign-off and regulatory filing → launch → periodic review. At each stage the actuary quantifies risk: benefit eligibility, exclusions, underwriting limits, and the cash-flow effect of guarantees and options.
416 words, about 2 minMore study resources for III IC-92
- Practice questionsIn actuarial product development, which pricing principle requires that each policyholder or homogeneous class pay a premium proportionate to the expected cost of the benefits and expenses it generates?
- FlashcardsGross premium. The premium the policyholder pays; it equals the expected benefit cost plus expense cost plus profit and risk load, each quantified separately so sensitivity to assumptions is visible.
- Cheat sheetProduct development is a cycle: idea generation, feasibility, pricing and design, filing, launch, monitoring, and revision; actuarial input is required at every stage, not only at pricing.
- Key termsGross premium. The total amount a policyholder pays for coverage, including the portion that funds benefits, expenses, and profit margins, before any deductions.
- Study planMap the full domain 1 syllabus into a one-page outline covering pricing, reserving, profit testing, and product design trade-offs.
- Common mistakesCandidates memorize the general shape of the equivalence principle but not which cash flows are proportional to which base.
- Exam-day guideThe III IC-92 is a certification exam administered by the Insurance Information Institute (III).