Life insurance, endowment insurance, annuities, and critical illness insurance are all insurances that are particularly related to human life. Life insurance and endowment life insurance are types of insurance that pay consolation money to the beneficiary after the death of the insured. Annuities are closely related to the life of the insured. Basically for most of the annuity plans, the longer the life of the insured, the more yearly income the insured will receive. Critical illness insurance means that if the insured suffers from certain specified diseases or it is necessary to perform specified medical procedures, the insurance company will compensate for a sum of money for medical treatment or any purpose the insured wants to achieve. According to Hong Kong’s “Insurance Ordinance”, there are 9 types of protection for long-term business, including life and annuity, linked long term, permanent health, etc. Therefore, if you want to sell life insurance, endowment life insurance, annuities, and critical illness insurance, you must meet the conditions for selling general insurance.
What exams do you need to take to sell long-term insurance
Selling long-term business and selling general insurance policies require participation in different exams. One of the requirements to sell long-term insurance is to take the Insurance Intermediaries Qualifying Examination (IIQE) Paper 1 and Paper 3. For IIQE exemption, please refer to Exemption from Insurance Intermediary Qualifying Examination (IIQE)
The content of IIQE Paper 1 is relatively broad, including some basic definitions of the insurance industry, the functions and benefits of insurance, related legal principles and applications, insurance principles, the main functions of insurance companies, the structure and supervision of the insurance industry, and the professions of the insurance industry’s moral. Generally speaking, Paper 1 needs a lot of recitation.
The content of IIQE Paper 3 is relatively short and in-depth. The content includes basic knowledge and concepts of life insurance, introduction to the types of life insurance and annuities, introduction to insurance benefit rider and other products, a brief introduction to the concept of life insurance policy provisions, and procedures from insuring to underwriting to issuance of insurance policies to claims settlement.
How should I review the exam?
The pass rate of IIQE has always been a big worry for many candidates. The official has no mechanism to require PEAK to disclose the pass rate, and the pass rate published last time is also appalling. Here I can recommend a review method for everyone:
- First study the material study manual / 2CExam Youtube instructional video by each chapter (instructional video provided in Cantonese)
IIQE Paper 1 Playlist
IIQE Paper 3 Playlist
- Complete one chapter of the 2CExam mock test
This review method takes 20-25 hours, and statistically has a pass rate of 80%.
No statistics are available for other review methods.
2CExam is a company that specializes in training candidates to take the securities, insurance and real estate exams. Regarding IIQE, 2CExam has produced free Cantonese video teaching Paper 1, 2, 3, which is publicly released on major well-known video sharing websites at no additional charge. If students have difficulty understanding the content of the study manual when taking the HKSI paper 1, 2, 3, they can choose to watch the other instructional videos. If you want to purchase review materials to better understand the content of the exam, you can visit www.2cexam.com (physical product) or www.hksiiiqepasspaper.online (online version)
How can we help?
2CExam provides HKSI LE, IIQE, EAQE and SQE related exam preparation materials. We sell mock question banks for IIQE Papers 1, 2, 3, 5 and MPFE in Chinese and English; and bibles for IIQE Papers 1, 2, 3, MPFE in Chinese. We also offer 1 on 1 tutorial services. Besides, we have also made free tutorial videos for IIQE Papers 1, 2, 3 and MPFE and posted on public channels such as Youtube/ Bilibili/ Tencent/ Iqiyi. 2CExam has been an exam training expert for years. Should you need any help please visit www.2cexam.com or contact us through:
Phone +852 2110 9644 Email: [email protected] Wechat: hk2cexam WhatsApp: +852 9347 2064
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