How to Pass IIQE Paper 2 (General Insurance): Complete 2026 Study Guide

IIQE Paper 2 (General Insurance) is one of the most theory-heavy papers in the IIQE series. It covers everything from motor insurance to marine insurance, underwriting procedures to policy wording — and candidates who don't plan their study time wisely often get overwhelmed by the sheer breadth of content.

(If you haven't booked your exam slot yet, read our IIQE Paper 2 Registration Guide here.)

The good news? With only 4 chapters and a clear question distribution, you can focus your energy where it matters most. This guide gives you the exact strategy to pass IIQE Paper 2 on your first attempt.

(Wondering if it's difficult? Read our honest difficulty analysis here.)

Understanding the Exam: IIQE Paper 2 Format (2026)

IIQE stands for Insurance Intermediaries Qualifying Examination, administered by PEAK (the Institute of Professional Education And Knowledge of Hong Kong).

(Read our full breakdown of the IIQE Paper 2 Passing Score & Format here.)

Important: Exam slots fill up fast. Book at least 2 weeks in advance via the PEAK Online Enrolment System.

The "Killer Chapters": Where 80% of Questions Come From

The key to passing IIQE Paper 2 is understanding the extreme concentration of marks. Unlike Paper 1 which spreads questions across 7 chapters, Paper 2 puts 80% of the exam into just 2 chapters.

1. Chapter 1: Insurance Products (46% — The Big One)

This is the heart of the exam and it's massive. You need to understand 8+ different product types:

• Motor Insurance — third party vs comprehensive, excess, no-claim discount
• Health Insurance — hospital, surgical, medical benefits, exclusions
• Property Insurance — fire, special perils, reinstatement basis
• Liability Insurance — employers', public, products, professional indemnity
• Pecuniary Insurance — fidelity guarantee, credit insurance, business interruption
• Marine Insurance — hull, cargo, Institute Cargo Clauses
• Engineering Insurance — contractor's all risks, machinery breakdown
• Combined & Package Policies — travel, home, commercial packages

The breadth is the challenge. You don't need to know each product deeply, but you need to know the key features, exclusions, and differences between them.

ExamPrep.hk's Instant Feedback feature explains the reasoning behind each answer — essential for distinguishing between similar insurance products.

2. Chapter 2: Underwriting & Policy Wording (34% — The Technical Chapter)

This chapter tests your understanding of:

• Proposal Forms & Material Facts — what constitutes material non-disclosure
• Underwriting Procedures — risk assessment, premium calculation factors
• Policy Wording — standard conditions, exclusions, endorsements
• Terms & Conditions — warranties, conditions precedent
• Renewals & Cancellations — procedures, pro-rata vs short-period rates

The key here is understanding the process flow — from proposal to policy issuance, renewal, and cancellation.

ExamPrep.hk's Practice by Chapter mode lets you drill specific chapters until you've mastered them.

3. Chapters 3 & 4: Claims and Customer Service (20% Combined)

These chapters are shorter and more straightforward:

• Claims (Ch3): Valid claims, claims procedures, role of loss adjusters, settlement methods
• Customer Service (Ch4): Service standards, codes of conduct, regulatory obligations, rebating of commission (illegal!)

Don't ignore them — 10 questions can make or break your pass — but don't over-invest time here.

Your 2-Week Study Plan

Week 1: Master the Killer Chapters (Chapters 1 & 2)

Focus: This is where you win or lose the exam. 80% of questions come from here.

ExamPrep.hk's Performance by Chapter shows you exactly where you're weakest — focus your revision there.

Week 2: Complete Coverage & Full Simulation

Focus: Finish remaining chapters, then simulate real exam conditions.

ExamPrep.hk's AI Focus Areas pinpoints exactly which topics need more attention before exam day.

Common Mistakes to Avoid

1. Studying all chapters equally — Ch3 and Ch4 are only 20% combined. Don't spend half your time on them.
2. Treating Ch1 as one topic — Chapter 1 covers 8+ product types. Break it down and study each product separately.
3. Confusing similar products — Pecuniary vs property insurance, comprehensive vs third-party motor — the exam loves testing these distinctions.
4. Ignoring policy wording details — Ch2 questions often test specific terminology: "condition precedent" vs "warranty" vs "exclusion". Know the differences.
5. Not practising under time pressure — 75 minutes for 50 questions means only 1.5 minutes per question. Practice with a timer.

ExamPrep.hk's Quick Guide feature gives you bite-sized summaries for last-minute revision.

Summary: Focus on What Matters

IIQE Paper 2 is not about memorising everything — it's about mastering the chapters that carry the most weight.

If you master Chapters 1 and 2, you're covering 80% of the exam. That's 40 out of 50 questions.

Ready to start practising? Check out our IIQE Paper 2 sample questions with answers, or jump straight into the mock exam simulator.

For a comparison of available study resources, see our best IIQE Paper 2 mock exams & study guides review.