NISM Series X-B Mock Test: Investment Adviser (Level 2)
Up to 30 full-length mock tests of 100 questions each, built on the official syllabus, with an explanation for every answer.
About the NISM Series X-B exam
NISM Series X-B is Level 2 of the investment adviser certification — insurance and risk planning, retirement planning, taxation, estate planning and comprehensive financial plans built through case studies.
Who should take it: Investment adviser candidates who have cleared Level 1 (X-A) and need X-B to complete the SEBI-required certification.
NISM Series X-B exam pattern
| Questions | 100 multiple-choice questions |
|---|---|
| Total marks | 100 |
| Duration | 180 minutes |
| Passing score | 60% |
| Negative marking | −0.25 mark per wrong answer |
Indicative pattern. Exam bodies revise patterns — confirm the details in the latest official notification before your exam.
Syllabus covered in our NISM Series X-B question bank
Our 50-question bank for NISM Series X-B covers every chapter below. Mock tests mix questions across all of them in the same proportion as the real paper.
- Risk Management & Insurance Concepts4 practice questions
- Life Insurance Products5 practice questions
- Health & General Insurance4 practice questions
- Insurance Needs Analysis4 practice questions
- Retirement Planning Concepts4 practice questions
- Retirement Products & Pension Schemes5 practice questions
- Retirement Corpus & Distribution Planning4 practice questions
- Income Tax Fundamentals4 practice questions
- Taxation of Investment Products4 practice questions
- Wealth Management & Estate Planning Concepts3 practice questions
- Wills, Succession & Trusts5 practice questions
- Comprehensive Financial Planning & Case Studies4 practice questions
Free NISM Series X-B sample questions
Try five questions from our bank. Each mock test gives you 100 like these, with your score, chapter-wise analysis and explanations at the end.
For a risk that has low probability but very high potential financial loss, such as premature death of the main earner, the most appropriate risk-management technique is usually:
- Risk retention by paying losses from savings
- Risk transfer through insurance
- Ignoring the risk because it is unlikely
- Risk reduction by cutting household expenses
Show answer & explanation
Answer: B. Risk transfer through insurance
Low-frequency, high-severity risks cannot be absorbed by most households, so they are best transferred to an insurer.
Which feature correctly describes a pure term life insurance plan?
- It pays the sum assured plus bonuses on survival to maturity
- It invests premiums in market-linked funds chosen by the policyholder
- It provides cover for the whole of life and builds a high surrender value
- It gives the largest cover per rupee of premium and pays only on death during the term
Show answer & explanation
Answer: D. It gives the largest cover per rupee of premium and pays only on death during the term
A term plan has no savings component, so premiums are low relative to the sum assured and the benefit is payable only on death within the policy term.
In a family floater health policy, the sum insured:
- Is separately available in full to each covered member
- Applies only to the eldest member
- Is shared by all covered family members and can be used by any one or more of them
- Is paid only on the death of a member
Show answer & explanation
Answer: C. Is shared by all covered family members and can be used by any one or more of them
A floater pools one sum insured across the family; one member's large claim can exhaust it for others in that policy year.
Sanjay contributes ₹9 lakh a year to his family's needs and has 20 working years left. Using a 6% discount rate and assuming year-end contributions, what is his human life value (approximately)?
- ₹1.03 crore
- ₹1.80 crore
- ₹0.90 crore
- ₹1.25 crore
Show answer & explanation
Answer: A. ₹1.03 crore
HLV = 9,00,000 × [1 − 1.06^−20] ÷ 0.06 = 9,00,000 × 11.47 ≈ ₹1.03 crore. ₹1.80 crore ignores discounting.
In retirement planning, 'longevity risk' refers to the risk that:
- Interest rates rise just before retirement
- The retiree outlives the retirement corpus
- The retiree dies before retirement
- Equity markets fall in the first year of retirement
Show answer & explanation
Answer: B. The retiree outlives the retirement corpus
Longevity risk is the danger of living longer than planned, so that savings run out while the retiree still needs income.
NISM Series X-B mock test plans
Every plan unlocks one full-length mock test per day of the plan. Prices include GST.
| Plan | Mock tests | Questions | Price |
|---|---|---|---|
| 10 Days | 10 mock tests | 1,000 questions | ₹199 incl. GST |
| 15 Days | 15 mock tests | 1,500 questions | ₹279 incl. GST |
| 20 Days Popular | 20 mock tests | 2,000 questions | ₹349 incl. GST |
| 30 Days Best value | 30 mock tests | 3,000 questions | ₹449 incl. GST |
Official study material
Links open the official website. We do not host or alter official material.
NISM Series X-B mock test FAQs
How many questions are there in the NISM Series X-B exam?
The NISM Series X-B paper has 100 multiple-choice questions for 100 marks, to be completed in 180 minutes. This is the indicative pattern — always confirm it in the latest official notification.
Is there negative marking in NISM Series X-B?
Yes. −0.25 mark per wrong answer (25% of the marks for that question). Our mock tests apply the same rule.
What is the pass mark for NISM Series X-B?
You need 60% to pass. Our mock tests show pass or fail against the same mark.
How many NISM Series X-B mock tests do I get?
One full-length mock test is unlocked for each day of your plan: 10, 15, 20 or 30 mock tests on the 10 Days, 15 Days, 20 Days or 30 Days plans. You can retake any unlocked test while your plan is active.
Are these the actual exam questions?
No. Every question is an original practice question written to match the official syllabus and the exam's style. Reproducing real exam questions is not permitted, and we do not do it.
Where can I get the official NISM Series X-B study material?
NISM provides the latest workbook free of cost on its official portal after a short registration. The link is in the Official study material section on this page.