Insurance Commission Insurance Broker Licensure Exam (Philippines) study guide
Insurance Commission Insurance Broker Licensure Exam (Philippines) · Work through your exam, one topic at a time.
The Insurance Commission insurance broker licensure exam is the Philippine regulatory route to a broker's licence: it tests whether a candidate can place, negotiate and service insurance business for clients while staying inside the Insurance Code and the Commission's circulars. It suits people moving from agency, bancassurance, corporate risk management or captive broking into independent brokerage, and staff in brokerage firms who need to be licensed to transact. The Insurance Commission Insurance Broker Licensure Exam (Philippines) study guide has 8 sections and about 2,674 words.
01Insurance Law and Regulation: The Insurance Code, RA 10607 and IC Issuances
Domain 1 tests the statutory skeleton of Philippine insurance: the Insurance Code (PD 612, as amended by RA 10607), the rule-making and licensing powers of the Insurance Commission, and who may lawfully transact insurance business. Expect short fact patterns about licensing, capital and enforcement rather than abstract definitions.
403 words, about 2 min02Principles of Insurance and Risk Management: Pooling, Insurable Risk and Handling Techniques
This domain tests whether you can classify risk, apply the criteria that make a risk insurable, and choose a risk-handling technique with reasons. Questions often present a loss exposure and ask which treatment is appropriate.
357 words, about 2 min03Life Insurance Concepts and Products: Valued Contracts, Riders and Policy Provisions
Life questions blend product knowledge with the Code's protective provisions. The exam tests whether you know that life insurance is a valued contract, when insurable interest is required, and which mandatory provisions override strict contract terms.
353 words, about 2 min04Non-Life Insurance Concepts and Products: Indemnity, Average Clauses and Proximate Cause
Non-life questions test the indemnity principle in operation - sums insured, deductibles, average or co-insurance clauses - plus the main lines of business and the doctrine of proximate cause. The insured is restored to the pre-loss financial position, subject to the sum insured, the deductible and any average clause.
344 words, about 2 min05Insurance Contract Law and Policy Provisions: Good Faith, Warranties and Construction
This domain tests contract formation, the duty of utmost good faith, and how policy terms are read when insurer and insured disagree. Offer (application), acceptance, consideration (premium) and lawful object create the contract; cover notes give interim protection until the policy issues, and endorsements amend it.
323 words, about 2 min06Insurance Brokerage Practice, Ethics and Professional Conduct
These questions test the broker's legal role, the prohibitions attached to the licence, and professional conduct under Philippine law. A broker is the insured's agent, not the insurer's.
315 words, about 2 min07Financial Analysis, Underwriting and Claims Handling
This domain links numbers to decisions: reading insurer results, selecting and rating risks, and handling claims to a defensible conclusion. Earned premium differs from written premium.
286 words, about 1 min08Insurance Company Operations, Reinsurance and Solvency
The final domain tests how an insurer is run and kept solvent: governance and administration, reinsurance structures, and capital adequacy under the risk-based regime. Board and senior management governance, actuarial, underwriting, policy administration, distribution management, IT and data security, internal audit and compliance, separate accounts for investment-linked products, statutory annual statements, and IC examinations.
293 words, about 1 min