The Fundamentals of Insurance is recognized in most Canadian provinces as the premier pre-licensing study course for beginning general insurance brokers. This entry level course was designed by the Insurance Brokers Association of Canada (IBAC) for individuals with little or no experience in the insurance industry. Successful completion of the Fundamentals of Insurance, Auto Insurance Course and the GICS Bylaws exams meets the requirements for a Level 1 Licence.
Your learning will focus on the many insurance needs of the consumer by following the lives of the Butlers, a hypothetical family who serve as an example to illustrate the workings of various insurance concepts. The main purpose of this approach is to break down the learning barriers that are often associated with specialized or technical disciplines such as insurance.
Starting with the history of insurance, this program will guide you through definitions, functions, and major classes of the organization of insurance.
Here’s what you’ll learn:
- Introduction to General Insurance
- Insurance Contracts
- Role of Government in the Insurance Industry
- Insurance Process
- Common Characteristics of Property Insurance Policies
- Personal Property (Habitational) Insurance
- Commercial Property Insurance
- Principles of Legal Liability
- Introduction to Liability Insurance
- Liability Insurance Policies
- Accident and Sickness Insurance
- Introduction to Automobile Insurance
- Automobile Insurance – The Policy
- Statutory Conditions and Endorsements
- Regulation of Brokers
Study Options & Exam Registration:
Students can register for this method of self-study at any time of the year by simply ordering the textbook. Students receive a textbook, practice exam and marking guide. Once the student feels ready to challenge the exam they can register via paper exams or online exams. There is no time limit from ordering the textbook to completion of the examination. However, please make sure to always check the current version of the CAIB textbooks before preparing to write an exam.
The passing mark for the Fundamentals of Insurance exam is 75%.
The Fundamentals of Insurance exam consists of 100 multiple choice questions.
Questions? Contact the IBAS Education/Professional Development Department by phone (306-525-5900) or by emailing firstname.lastname@example.org.