Fundamentals of Insurance
Fundamentals of Insurance is recognized in most Canadian provinces, including Saskatchewan, as the premier pre-licensing study course for beginning general insurance brokers. This entry-level program was designed by the Insurance Brokers Association of Canada (IBAC) for individuals with little or no experience in the insurance industry. Completion of this course is part of one possible pathway to obtain a Level 1 license in the province.
Starting with the history of insurance, this program will guide you through definitions, functions, and major classes of insurance. Specifically, you will cover:
- An introduction to general insurance;
- Insurance contracts;
- The 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;
- Statutory conditions and endorsements; and
- The regulation and oversight of brokers.
Students can register for self-study at any time of the year. During registration, students can purchase a textbook, practice exam, and marking guide. Once the student feels ready to challenge the exam, they can register to do so. There is no time limit between ordering the textbook to the completion of the examination.
- Exam: $250
- Study Materials: $100
Course & Exam Registration Process
- Step 1: Register for the course below.
- Step 2: Once you have registered, it will appear in your IBAS account under My Courses.
- Step 3: On the My Courses page, you will be able to register and pay for the online exam.
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The Fundamentals of Insurance exam consists of 100 multiple choice questions. The pass mark required is 75%.