FRC Insurance Agent Licensing Examination study plan

Define the core principles of insurance (insurable interest, indemnity, utmost good faith, proximate cause, subrogation, contribution) and give one original example of each

Distinguish the parties, roles, and legal effects of offer, acceptance, consideration, and intention to create legal relations in an insurance contract

Explain how material facts, non-disclosure, misrepresentation, and warranties affect the validity of a policy, using hypothetical scenarios you write yourself

Map the structure of a typical policy document (declarations, insuring agreement, exclusions, conditions, definitions) and label each part

Classify the main non-life product lines (property, fire, motor, liability, marine, engineering, personal accident, health) by the risks they transfer

Compare the cover, exclusions, and conditions of at least five common non-life policy types

Explain key non-life clauses such as average, excess, deductible, franchise, reinstatement, and pro-rata condition of average

Calculate simple claim settlements involving excess, deductible, and average clauses

Identify the main life products (term, whole life, endowment, unit-linked, annuities) and state the risk each addresses

Explain standard life policy provisions: grace period, reinstatement, surrender value, policy loan, incontestability, and suicide clause

Describe the roles of beneficiary designation, assignment, and nomination in the payment of life benefits

Distinguish participating from non-participating policies and explain how bonuses or dividends arise

Explain the underwriting process from proposal to acceptance, including disclosure duties, medical and financial underwriting, and standard, substandard, and declined decisions

Apply rating factors and describe how mortality and morbidity tables, loss experience, and loading shape premiums

Sequence the claims notification, documentation, assessment, and settlement process for both life and non-life claims

Identify indicators of fraudulent claims and the correct escalation steps

Outline the regulator's functions, powers, and the main licensing and supervisory tools applied to insurers and intermediaries

Explain capital, solvency, reporting, and market-conduct requirements in outline

List the licensing requirements, duties, and prohibited conduct of insurance agents and brokers

Describe the agent's obligations on disclosure, premium handling, record keeping, and conflicts of interest

Apply a risk-based approach to customer due diligence, including identification, verification, and enhanced measures for higher-risk customers

Recognise money-laundering and terrorist-financing red flags specific to insurance products such as single-premium policies, early surrender, and third-party payments

Explain the ethical duties of suitability, fair treatment of customers, and disclosure of remuneration and conflicts

Analyse short scenarios and decide the correct ethical and compliance action, citing the relevant duty

Revisit weak areas identified in weeks 1 to 6 and close each gap with a written explanation

Practise 120 mixed questions across fundamentals, contract law, and life and non-life products under timed conditions

Explain the reasoning behind every wrong answer without referring to the original question text

Consolidate overlapping concepts such as indemnity versus benefit, and conditions versus warranties

Review the regulatory, intermediary, underwriting, claims, AML, and ethics content using your own summary sheets

Complete two full-length timed mock examinations and score them against the domain weightings

Identify the three weakest domains from mock results and re-study each until you can explain it aloud

Prepare a final one-page fact sheet of figures, time limits, and definitions you must recall