Credit point systems

CREDIT POINT SYSTEM OF EXAMINATION
FROM MAY 2012 THE CREDIT POINT SYSTEM HAS BEEN INTRODUCED

1.
2.

3.
4.

5.

The name and codes of existing subjects remain unchanged.
Each subject of study is assigned credit points as given in Annexure. The credit points are assigned, keeping in view, the level of examination and the difficulty level of the subject. The above system will allow flexibility to the candidates to choose subjects of his/her choice from the available subjects and accumulate credit points.
However, certain subjects will be compulsory i.e. if the candidate does not pass the compulsory subjects, in spite of accumulating credit points, he/she will not be granted
Licentiate certificate, Associateship and /or Fellowship membership Diploma.
Following are the minimum credit points to be accumulated by a candidate for passing the Examinations.
Licentiate Certificate

-

60 credit points

Associateship Diploma

-

250 credit points (including the credit points at
Licentiate level credit points)

Fellowship Diploma

-

490 credit points (including the credit points at
Licentiate and Associateship levels credit points)

The compulsory subjects are as given below:
At Licentiate Examination –
1.

Principles of Insurance (IC 01)
AND

2.

(a) Practice of Life Insurance (IC 02) OR (b) Practice of General Insurance (IC 11)

(i.e. two compulsory subjects at Licentiate Level)
At Associateship Examination –
In addition to above two subjects,
1.

(a) Life Insurance Underwriting (IC 22) OR (b) General Insurance Underwriting (IC 45)
AND

2.

(a) Life Insurance Finance (IC 26) OR (b) General Insurance Accounts preparation &
Regulation of Investment (IC 46)

(i.e. two compulsory subjects at Associateship Level)

At Fellowship Examination
In addition to above 4 compulsory subjects i.e. (Two at Licentiate and Two at Associateship
Level) one Actuarial Subject (i.e. any one paper from Subjects No. 28/ 47/81/84/92 is compulsory for fellowship.
Validity of Credit points:

i. The credit point validity for passed paper will remain for a period of 5 years from date of passing the paper.

ii. Candidate who have completed Associateship qualification will have permanent 250 credits point (Including exempted candidates) iii. Candidates appearing for fellowship examination have to complete within a period of
7 years from passing first paper after completing Associateship qualification. i.e. the credit point of fellowship subject will remain valid for a period of 7 years from passing the subject. iv. Subject wise credit point validity to the candidates who are exempted on the basis of their qualifications from other educational institutions, is 5 years from passing their qualifying examination.
CREDIT POINTS FOR CURRENT SUBJECTS/PAPERS

Subject Code & Title
(01) Principles of Insurance

Credit
Points
20

(02) Practice of Life Insurance

20

(11) Practice of General Insurance

20

(14) Regulation Insurance Business

20

(22) Life Assurance Underwriting

30

(23) Application of Life Assurance
(24) Legal Aspects of Life Assurance

30
30

(26) Life Assurance finance

30

(27) Health Insurance

30

(28) Foundation of Actuarial Science

40

(45) General Insurance Underwriting

30

(46) General Insurance Accounts and Regulation of Investment
(47 / A-1) Foundation of Casualty Actuarial Science Part – I
(56) Fire Insurance Claims

30
40
30

(57) Fire and Consequential Loss Insurance

30

(58) Fire Insurance Coverage’s

30

(59) Fire Insurance Rating and Underwriting

30

(66) Marine Insurance Claims

30

(67) Marine Insurance
(68) Marine Insurance Coverage’s

30
30

(69) Marine Insurance Rating and Underwriting

30

(71) Agriculture Insurance

30

(72) Motor Insurance

30

(74) Liability Insurance

30

(77) Engineering Insurance
(78) Miscellaneous Insurance

30
30

(81) Mathematical Basis of Life Assurance

40

(82) Statistics

40

(83) Group Insurance & Retirement Benefit Scheme

30

(84 / A-2) Foundation of Casualty Actuarial Science Part –II

40

(85) Reinsurance

40

(86) Risk Management
(88) Marketing and Public Relations

40
30

(89) Management Accounting

40

(90) Human Resources Management

30

(92) Actuarial Aspects of Product Development

40

(99) Asset Management

30

CREDIT POINTS AVAILABLE FOR WITHDRAWN SUBJECTS/PAPERS
Subject Code & Title

Credit
Points

(12) Insurance Business environment

20

(21) Information Technology

20

(25) Life Insurance Administration

30

(51) Specific Fire Hazards

30

(52)General Fire Hazards

30

(54) Fire Insurance Underwriting

30

(55) Consequential Loss (Fire ) Insurance

30

(61) Cargo Loss Prevention

30

(62) Commercial Geography

30

(63) Marine Clauses

30

(65) Marine Insurance Underwriting

30

(73) Personal Accident , Sickness and Miscellaneous Insurance

30

(79) Liability and Engineering Insurance

30

(87) Law and Economics

30

(97) Legal Aspects of Industrial Relations

30

(98) Advanced Information Technology

30

Credit points are not available for any other old and withdrawn subject i.e. subjects like IC 53, IC 64,
IC 75, IC 76 to the candidates who could not pass Associateship examination up till May 2012.
Candidates who have passed paper no. 10 previously at licentiate level, will not be allowed to appear paper no. 01 and similarly candidates passed earlier paper no 12 will not be allowed to appear paper no.14.
Please note that for the purpose of passing Associateship and Fellowship qualification a candidate can accumulate maximum credit points of passing the subjects of 01 or 10 , 02, 11, 12 or 14 is 80 only.