Try the full study dashboard free, no signup: practice, flashcards and your Exam Readiness Score. Open it →
CMFASQuizBank
Start free
Home / Practice tests / M9
Life insurance · Last updated October 2026

CMFAS Module 9: Life Insurance and Investment-Linked Policies: free practice test

The core product knowledge module for life insurance in Singapore: life policy types, riders, policy provisions and nominations, investment-linked policies and annuities. Pair it with M9A, or sit both together as CM-LIP.

Start the free 15-question testRead the study guide

Premium: 3,000 practice questions, 6 full mock exams, 800 flashcards and 60 comprehensive key notes, topic by topic. See the study path ·

Or open the free M9 study dashboard: flashcards, notes and your Readiness Score, no signup →

About the M9 exam

The core product knowledge module for life insurance in Singapore: life policy types, riders, policy provisions and nominations, investment-linked policies and annuities. Pair it with M9A, or sit both together as CM-LIP.

What's on the exam

M9
Principles of Life Insurance
6 key facts
Types of Life Insurance Policies
6 key facts
Policy Provisions, Riders and Nominations
6 key facts
Investment-Linked Policies
6 key facts
Annuities and Retirement Planning
6 key facts
Needs Analysis, Underwriting and Claims
6 key facts

Each branch is a topic in the official outline. Members see every key fact on the full mind map. Read the free study guide →

How to pass the M9 exam

  • 100 questions in 2 hours is 1 minute 12 seconds each. Product-feature questions should take 30 seconds; save time for calculation and scenario items.
  • Know the difference between term, whole life and endowment cold, including which build cash value.
  • Trust nominations (section 49L) and revocable nominations (section 49M) are a favourite source of trick questions.
  • M9 needs 70%. If you plan to sit CM-LIP instead, remember you must pass both of its parts at 70%.

Save your results and get your Readiness Score

Create a free account after the test: your score by topic, a mistakes bank, the complete study notes for the first topic, flashcards and the CMFAS Key Numbers Sheet.

Take the test first

What's in the premium M9 prep

Premium M9 prep is studied one topic at a time. Each step starts with that topic's key notes and flashcard deck, then its own question sets of 25, so you master one topic before you move to the next. When every topic is strong, the 6 full mock exams show you're ready.

3,000practice questions, every answer explained
6full-length mock exams, 100 questions each, timed
800flashcards with spaced repetition, sorted by topic
60comprehensive key notes across 6 topics

Your step-by-step study path

  1. 1
    Principles of Life Insurance10 key notes, 135 flashcards, then 500 practice questions in 20 sets of 25
    Notes free with an account
  2. 2
    Types of Life Insurance Policies10 key notes, 135 flashcards, then 500 practice questions in 20 sets of 25
    Premium
  3. 3
    Policy Provisions, Riders and Nominations10 key notes, 135 flashcards, then 500 practice questions in 20 sets of 25
    Premium
  4. 4
    Investment-Linked Policies10 key notes, 135 flashcards, then 500 practice questions in 20 sets of 25
    Premium
  5. 5
    Annuities and Retirement Planning10 key notes, 130 flashcards, then 500 practice questions in 20 sets of 25
    Premium
  6. 6
    Needs Analysis, Underwriting and Claims10 key notes, 130 flashcards, then 500 practice questions in 20 sets of 25
    Premium
  7. Final step: 6 full mock exams100 questions each, timed like test day. Pass them, then book your exam.
    Premium
Free with an account

Read the complete M9 study notes for “Principles of Life Insurance”

Our first full set of comprehensive notes, about 11 minutes of reading: Insurable interest · Utmost good faith · Benefit, not indemnity · How premiums are set, a worked exam example, the traps examiners use and a one-minute recap. Create a free account to read it and see how premium notes work before you decide.

Open the free dashboard

Study tools included

3,000 practice questions

3,000 exam-style questions per exam, organized topic by topic in sets of 25. Every answer explained, with the rule it comes from.

6 full mock exams

6 full-length timed mock exams per exam, with real question counts and time limits, so test day feels like practice day.

Exam Readiness Score

One 0 to 100 number that tells you when you're ready to book. Reach 80 and you're covered by our Pass Guarantee.

800 flashcards + spaced repetition

800 flashcards per exam, in a deck for each topic, that come back right before you'd forget them. Five minutes a day keeps every number fresh.

60 comprehensive key notes

60 key notes per exam, split across its topics and each explained in full: the concepts, worked exam examples, the traps examiners use and a quick recap. Your first set is free with an account.

Mind maps

See the whole exam on one screen: every topic and the facts under it.

Sample questions with answers

These are the questions in the free test above, with answers. Try the test first. You'll learn more by getting some wrong.

1. Insurable interest in a life policy must exist:
Answer: At the time the policy is taken up. For life insurance, insurable interest must exist when the policy is effected. A person always has insurable interest in their own life.
2. The duty of utmost good faith requires a proposer to:
Answer: Disclose all material facts relevant to the risk. Utmost good faith (uberrimae fidei) obliges the proposer to disclose material facts. Non-disclosure can allow the insurer to avoid the policy.
3. Which type of policy provides cover for a fixed period and generally has no cash value?
Answer: Term insurance. Term insurance pays only on death (or the covered event) within the term. It's the cheapest pure protection and usually has no surrender value.
4. An endowment policy pays out:
Answer: On death during the term, or on survival to the maturity date. Endowments combine protection and saving: they pay on death within the term or at maturity if the insured survives.
5. In a participating (with-profits) policy, bonuses are:
Answer: Not guaranteed and depend on the performance of the participating fund. Participating policies share in the profits of the par fund through bonuses. Future bonuses aren't guaranteed, although once declared, reversionary bonuses usually are.
6. A policyholder makes a trust nomination under section 49L of the Insurance Act. Which statement is correct?
Answer: It can only name a spouse and/or children, and it creates a trust over the policy proceeds. A section 49L trust nomination names a spouse and/or children, is irrevocable without the nominees' (or trustee's) consent and creates a statutory trust. Revocable nominations are under section 49M.
7. Which non-forfeiture option uses the policy's cash value to pay an overdue premium automatically?
Answer: Automatic premium loan. The automatic premium loan borrows against the cash value to keep the policy in force. The balance accrues interest and reduces the payout if unpaid.
8. Under Singapore practice, a new life policyholder who changes their mind can return the policy during the free-look period of:
Answer: 14 days. Life policies carry a 14-day free-look period from receipt of the policy. The insurer refunds the premium less certain expenses (such as medical costs).
9. In an investment-linked policy (ILP), who bears the investment risk of the underlying sub-funds?
Answer: The policyholder. ILP values move with the sub-funds' unit prices, so the policyholder bears the investment risk.
10. In an ILP, the 'bid-offer spread' is:
Answer: The difference between the price at which units are sold to and bought back from the policyholder. Units are bought at the offer price and sold at the lower bid price. The spread is an initial charge on each purchase.
11. Regular premium ILP units are bought at different prices each month. This effect, which smooths the average cost, is called:
Answer: Dollar-cost averaging. Investing a fixed amount regularly buys more units when prices are low and fewer when high, averaging the purchase cost.
12. An annuity mainly protects the annuitant against:
Answer: Outliving their savings (longevity risk). Annuities pay an income for life or a set period, protecting against the risk of living longer than savings last.
13. Under CPF LIFE, Singapore's national annuity scheme, members receive:
Answer: Monthly payouts for life from their payout eligibility age. CPF LIFE provides lifelong monthly payouts starting from the member's payout eligibility age.
14. When analysing a family's protection needs, the main purpose of a fact-find is to:
Answer: Understand the client's financial situation, goals and existing cover so recommendations fit. A fact-find gathers the information needed to identify gaps in protection and recommend suitable products.
15. A proposer is a smoker but declares they are a non-smoker. If discovered at claim time, the insurer may:
Answer: Avoid the policy for misrepresentation of a material fact, subject to the policy terms and the law. Smoking status is material to the risk. Misrepresentation can let the insurer avoid the policy or adjust benefits, subject to the policy and the law.

Get the full M9 prep

Most popular · cancel anytime

Premium Monthly

S$187/month
per exam
About S$6.15 a day · less than a kopi a day, for the licence that starts your career
  • One CMFAS module of your choice, from RES5 to M9A, HI or CM-SIP
  • 3,000 practice questions + 6 full mock exams per exam
  • 800 flashcards + 60 key notes per exam, by topic, plus mind maps
  • Spaced repetition + mistakes bank
  • Readiness Score & detailed reports
  • Video lessons as they release
  • Content updates during your access
  • 5 bonuses: key numbers sheet, formula sheet, study planner and more
  • Pass Guarantee: complete the prep, pass or 100% back

Renews monthly until you cancel. Cancel in two clicks from your account; you keep access until the end of the month you've paid for. No minimum term.

Best value · 3 months free

Premium Yearly

S$1,683/year
per exam
Pay for 9 months, get 12. Save S$561 against paying monthly.
  • One CMFAS module of your choice, from RES5 to M9A, HI or CM-SIP
  • 3,000 practice questions + 6 full mock exams per exam
  • 800 flashcards + 60 key notes per exam, by topic, plus mind maps
  • Spaced repetition + mistakes bank
  • Readiness Score & detailed reports
  • Video lessons as they release
  • Content updates during your access
  • 5 bonuses: key numbers sheet, formula sheet, study planner and more
  • Pass Guarantee: complete the prep, pass or 100% back

Renews once a year until you cancel. We email you before each renewal. Cancel any time from your account; you keep access until the end of the year you've paid for.

Pass Guarantee. Complete the full prep, sit your exam within 60 days, and if you don't pass we refund 100% of your subscription payments. See the requirements
Secure checkout by Stripe Card, Apple Pay, Google Pay Pass Guarantee

Certification guide

Which CMFAS modules do you need?: The CMFAS exams are the competency tests MAS requires before a firm can appoint you as a representative. Since the April 2024 restructure, every financial adviser representative sits RES5, plus product modules matched to what they'll advise on. Here's how to work out your list. Always confirm with your principal firm, because exemptions can remove some modules.

M9 exam FAQ

How many questions are on the M9 exam?

100 multiple-choice questions, with a time limit of 2 hours. Format: closed book, computer-based.

What is the passing score for M9?

70% (70 out of 100).

How much does the M9 exam cost?

Set by SCI (single product modules have been listed at roughly S$80 to S$137); check SCI before you register. Fees can change, so confirm on the SCI or IBF website before you register.

Which languages is the M9 exam offered in?

English.

Where do I take the M9 exam?

SCI computer-based examination centre, Singapore.

Is this M9 practice test free?

Yes. The 15-question practice test on this page is free, with an explanation for every answer and no signup. A free account also unlocks the complete study notes for the first topic. The full M9 prep is Premium at S$187 a month for this exam.

What's in the premium M9 prep?

3,000 practice questions organized topic by topic (Principles of Life Insurance: 500; Types of Life Insurance Policies: 500; Policy Provisions, Riders and Nominations: 500; Investment-Linked Policies: 500; Annuities and Retirement Planning: 500; Needs Analysis, Underwriting and Claims: 500), 6 full-length timed mock exams of 100 questions, 800 flashcards and 60 comprehensive key notes split across all 6 topics, plus a mistakes bank and the Readiness Score.

Compare M9 with other CMFAS modules

Related practice tests

Life insurance

CMFAS Module 9A: Life Insurance and Investment-Linked Policies II

The second life insurance module goes deeper into investment-linked policies: investment concepts, ILP sub-funds, unit pricing and charges, disclosure documents and the risks advisers must explain.

15 free questions3,000 premium Qs · 6 mocks · 800 flashcards · 60 key notes
Start free test →
Life insurance

CMFAS Health Insurance (HI) Module

Required to advise on or arrange policies with health or accident benefits (MAS Notice 117).

15 free questions3,000 premium Qs · 6 mocks · 800 flashcards · 60 key notes
Start free test →

Exam details are summarized from the official candidate information available in October 2026. SCI or IBF changes formats and fees, so confirm with Singapore College of Insurance (SCI) before you book. CMFASQuizBank is not affiliated with MAS, SCI or IBF.

Start the free test