What is the passing mark for NISM Series X-B?

You need 60% to pass NISM-Series-X-B: Investment Adviser (Level 2). On a 150-mark paper that is 90 marks.

How long is the NISM Series X-B exam?

The exam runs for 180 minutes and carries 150 marks in total.

How long is the NISM Series X-B certificate valid?

NISM certifications are generally valid for 3 years from the date of passing, after which they must be renewed. Confirm the current position on nism.ac.in before your certificate lapses.

NISM Series X-B

Investment Adviser (Level 2)

The advanced adviser paper — portfolio construction, case-based advice and the regulatory duties of a registered adviser.

Exam pattern

Duration: 180 min
Total marks: 150
Pass mark: 60% (90)
Negative marking: 25%

There is negative marking of 25% of the marks for that question, so a wrong answer costs you 0.25 marks on a 1-mark question. Guess only when you can eliminate at least two options.

Syllabus and chapter weightage

Weightages are taken from the official syllabus table published in the NISM workbook, so you can see exactly where the marks are.

Every chapter can be read free, no account needed — tap a chapter to open its plain-English Foundation lesson.

Sample questions

5 questions from the chapter tests, one per chapter. Pick your answer before you open the explanation.

Question 1 · Chapter 1: Basics of Insurance
In the merchant ships example, 100 merchants each face a possible loss of Rs 10,00,000 and 2 ships are lost every month. What premium must each merchant pay?
1. A.Rs 10,000
2. B.Rs 20,000
3. C.Rs 50,000
4. D.Rs 2,00,000
Show the answer
Answer: B. Rs 20,000
The total loss is Rs 10,00,000 × 2 ships = Rs 20,00,000. Spread over 100 merchants that is Rs 20,000 each, and the fund of Rs 20,00,000 is paid to the two merchants whose ships were lost. The sum assured is Rs 10,00,000 and the premium Rs 20,000. Rs 50,000 is the premium if only 40 merchants participate.
Question 2 · Chapter 2: Features of Life Insurance Products
Which of the following provides ONLY a death benefit?
1. A.Endowment policy
2. B.Term insurance policy
3. C.Whole life policy
4. D.Unit linked insurance plan
Show the answer
Answer: B. Term insurance policy
TERM INSURANCE POLICIES PROVIDE FOR ONLY DEATH BENEFIT. INVESTMENT CUM INSURANCE POLICIES WILL PROVIDE A COMBINATION OF THE ABOVE TWO FEATURES — death cover and survival benefit. Death cover means the benefit is paid only on the death of the insured within a specified period; if death does not occur, then no benefit will be paid.
Question 3 · Chapter 3: Features of non-Life Insurance Products
What is the typical term of a non-life insurance policy?
1. A.One year, extending to two or three years for health or two wheeler policies
2. B.Five years for all products
3. C.Ten years, matching life insurance
4. D.It is decided entirely by the insured
Show the answer
Answer: A. One year, extending to two or three years for health or two wheeler policies
The term of the insurance is TYPICALLY 1 YEAR. IN SOME CASES, SUCH AS HEALTH OR TWO WHEELER POLICIES, THE TERM MAY BE TWO OR THREE YEARS. This short term is the structural difference from life insurance, and it explains why renewal, portability and no claim bonus matter so much in non-life products.
Question 4 · Chapter 4: Retirement Planning Basics
In the workbook's example, X is in his 20s, has a working life of 40 years ending at retirement age 60, and a life expectancy of 80. How many years of post-retirement life must he fund?
1. A.10 years
2. B.20 years
3. C.30 years
4. D.40 years
Show the answer
Answer: B. 20 years
If the life expectancy is 80 years, then X has to spend 20 YEARS OF POST-RETIREMENT LIFE, WITHOUT ANY COMMITMENT TO WORK. Thus, to sustain the expenses during his retired life, X needs to plan for his retirement. The arithmetic behind the whole chapter is that forty years of earning must fund sixty years of living.
Question 5 · Chapter 5: Retirement Products
Of the employer's 12 per cent EPF contribution, what proportion goes to the Employees' Pension Scheme?
1. A.3.67%
2. B.8.33%
3. C.0.5%
4. D.The whole 12%
Show the answer
Answer: B. 8.33%
The employer's contribution splits four ways: Employees Provident Fund 3.67%; EMPLOYEES' PENSION SCHEME (EPS) 8.33%, SUBJECT TO A CEILING OF RS 15,000 MONTHLY SALARY; Employee's Deposit Linked Insurance Scheme (EDLIS) 0.5%; and EPF Admin Charges 0.50%. By contrast the employee's entire 12% goes to the EPF account. Note also that the employer's share contributed towards EPS DOES NOT ACCRUE INTEREST, and pension is payable only after the age of 58.

Start preparing free

The Foundation lessons are open to everyone. A free account adds the chapter tests, two deeper levels per chapter, and mock exams that use this paper’s real marking rules.

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What we teach from

Our Series X-B material is written from the official NISM workbook, and every lesson and question cites the workbook page it came from — so you can check any figure against the source rather than taking our word for it.

NISM Series-X-B_Investment Adviser Level 2 · 453 pages

The workbook is published and copyrighted by NISM. Get your own copy and confirm the current edition at nism.ac.in.

Frequently asked questions

What is the passing mark for NISM Series X-B?: You need 60% to pass NISM-Series-X-B: Investment Adviser (Level 2). On a 150-mark paper that is 90 marks.
Is there negative marking in NISM Series X-B?: There is negative marking of 25% of the marks for that question, so a wrong answer costs you 0.25 marks on a 1-mark question. Guess only when you can eliminate at least two options.
How long is the NISM Series X-B exam?: The exam runs for 180 minutes and carries 150 marks in total.
How long is the NISM Series X-B certificate valid?: NISM certifications are generally valid for 3 years from the date of passing, after which they must be renewed. Confirm the current position on nism.ac.in before your certificate lapses.