What is the CM-LIP exam?
CM-LIP is the Capital Markets and Financial Advisory Services (CMFAS) Combined Module for Life Insurance and Investment-linked Policies, run by the Singapore College of Insurance (SCI). It took effect on 1 April 2024 and combines the content of the former M9 (Life Insurance and Investment-linked Policies) and M9A (Life Insurance and Investment-linked Policies II) papers into one exam. Most new representatives who want to advise on life policies and investment-linked policies (ILPs) sit it, usually alongside RES5.
TestReady SG is an independent practice platform. We are not linked to SCI or MAS, and our questions are original practice questions written from the law and published rules, not real exam questions.
Exam format
| Item | Detail |
|---|---|
| Questions | 150 multiple-choice questions |
| Parts | Part I: 100 questions. Part II: 50 questions |
| Time | 3 hours |
| Pass mark | At least 70% in Part I and at least 70% in Part II |
| Mode | Computer screen examination, closed book, in English |
The two parts are marked separately. A high score in one part does not make up for a weak score in the other, so you need to be ready across the whole syllabus.
What the syllabus covers
Part I follows the old M9 content in 17 chapters: risk and life insurance, setting premiums, classes of life products, traditional products (term, whole life, endowment), riders, participating policies, investment-linked policies, sub-funds, computational aspects, annuities, application and underwriting, policy services, claims, insurance contracts, the law of agency, income tax, and nominations, wills and trusts.
Part II follows the old M9A content in 6 chapters: an introduction to structured products, risk considerations, understanding derivatives, an introduction to ILPs, portfolios of investments with an insurance element, and case studies.
What our practice questions test
- The rules that matter in practice. Insurable interest and capacity under the Insurance Act 1966, surrender and non-forfeiture after 3 years, payment to intermediaries, trust and revocable nominations, and who counts as a proper claimant.
- MAS Notice 307 on ILPs. Unit pricing, the "premium charge", statements and reports, valuation errors, rounding, dealing and redemption timelines, and capital guaranteed sub-funds.
- Calculations. Units allocated after a premium charge, bid and offer prices, dollar cost averaging, sum at risk, surrender values, option payoffs, participation rates and the IRAS life insurance relief formula. Every working is shown in the explanation.
- Protection schemes and tax. The Policy Owners' Protection Scheme run by SDIC (what is covered and the caps), the free-look period, and life insurance relief.
- Derivatives and structured products. Calls, puts, forwards, futures and swaps, capital protection, and the risks you must explain to clients.
How to prepare
- Read the syllabus chapter by chapter. Use the official study text from SCI for the full content. Our questions are for testing yourself, not a replacement for it.
- Practise one topic at a time. Start with the topic you find hardest. Nominations, MAS Notice 307 and the calculation chapters are where many candidates lose easy marks.
- Read every explanation, even when you were right. Each one gives the rule and its source, such as the section of the Insurance Act 1966 or the paragraph of MAS Notice 307.
- Sit full timed mock exams. 150 questions in 3 hours is about 72 seconds a question. Practise the pace so that you are not rushing Part II at the end.
- Check both parts separately. Your results show a score for each part. Aim well above 70% in both before you book.
Is the information up to date?
We checked the exam format and the rules behind our questions against official sources on 5 October 2026: the SCI exam page, MAS Notice 307, the Insurance Act 1966 on Singapore Statutes Online, SDIC, IRAS and MoneySense. Rules change, so always check SCI's website for the latest exam details before you sit the paper.
Three worked examples
One question from different sections of the full pack, with the answer and explanation.
Which of these is a key difference between term insurance and whole life insurance?
- Whole life normally builds a cash value; term usually does not
- Term insurance always costs more than whole life for the same sum assured
- Whole life cover ends at the policy owner's retirement age
- Term insurance can only be bought with CPF savings
Holding a guaranteed fixed payout for many years mainly exposes the investor to:
- Unlimited losses of the kind faced by a call writer
- Daily margin calls from a clearing house
- Guaranteed currency gains
- Inflation eroding the real value of the payout