IIQE Paper V Question Bank — 80 Questions in 2 Hours, and the Only Paper You Cannot Sit Remotely

Last updated 2026-08-10

For investment-linked long term business (ILAS), Paper V is required on top of Papers I and III.

Two things about it are unique among the four papers.

The official parameters

Two limits that apply only to Paper V

1. It cannot be sat remotely.

The official remotely invigilated mode covers Papers I, II and III only. To sit Paper V you must attend a centre in Hong Kong.

For candidates based outside Hong Kong this is a hard constraint: if your business category requires Paper V, a trip to Hong Kong has to be in the plan — you cannot complete all four papers remotely.

2. It costs more than the other three.

HK$325 on paper and HK$390 computer-based — HK$130 and HK$125 more than Papers I, II and III.

A concrete combination: composite business including linked long term business requires all four papers — HK$910 paper-and-pencil, HK$1,185 computer-based.

Why we are not publishing our Paper V data yet

We do hold answering records for Paper V, but they cover only 88% of the official chapter weighting, short of our own 95% threshold, so we do not publish a chapter difficulty distribution for Paper V.

The reason is not caution, it is arithmetic: the missing 12% systematically inflates the apparent share of loss carried by the chapters that remain, because the denominator is truncated. The reader would see a skewed ordering with nothing on the surface to indicate it. The threshold is enforced by a script, not by memory.

(Papers I and III reach 100% coverage on 4,057 and 3,295 answers — which is why we publish those.)

Until the sample is sufficient, allocating Paper V time by official chapter weighting is a reasonable starting point — the syllabus is downloadable free from the PEAK and Insurance Authority websites (handbook 2.1.4, 14.1).

Mange's Paper V question bank

Switchable Simplified / Traditional Chinese, an explanation for every wrong answer, practice ordered by your weak spots, 90-day access.

At 2 hours and 80 questions Paper V is the longest sitting of the four, so pacing practice matters more here than on the other three — 1 minute 30 seconds per question, in a paper with a higher proportion of calculation than Paper I.

Related

• Which papers do you need — confirm you actually need Paper V first
• Format, pass mark and results
• The full fee table and refund rules

Sources and currency

Duration, question count and pass mark are taken from the Insurance Intermediaries Qualifying Examination (Paper-and-Pencil and Computer-based Modes) Handbook (applicable from 1 September 2025); fees from clause 5.1; the exclusion of Paper V from the remote mode from the Remotely Invigilated Mode of Examination FAQ. All retrieved 2026-08-09.

The handbook is versioned and both fees and syllabus are subject to change — check before enrolling. Mange does not own, and does not claim to own, copyright in any official examination material. Nothing here is enrolment advice or a promise about any examination outcome; the official announcements of the Insurance Authority and the PEAK Examination Centre govern.