Insurance Commission Insurance Broker Licensure Exam (Philippines) study plan

Map the structure of the Insurance Code (as amended) chapter by chapter and mark which chapters govern brokers, contracts, and claims

Define in your own words the Code's key terms for brokers, agents, reinsurance brokers, and insurers, and note where broker obligations differ from agent obligations

Trace the licensing lifecycle for a broker from application through renewal, suspension, and revocation, listing the documentary requirements at each stage

Build a one-page timeline of the Code's amendments and identify which provisions changed most recently

Summarize the IC circulars and issuances that directly affect brokers, including those on licensing, continuing education, disclosure, and market conduct

Distinguish which violations carry administrative fines versus criminal liability under the Code

Explain the role of the Insurance Commission in examination, conservatorship, and liquidation of insurers

Draft 10 practice questions on regulatory provisions and answer them without notes

Explain insurable interest, indemnity, utmost good faith, proximate cause, and subrogation with a Philippine example for each

Classify risks by pure versus speculative, fundamental versus particular, and static versus dynamic, and match each class to a treatment method

Walk through the elements of a valid insurance contract and identify which elements fail in three hypothetical defective policies

Explain how concealment, misrepresentation, and breach of warranty affect the insurer's liability under the Code

Compare the rights and duties of insurer and insured at each stage of the policy period

Compare term, whole life, endowment, universal life, and variable life on premium structure, cash value, and risk borne by the policyholder

Explain the components of a life policy: face amount, cash value, loan and surrender values, dividends, and non-forfeiture options

Describe the standard riders and exclusions in Philippine life products and when each rider is appropriate

Compute a simple illustration of premium versus cash value growth for a participating whole life policy over 10 years

Identify the disclosure requirements for variable life products and the separate licensing implications

Distinguish fire, marine, motor, casualty, engineering, and surety products by the peril insured and the standard policy form used

Explain the operation of average, co-insurance, deductible, and excess clauses in a property claim computation

Describe the coverage triggers and common exclusions in a comprehensive motor policy and a fire policy

Explain the nature of a surety bond and why it is treated as a credit rather than an insurance of a peril

Solve three sample loss computations applying depreciation, average, and deductible in sequence

Delineate broker duties to the client, the insurer, and the Commission, and identify conflicts of interest that must be disclosed

Explain the rules on commission disclosure, premium handling, and remittance of premiums collected on behalf of insurers

Apply a decision framework to five ethical dilemmas drawn from real brokerage situations and justify each resolution

Describe the grounds for disciplinary action against a broker and the due process that applies

Read a sample insurer balance sheet and income statement and compute loss ratio, expense ratio, combined ratio, and investment yield

Explain the underwriting process from submission to binding and identify the information a broker must supply for accurate risk classification

Sequence the claims process for both life and non-life, noting the documentary requirements and the timelines the insurer must observe

Analyze three claims scenarios for possible fraud indicators and state the appropriate referral action

Explain how claims experience feeds back into underwriting and pricing

Explain the purpose and mechanics of reinsurance, distinguishing facultative from treaty and proportional from non-proportional

Describe the solvency framework applicable to Philippine insurers, including the risk-based capital concept and the role of the Commission in monitoring it

Outline the operational functions of an insurer: product development, underwriting, actuarial, claims, investment, and compliance

Complete two full-length timed mock exams under exam conditions and review every missed item against the source provision

Consolidate weak areas from the mock exams into a final one-page review sheet