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Life insurance · Last updated October 2026

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

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. Pair it with M9, or sit both as CM-LIP.

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About the M9A exam

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. Pair it with M9, or sit both as CM-LIP.

What's on the exam

M9A
Investment Fundamentals for ILPs
6 key facts
ILP Sub-Funds and Structures
6 key facts
Charges, Unit Pricing and Valuation
6 key facts
Disclosure and Policy Documents
6 key facts
Risks and Suitability of ILPs
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 M9A exam

  • 50 questions in 1 hour leaves 1 minute 12 seconds each. Calculation items (unit numbers, charges) are quick if you've practised them.
  • Learn which charges are deducted where: bid-offer spread on purchase, management fees inside the fund, insurance charges by cancelling units.
  • Know the documents and what each contains: the Product Highlights Sheet, product summary and fund information.
  • You need 35 out of 50 to pass.

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.

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What's in the premium M9A prep

Premium M9A 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, 50 questions each, timed
800flashcards with spaced repetition, sorted by topic
60comprehensive key notes across 5 topics

Your step-by-step study path

  1. 1
    Investment Fundamentals for ILPs12 key notes, 160 flashcards, then 600 practice questions in 24 sets of 25
    Notes free with an account
  2. 2
    ILP Sub-Funds and Structures12 key notes, 160 flashcards, then 600 practice questions in 24 sets of 25
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  3. 3
    Charges, Unit Pricing and Valuation12 key notes, 160 flashcards, then 600 practice questions in 24 sets of 25
    Premium
  4. 4
    Disclosure and Policy Documents12 key notes, 160 flashcards, then 600 practice questions in 24 sets of 25
    Premium
  5. 5
    Risks and Suitability of ILPs12 key notes, 160 flashcards, then 600 practice questions in 24 sets of 25
    Premium
  6. Final step: 6 full mock exams50 questions each, timed like test day. Pass them, then book your exam.
    Premium
Free with an account

Read the complete M9A study notes for “Investment Fundamentals for ILPs”

Our first full set of comprehensive notes, about 10 minutes of reading: Risk and return · The main asset classes · Diversification · What moves sub-fund prices, 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.

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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. Which statement about risk and return is generally true?
Answer: Higher expected returns usually come with higher risk. Investors demand higher expected returns for taking more risk. That's why equities have historically returned more than cash, with more volatility.
2. Spreading money across many different assets to reduce specific risk is called:
Answer: Diversification. Diversification reduces unsystematic (specific) risk. It can't remove systematic (market) risk.
3. An ILP sub-fund that invests mainly in government and corporate bonds is best described as:
Answer: A fixed income (bond) fund. Bond funds aim for income and lower volatility than equity funds, but are exposed to interest-rate and credit risk.
4. A policyholder moves their ILP units from an equity sub-fund to a bond sub-fund. This is a:
Answer: Fund switch. ILPs let policyholders switch between sub-funds, sometimes free up to a set number of switches a year.
5. A policyholder invests S$1,000 when the offer price is S$1.25 per unit. How many units are allocated (ignoring other charges)?
Answer: 800. Units = amount ÷ offer price = 1,000 ÷ 1.25 = 800 units.
6. Many ILPs price units on a 'forward pricing' basis. This means:
Answer: Orders are dealt at the next price calculated after the order is received. Forward pricing uses the next valuation after the order, so no one can trade at a known historical price.
7. In many ILPs, the cost of the life cover is paid by:
Answer: Cancelling units from the policy account. Insurance (mortality) charges are commonly deducted by cancelling units, so higher cover or older age reduces the units left to invest.
8. The Product Highlights Sheet for an ILP is intended to:
Answer: Summarise the key features, risks and fees in plain language. The PHS highlights the product's key features, risks and costs so consumers can understand and compare it.
9. Which statement about past fund performance in ILP materials is appropriate?
Answer: It should be shown with a warning that past performance is not necessarily indicative of future performance. Past performance must be presented fairly with the standard warning that it doesn't predict future results.
10. An elderly client with low risk tolerance wants guaranteed returns. Recommending a high-risk equity ILP would most likely breach:
Answer: The duty to have a reasonable basis for the recommendation. A recommendation must suit the client's objectives, risk tolerance and situation. An equity ILP doesn't fit someone who needs guarantees.
11. If an ILP sub-fund invests in emerging market equities, which risk is especially significant?
Answer: Currency, political and market volatility risk. Emerging market funds are exposed to sharp price swings, currency movements and political events.
12. Surrendering a regular premium ILP in its early years often results in:
Answer: A low surrender value because of initial charges and costs. Initial charges and the cost of cover mean early surrenders often return less than the premiums paid.
13. Inflation risk means:
Answer: Rising prices may reduce the real value of returns. Inflation erodes purchasing power, so returns must beat inflation to grow real wealth.
14. A sub-fund that holds units of other funds rather than securities directly is a:
Answer: Feeder or fund-of-funds structure. Feeder funds invest in a single master fund; funds of funds invest in several underlying funds. Both add a layer of fees.
15. During the free-look period, if a policyholder cancels an ILP whose units have fallen in value, they generally receive:
Answer: The premium adjusted for any fall in unit value, less certain expenses. For ILPs the refund on free-look cancellation can reflect changes in unit value and allowable expenses, so it may be less than the premium paid.

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M9A exam FAQ

How many questions are on the M9A exam?

50 multiple-choice questions, with a time limit of 1 hour. Format: closed book, computer-based.

What is the passing score for M9A?

70% (35 out of 50).

How much does the M9A 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 M9A exam offered in?

English.

Where do I take the M9A exam?

SCI computer-based examination centre, Singapore.

Is this M9A 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 M9A prep is Premium at S$187 a month for this exam.

What's in the premium M9A prep?

3,000 practice questions organized topic by topic (Investment Fundamentals for ILPs: 600; ILP Sub-Funds and Structures: 600; Charges, Unit Pricing and Valuation: 600; Disclosure and Policy Documents: 600; Risks and Suitability of ILPs: 600), 6 full-length timed mock exams of 50 questions, 800 flashcards and 60 comprehensive key notes split across all 5 topics, plus a mistakes bank and the Readiness Score.

Compare M9A with other CMFAS modules

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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.

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