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2026 Statistics

Key Facts: III IC-28 Exam

100

Online MCQs per paper

III Examination Handbook

2 hours

Exam duration

III Examination Handbook

60%

Passing mark (75% Distinction)

III Examination Handbook

Credit points for IC-28

III credit-point system

INR 600

India paper fee (40 credits) w.e.f. 1.4.2026

III Table of Fees

INR 800

Fresh registration (India) w.e.f. 1.4.2026

III Table of Fees

III IC-28 is a 100-question, 2-hour online MCQ paper on Foundation of Actuarial Science. Passing requires 60% (Distinction from 75%). India paper enrollment for this 40-credit subject is INR 600 w.e.f. 1.4.2026, plus INR 800 registration for fresh candidates (taxes extra).

Sample III IC-28 Practice Questions

Try these sample questions to test your III IC-28 exam readiness. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.

1Which of the following is the correct formula for the effective annual rate of interest (i) corresponding to a nominal rate of interest (i^(m)) compounded m times a year?

A.i = (1 + i^(m)/m)^m - 1

B.i = (1 + i^(m)/m)^m + 1

C.i = (1 - i^(m)/m)^m - 1

D.i = (1 + i^(m))^m - 1

Explanation: The effective annual interest rate i is calculated from a nominal rate i^(m) compounded m times a year using the formula i = (1 + i^(m)/m)^m - 1. This equates the accumulation over one year under both rates.

2What is the present value of an annuity-certain of 1 per annum payable annually in arrear for n years?

A.a_n = (1 - v^n) / d

B.a_n = (1 - v^n) / i

C.s_n = ((1+i)^n - 1) / i

D.a_n = 1 / (1 + i)^n

Explanation: The present value of an annuity-certain of 1 per annum payable in arrear for n years is denoted by a_n. Its formula is (1 - v^n) / i, where v is the discount factor 1/(1+i).

3A life table function l_x represents which of the following?

A.The number of persons dying between age x and x+1

B.The probability that a person aged x will die within one year

C.The expected number of persons out of an initial cohort (l_0) who survive to exact age x

D.The central rate of mortality at age x

Explanation: In a mortality table, l_x denotes the expected number of survivors to exact age x out of an initial cohort, usually l_0 (the radix).

4Which basic life contingency function denotes the present value of 1 payable at the end of the year of death of a person currently aged x?

A.a_x

B.E_x

C.P_x

D.A_x

Explanation: A_x is the standard notation for the present value (net single premium) of a whole life assurance of 1 payable at the end of the year of death of a life aged x.

5What is the relationship between the force of interest (delta) and the effective rate of interest (i)?

A.delta = ln(1 + i)

B.delta = e^i - 1

C.delta = 1 / (1 + i)

D.delta = i / (1 + i)

Explanation: The force of interest (delta) represents the nominal rate of interest compounded continuously. It is related to the effective annual interest rate (i) by the equation e^delta = 1 + i, which means delta = ln(1 + i).

6In the context of probability, if two events A and B are mutually exclusive, what is the probability of either A or B occurring?

A.P(A) * P(B)

B.P(A) + P(B)

C.P(A) + P(B) - P(A and B)

D.P(A) / P(B)

Explanation: For mutually exclusive events, they cannot happen at the same time, so P(A and B) = 0. Therefore, the probability of either A or B occurring is simply the sum of their individual probabilities: P(A) + P(B).

7In Foundation of Actuarial Science commutation columns, which statement correctly defines N_x?

A.N_x = v^x * l_x

B.N_x = v^(x+1) * d_x

C.N_x = D_x + D_{x+1} + D_{x+2} + ... (sum of D_y from age x to the limiting age)

D.N_x = M_x / D_x

Explanation: N_x is the sum of the D column from age x onward: N_x = Σ D_y for y ≥ x. Whole-life annuity-due values follow as a-double-dot_x = N_x / D_x.

8How is the net premium reserve for a whole life policy at duration t (denoted as _tV_x) calculated using the prospective method?

A.P_x * s_t - A_{x:t}

B.A_{x+t} + P_x * a_{x+t}

C.1 - (a_{x+t} / a_x)

D.A_{x+t} - P_x * a_{x+t}

Explanation: The prospective reserve is the present value of future benefits minus the present value of future net premiums. For a whole life policy, it is A_{x+t} (value of future benefits) - P_x * a_{x+t} (value of future net premiums).

9The symbol n_p_x represents:

A.The probability that a life aged x will survive for at least n years

B.The probability that a life aged x will die within n years

C.The number of lives surviving from age x to age x+n

D.The mortality rate of a person aged x over n years

Explanation: In actuarial notation, n_p_x represents the probability that a life currently aged x will survive to age x+n. It can be calculated as l_{x+n} / l_x.

10Which type of annuity pays a fixed amount at the beginning of each period?

A.Annuity immediate

B.Annuity due

C.Deferred annuity

D.Perpetuity

Explanation: An annuity due is an annuity where payments are made at the beginning of each period (e.g., rent).

About the III IC-28 Exam

The III IC-28 Foundation of Actuarial Science exam evaluates candidate understanding of key principles and practical concepts in Foundation of Actuarial Science. The syllabus encompasses various modules detailed below.

Assessment

100 objective multiple-choice questions in a single online paper. IC-28 is a 40-credit paper under the Insurance Institute of India (III) professional credit system.

Time Limit

2 hours

Passing Score

60% (Distinction at 75% or above)

Exam Fee

INR 600 per subject (40 credit points) for India candidates; fresh candidates also pay INR 800 registration (inclusive of life membership). Taxes extra. Fees w.e.f. 1.4.2026 per III Table of Fees. (Insurance Institute of India (III))

III IC-28 Exam Content Outline

8 questions

Calculation

Practice questions focusing on calculation concepts.

5 questions

Present Value

Practice questions focusing on present value concepts.

4 questions

Commutation Functions

Practice questions focusing on commutation functions concepts.

4 questions

Actuarial Notation

Practice questions focusing on actuarial notation concepts.

3 questions

Nominal Interest Rate

Practice questions focusing on nominal interest rate concepts.

3 questions

Force Of Interest

Practice questions focusing on force of interest concepts.

3 questions

Survival Probability

Practice questions focusing on survival probability concepts.

3 questions

Policy Types

Practice questions focusing on policy types concepts.

3 questions

Temporary Annuity

Practice questions focusing on temporary annuity concepts.

3 questions

Joint Life

Practice questions focusing on joint life concepts.

3 questions

Definition

Practice questions focusing on definition concepts.

2 questions

Effective Interest Rate

Practice questions focusing on effective interest rate concepts.

2 questions

Prospective Reserve

Practice questions focusing on prospective reserve concepts.

2 questions

M Thly Payments

Practice questions focusing on m thly payments concepts.

2 questions

Pure Endowment

Practice questions focusing on pure endowment concepts.

2 questions

Valuation

Practice questions focusing on valuation concepts.

2 questions

Independent Events

Practice questions focusing on independent events concepts.

2 questions

Central Rate Of Mortality

Practice questions focusing on central rate of mortality concepts.

2 questions

Perpetuity

Practice questions focusing on perpetuity concepts.

2 questions

Expectation Of Life

Practice questions focusing on expectation of life concepts.

2 questions

Force Of Mortality

Practice questions focusing on force of mortality concepts.

2 questions

Annuity

Practice questions focusing on annuity concepts.

2 questions

Increasing Annuity

Practice questions focusing on increasing annuity concepts.

2 questions

Variance

Practice questions focusing on variance concepts.

2 questions

With Profits

Practice questions focusing on with profits concepts.

2 questions

Deferred Annuity

Practice questions focusing on deferred annuity concepts.

2 questions

Initial Reserve

Practice questions focusing on initial reserve concepts.

2 questions

Radix

Practice questions focusing on radix concepts.

2 questions

Multiple Decrement

Practice questions focusing on multiple decrement concepts.

1 questions

Annuity Arrear

Practice questions focusing on annuity arrear concepts.

1 questions

Life Table Functions

Practice questions focusing on life table functions concepts.

1 questions

Survival

Practice questions focusing on survival concepts.

1 questions

Assurance

Practice questions focusing on assurance concepts.

1 questions

Mutually Exclusive Events

Practice questions focusing on mutually exclusive events concepts.

1 questions

Addition Rule

Practice questions focusing on addition rule concepts.

1 questions

Whole Life

Practice questions focusing on whole life concepts.

1 questions

Annuity Types

Practice questions focusing on annuity types concepts.

1 questions

Annuity Due

Practice questions focusing on annuity due concepts.

1 questions

Select Mortality

Practice questions focusing on select mortality concepts.

1 questions

Endowment Assurance

Practice questions focusing on endowment assurance concepts.

1 questions

Equation Of Value

Practice questions focusing on equation of value concepts.

1 questions

Continuous Functions

Practice questions focusing on continuous functions concepts.

1 questions

Net Premium Valuation

Practice questions focusing on net premium valuation concepts.

1 questions

Doubling Time

Practice questions focusing on doubling time concepts.

1 questions

Ultimate Mortality

Practice questions focusing on ultimate mortality concepts.

1 questions

Retrospective Reserve

Practice questions focusing on retrospective reserve concepts.

1 questions

Zillmerisation

Practice questions focusing on zillmerisation concepts.

1 questions

Rate Of Discount

Practice questions focusing on rate of discount concepts.

1 questions

Purpose

Practice questions focusing on purpose concepts.

1 questions

Probabilities

Practice questions focusing on probabilities concepts.

1 questions

Quarterly

Practice questions focusing on quarterly concepts.

1 questions

Assurance Annuity Relationship

Practice questions focusing on assurance annuity relationship concepts.

1 questions

Gross Premium

Practice questions focusing on gross premium concepts.

1 questions

Expenses

Practice questions focusing on expenses concepts.

1 questions

Curtate

Practice questions focusing on curtate concepts.

1 questions

Deferred Assurance

Practice questions focusing on deferred assurance concepts.

1 questions

Negative Reserves

Practice questions focusing on negative reserves concepts.

1 questions

Hazard Rate

Practice questions focusing on hazard rate concepts.

1 questions

Loan Repayment

Practice questions focusing on loan repayment concepts.

1 questions

Anti Selection

Practice questions focusing on anti selection concepts.

1 questions

Continuous

Practice questions focusing on continuous concepts.

1 questions

Gross Premium Reserve

Practice questions focusing on gross premium reserve concepts.

1 questions

Net Premium Reserve

Practice questions focusing on net premium reserve concepts.

1 questions

Cost Of Insurance

Practice questions focusing on cost of insurance concepts.

1 questions

Aging

Practice questions focusing on aging concepts.

1 questions

Accumulation Factor

Practice questions focusing on accumulation factor concepts.

1 questions

Stationary Population

Practice questions focusing on stationary population concepts.

1 questions

Reserve Accumulation

Practice questions focusing on reserve accumulation concepts.

1 questions

Risk

Practice questions focusing on risk concepts.

1 questions

Approximation

Practice questions focusing on approximation concepts.

1 questions

Net Annual Premium

Practice questions focusing on net annual premium concepts.

1 questions

Term Assurance

Practice questions focusing on term assurance concepts.

1 questions

Gompertz Law

Practice questions focusing on gompertz law concepts.

1 questions

Bonuses

Practice questions focusing on bonuses concepts.

1 questions

Complete

Practice questions focusing on complete concepts.

1 questions

Surrender Value

Practice questions focusing on surrender value concepts.

1 questions

Minimum Reserve

Practice questions focusing on minimum reserve concepts.

1 questions

Death Benefit

Practice questions focusing on death benefit concepts.

1 questions

Time Value Of Money

Practice questions focusing on time value of money concepts.

1 questions

Mortality Probability

Practice questions focusing on mortality probability concepts.

1 questions

Timing

Practice questions focusing on timing concepts.

1 questions

Uniform Distribution Of Deaths

Practice questions focusing on uniform distribution of deaths concepts.

1 questions

Fractional Ages

Practice questions focusing on fractional ages concepts.

1 questions

Makeham Law

Practice questions focusing on makeham law concepts.

1 questions

Parameters

Practice questions focusing on parameters concepts.

1 questions

Mortality Experience

Practice questions focusing on mortality experience concepts.

1 questions

Profitability

Practice questions focusing on profitability concepts.

1 questions

Simple Interest

Practice questions focusing on simple interest concepts.

1 questions

Whole Life Assurance

Practice questions focusing on whole life assurance concepts.

1 questions

Expected Present Value

Practice questions focusing on expected present value concepts.

1 questions

Recursive Relationship

Practice questions focusing on recursive relationship concepts.

1 questions

Accumulation

Practice questions focusing on accumulation concepts.

1 questions

Bayes Theorem

Practice questions focusing on bayes theorem concepts.

1 questions

Continuous Assurance

Practice questions focusing on continuous assurance concepts.

1 questions

Interest Rate Sensitivity

Practice questions focusing on interest rate sensitivity concepts.

1 questions

Fackler Formula

Practice questions focusing on fackler formula concepts.

1 questions

Equivalence

Practice questions focusing on equivalence concepts.

1 questions

Decrements

Practice questions focusing on decrements concepts.

1 questions

Zero Interest

Practice questions focusing on zero interest concepts.

1 questions

Annuity Certain

Practice questions focusing on annuity certain concepts.

1 questions

Equivalence Principle

Practice questions focusing on equivalence principle concepts.

1 questions

Binomial Distribution

Practice questions focusing on binomial distribution concepts.

1 questions

Modified Reserves

Practice questions focusing on modified reserves concepts.

1 questions

Zillmer Method

Practice questions focusing on zillmer method concepts.

1 questions

Discount Factor

Practice questions focusing on discount factor concepts.

1 questions

Reserve Trajectory

Practice questions focusing on reserve trajectory concepts.

1 questions

Multiplication Rule

Practice questions focusing on multiplication rule concepts.

1 questions

Select Notation

Practice questions focusing on select notation concepts.

1 questions

Duration

Practice questions focusing on duration concepts.

1 questions

Risk Discount Rate

Practice questions focusing on risk discount rate concepts.

1 questions

Expected Value

Practice questions focusing on expected value concepts.

1 questions

Indicator Variable

Practice questions focusing on indicator variable concepts.

1 questions

Accumulated Value

Practice questions focusing on accumulated value concepts.

1 questions

S N

Practice questions focusing on s n concepts.

1 questions

Family Income Benefit

Practice questions focusing on family income benefit concepts.

1 questions

Net Premium

Practice questions focusing on net premium concepts.

1 questions

Pdf

Practice questions focusing on pdf concepts.

1 questions

Properties

Practice questions focusing on properties concepts.

1 questions

Participating

Practice questions focusing on participating concepts.

1 questions

Loan Amortization

Practice questions focusing on loan amortization concepts.

1 questions

Interest Component

Practice questions focusing on interest component concepts.

1 questions

Status Failure

Practice questions focusing on status failure concepts.

1 questions

Terminal Reserve

Practice questions focusing on terminal reserve concepts.

1 questions

Withdrawal

Practice questions focusing on withdrawal concepts.

1 questions

Internal Rate Of Return

Practice questions focusing on internal rate of return concepts.

1 questions

Npv

Practice questions focusing on npv concepts.

How to Pass the III IC-28 Exam

What You Need to Know

Passing score: 60% (Distinction at 75% or above)
Assessment: 100 objective multiple-choice questions in a single online paper. IC-28 is a 40-credit paper under the Insurance Institute of India (III) professional credit system.
Time limit: 2 hours
Exam fee: INR 600 per subject (40 credit points) for India candidates; fresh candidates also pay INR 800 registration (inclusive of life membership). Taxes extra. Fees w.e.f. 1.4.2026 per III Table of Fees.

Keys to Passing

Complete 500+ practice questions
Score 80%+ consistently before scheduling
Focus on highest-weighted sections
Use our AI tutor for tough concepts

III IC-28 Study Tips from Top Performers

1Study the official III IC-28 coursebook chapter by chapter before mixed mocks.

2Review the core regulations and guidelines relating to this paper.

3Sit full 100-question, 2-hour mocks aiming above 60%, with Distinction practice at 75%+.

Frequently Asked Questions

How many questions are on the III IC-28 exam?

The III objective papers, including IC-28, consist of 100 multiple-choice questions completed in 2 hours online.

What is the IC-28 passing score?

Passing marks for III online MCQ papers are 60% or above. Candidates scoring at least 75% earn Distinction in that subject.

How many credit points does IC-28 carry?

This paper (IC-28) carries 40 credit points under the Insurance Institute of India credit system.

100+ Free III IC-28 Practice Questions

Explore More Insurance Institute of India (III) Licentiate Papers

III IC-01 Principles of Insurance

III IC-02 Practice of Life Insurance

III IC-102 Insurance Business Ecosystem

III IC-103 Distribution Channels Management

III IC-104 Products of Life Insurance

III IC-11 Practice of General Insurance

Key Facts: III IC-28 Exam

Sample III IC-28 Practice Questions

About the III IC-28 Exam

III IC-28 Exam Content Outline

How to Pass the III IC-28 Exam

What You Need to Know

Keys to Passing

III IC-28 Study Tips from Top Performers

Frequently Asked Questions