Life Insurance Finance - IC 26 Associateship Practice Exam

The Life Insurance Finance – IC 26 Associateship is a professional certification that shows expertise in financial management within the life insurance industry. It shows that a person understands insurance products, risk assessment, financial planning, and regulatory requirements. This certification is ideal for insurance professionals, finance analysts, and advisors who want to strengthen their knowledge of life insurance finance and provide accurate guidance to clients.

Recognized in the insurance sector, this certification helps professionals stand out in roles related to life insurance planning and financial management. By earning the IC 26 Associateship, individuals demonstrate the ability to analyze policies, manage insurance finances, and ensure compliance with industry standards. Organizations benefit from certified professionals who can make informed financial decisions, manage risks effectively, and support clients in achieving long-term financial goals.

Who should take the Exam?

This exam is ideal for:

• Finance Professionals in Life Insurance Companies
• Insurance Accountants
• Financial Analysts in the Insurance Sector
• Insurance Regulators and Auditors
• Actuarial Students Specializing in Life Insurance
• Professionals Aspiring for III's Associateship Diploma

Skills Required

• Financial Accounting
• Investment Management
• Budgeting and Financial Planning
• Regulatory Compliance
• Financial Reporting
• Risk Management
• Taxation in Insurance
• Actuarial Analysis

Knowledge Gained

• Life Insurance Accounting Procedures
• Investment of Life Fund
• Final Accounts Preparation (Revenue Account and Balance Sheet)
• Budgeting and Budget Control in Insurance
• Accounting Standards Applicable to Life Insurance
• Financial Management Concepts in Insurance
• Taxation and Anti-Money Laundering in Insurance
• Compliance with IFRS in Insurance

Course Outline

The Life Insurance Finance - IC 26 Associateship Exam covers the following topics - 

Domain 1 - Understand Elementary Principles of Accounts

• Life Insurance Business
• Types of Insurance Policies

Domain 2 - Learn the Accounting Procedures

• Overview Premium Accounting Including ULIP charges

Domain 3 - Understand Accounting Procedures

• Disbursements - Including – Free looks,
• Policy Payment including Claims (Special emphasis on ULIP Claims)
• Accounting and Health
• Insurance Accounting
• Expenses of Management Investment 

Domain 4 - Final Accounts

• Revenue Account and Balance sheet as per IRDA Requirements
• Budget and Budget control
• Innovative Concepts in Accounting
• Accounting Standard Applicable to Life Insurance Companies
• Financial Management Environment in India.
• Application of Financial Management concept in Insurance Industry,
• Taxation
• Anti-Money Laundering Guidelines & PMLA Act,
• Compliance with IFRS