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Exam Review

Key Facts: III IC-83 Exam

100

Online MCQs per paper

III Examination Handbook

2 hours

Exam duration

III Examination Handbook

60%

Passing mark (75% Distinction)

III Examination Handbook

30

Credit points for IC-83

III credit-point system

INR 600

India paper fee (30 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-83 is a 100-question, 2-hour online MCQ paper on Group Insurance and Retirement Schemes (Retirement Benefit Scheme). Passing requires 60% (Distinction from 75%). India paper enrollment for this 30-credit subject is INR 600 w.e.f. 1.4.2026, plus INR 800 registration for fresh candidates (taxes extra).

Sample III IC-83 Practice Questions

Try these sample questions to review concepts for the III IC-83 exam. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.

1Which of the following principles forms the foundation of group insurance?
A.Risk pooling
B.Adverse selection
C.Utmost good faith
D.Subrogation
Explanation: Group insurance is based on the principle of risk pooling, where a large group of individuals is insured together to spread the risk and reduce premiums.
2What is the primary characteristic of the master policy in a group insurance contract?
A.It is a contract between the employer and the employees.
B.It is issued to the group administrator or employer.
C.It specifies the beneficiary for each employee.
D.It is issued to each individual member.
Explanation: In group insurance, a single master policy is issued to the group policyholder (often the employer), outlining the coverage details for all group members.
3Why do group insurance policies generally have lower premiums per individual compared to individual policies?
A.Stricter medical underwriting
B.Lower coverage limits
C.Reduced administrative and marketing costs
D.Higher claims frequency
Explanation: Group insurance benefits from economies of scale, resulting in lower administrative, marketing, and distribution costs, which translates to lower premiums.
4In a non-contributory group insurance scheme, who pays the premium?
A.The employees pay 100% of the premium.
B.The employer and employees share the premium cost.
C.The government subsidizes the premium.
D.The employer pays 100% of the premium.
Explanation: In a non-contributory group insurance plan, the employer (or group policyholder) pays the entire premium cost, and all eligible members must be covered.
5What is the typical minimum participation requirement for a contributory group insurance plan?
A.75%
B.50%
C.100%
D.25%
Explanation: Insurers generally require a minimum of 75% of eligible employees to participate in a contributory plan to prevent adverse selection.
6Which document serves as proof of coverage for an individual member in a group insurance policy?
A.Master Policy
B.Certificate of Insurance
C.Cover Note
D.Trust Deed
Explanation: A Certificate of Insurance is provided to each covered member in a group policy, detailing their specific benefits and coverage.
7What is the primary purpose of 'actively-at-work' provisions in group life insurance?
A.To limit the maximum benefit amount.
B.To ensure employees are productive.
C.To prevent coverage for individuals who are currently disabled or hospitalized.
D.To encourage perfect attendance.
Explanation: Actively-at-work provisions require an employee to be working on the day coverage starts, preventing the inclusion of those already severely ill or disabled.
8In group insurance underwriting, how are premium rates typically determined?
A.Based on individual medical exams of all members.
B.By government regulation without variation.
C.By individual negotiation with each employee.
D.Based on the average age, occupation, and past claims experience of the group.
Explanation: Group underwriting assesses the risk of the group as a whole, looking at demographics, industry, and past claims (experience rating) rather than individual health.
9What does the Free Cover Limit (FCL) in group term life insurance signify?
A.The coverage amount above which evidence of insurability is required.
B.The amount of insurance provided without any premium payment.
C.The maximum coverage a group can purchase.
D.The limit of free administrative services provided by the insurer.
Explanation: The Free Cover Limit is the maximum amount of life insurance coverage granted to a member without requiring them to provide medical evidence of insurability.
10Which of the following is a common method for determining the sum assured in a Group Term Life Insurance policy?
A.The amount of the employer's annual profit.
B.A multiple of the employee's annual salary.
C.A decreasing amount based on age.
D.A random amount chosen by the employee.
Explanation: Benefits are often linked to salary (e.g., 2x or 3x annual salary) to provide a benefit commensurate with the employee's income level.

About the III IC-83 Exam

The III IC-83 Group Insurance and Retirement Schemes exam evaluates candidate understanding of key principles and practical concepts in Group Insurance and Retirement Schemes. The syllabus encompasses various modules detailed below.

Exam sponsor: Insurance Institute of India (III). The requirements and fees below concern the certification or admission exam, separate from our free practice resources.

Assessment

100 objective multiple-choice questions in a single online paper. IC-83 is a 30-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 / Certification Fees

INR 600 per subject (30 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.

Exam sponsor website

Fees, eligibility, and exam policies can change. Confirm them with the exam sponsor before applying or paying.

Our practice resources: topics covered

We aim to reflect publicly available exam outlines and topic information in our study resources. Coverage, format, and difficulty may differ from the actual exam, and we cannot guarantee that every detail is accurate or current. Confirm exam requirements, fees, and policies with the official exam sponsor.

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Preparing for the III IC-83 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-83 is a 30-credit paper under the Insurance Institute of India (III) professional credit system.
  • Time limit: 2 hours
  • Exam / certification fees: INR 600 per subject (30 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. Official sources

Using Our Practice Resources

  • Work through all 100 available questions
  • Review every answer and explanation
  • Track weak areas and revisit them
  • Use our AI tutor for tough concepts

III IC-83: Suggested Study Strategy

1Study the official III IC-83 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-83 exam?

The III objective papers, including IC-83, consist of 100 multiple-choice questions completed in 2 hours online.

What is the IC-83 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-83 carry?

This paper (IC-83) carries 30 credit points under the Insurance Institute of India credit system.