M9 Exam Study Guide (2026)
Everything the CMFAS Module 9: Life Insurance and Investment-Linked Policies tests, topic by topic: what each section covers, the facts that come up most, and how to study it. Pair it with the free 15-question practice test.
The exam at a glance
| Questions | 100 multiple-choice questions |
|---|---|
| Time | 2 hours |
| Passing score | 70% (70 out of 100) |
| Format | Closed book, computer-based |
| Certifying body | Singapore College of Insurance (SCI) |
| Test provider | SCI computer-based examination centre, Singapore |
Mind map: the whole exam on one screen
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.
1. Principles of Life Insurance
The legal principles behind life insurance contracts: insurable interest, utmost good faith and how the contract is formed.
Key facts
- Insurable interest must exist when a life policy is effected; everyone has it in their own life.
- Utmost good faith requires disclosure of all material facts by the proposer.
- Life insurance is a contract of benefit, not indemnity: the sum assured is paid regardless of actual loss.
- Pooling of risk lets insurers pay claims from premiums collected from many policyholders.
- Premiums reflect mortality, expenses, investment returns and profit.
- The policy contract plus the proposal form and endorsements form the agreement.
Flashcards
Exam tip: Indemnity questions are a trap: life insurance pays a fixed benefit, not the actual financial loss.
2. Types of Life Insurance Policies
Term, whole life and endowment policies, participating and non-participating plans, and how each builds (or doesn't build) cash value.
Key facts
- Term insurance gives pure protection for a set period; usually no cash value.
- Whole life covers the insured for life and builds cash value.
- Endowments pay on death within the term or at maturity.
- Participating policies share in the par fund's surplus through non-guaranteed bonuses.
- Non-participating policies have fully guaranteed benefits and no bonuses.
- Decreasing term is often used to cover a reducing mortgage loan.
Flashcards
Exam tip: Match the client's need to the policy: protection only = term, lifelong cover = whole life, savings goal = endowment.
3. Policy Provisions, Riders and Nominations
Grace periods, non-forfeiture options, reinstatement, free-look, riders and nominations under the Insurance Act.
Key facts
- Non-forfeiture options: automatic premium loan, reduced paid-up, extended term, cash surrender.
- Life policies have a 14-day free-look period after the policyholder receives the policy.
- A lapsed policy can usually be reinstated within a set period with evidence of health and arrears paid.
- Riders add benefits such as critical illness, total and permanent disability or premium waiver.
- Section 49L trust nominations (spouse and/or children) create a trust and need consent to revoke.
- Section 49M revocable nominations can name anyone and can be changed freely.
Flashcards
Exam tip: 49L = trust (Lock it: spouse and children). 49M = revocable (May change).
Test yourself on these topics
Take the free 15-question M9 test, then save your results to unlock your Readiness Score and the mistakes bank.
4. Investment-Linked Policies
How ILPs work: units, sub-funds, charges and the investment risk the policyholder bears.
Key facts
- Premiums buy units in ILP sub-funds at the offer price.
- Policy value = units held × bid price; it rises and falls with the funds.
Flashcards
Exam tip: Unit questions are quick math: units = money ÷ offer price; value = units × bid price.
5. Annuities and Retirement Planning
Annuities, longevity risk and how CPF LIFE fits into retirement planning in Singapore.
Key facts
- Annuities convert a lump sum or premiums into an income stream.
- Immediate annuities pay at once; deferred annuities start later.
Flashcards
Exam tip: If a question mentions living too long, the answer involves an annuity.
6. Needs Analysis, Underwriting and Claims
Fact-finding and needs analysis, how insurers assess risk, and the claims process.
Key facts
- A fact-find gathers income, expenses, debts, dependants, existing cover and goals.
- Protection needs often use income replacement or needs-based methods.
Flashcards
Exam tip: Suitability starts with the fact-find. Any answer that recommends before understanding the client is wrong.
How to pass
- 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%.
Frequently asked questions
How long should I study for the M9 exam?
Most working candidates need 4 to 8 weeks at 45 to 60 minutes a day. Book your exam once your Readiness Score has stayed at 80 or higher for about a week.
Can I take the M9 exam online?
CMFAS modules are computer-based exams sat in person at the examination body's centre in Singapore. Format: closed book, computer-based. Check the current candidate information from Singapore College of Insurance for the rules.
What score do I need to pass the M9 exam?
70% (70 out of 100). The exam has 100 multiple-choice questions and a time limit of 2 hours.
What are the most tested topics?
The outline covers principles of life insurance, types of life insurance policies, policy provisions, riders and nominations, investment-linked policies, annuities and retirement planning, needs analysis, underwriting and claims. Use the free practice test to see which ones you need most.
The premium M9 study path
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.
Your step-by-step study path
- 1Principles of Life Insurance10 key notes, 135 flashcards, then 500 practice questions in 20 sets of 25Notes free with an account
- 2Types of Life Insurance Policies10 key notes, 135 flashcards, then 500 practice questions in 20 sets of 25Premium
- 3Policy Provisions, Riders and Nominations10 key notes, 135 flashcards, then 500 practice questions in 20 sets of 25Premium
- 4Investment-Linked Policies10 key notes, 135 flashcards, then 500 practice questions in 20 sets of 25Premium
- 5Annuities and Retirement Planning10 key notes, 130 flashcards, then 500 practice questions in 20 sets of 25Premium
- 6Needs Analysis, Underwriting and Claims10 key notes, 130 flashcards, then 500 practice questions in 20 sets of 25Premium
- Final step: 6 full mock exams100 questions each, timed like test day. Pass them, then book your exam.Premium
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- 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
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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.
Summarized from SCI's and IBF's official candidate information and the rules cited, checked October 2026. Confirm current requirements with Singapore College of Insurance (SCI).