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FUNDAMENTALS OF INSURANCE

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INTRODUCTION

If you’re starting out in the insurance industry, successful completion of the Fundamentals of Insurance course (or the CAIB 1 course) AND the Council Rules Course will qualify you for a Level 1 General Insurance Salesperson's License in British Columbia. This includes the ability to sell ICBC’s Autoplan.

THE DIFFERENCE BETWEEN FUNDAMENTALS OF INSURANCE AND CAIB 1

If you have little or no experience in the insurance industry, you should register in the Fundamentals of Insurance course because it’s for beginners.

If you already have some experience in the insurance industry, you should register in the CAIB 1 course because it’s more advanced. It also counts toward a CAIB designation, which Fundamentals does not.

Click here for a point-by-point comparison of Fundamentals of Insurance and CAIB 1.

 

 UPDATE

 THE FUNDAMENTALS OF INSURANCE TEXTBOOK 

You should study from the 2017 edition of the Fundamentals of Insurance textbook. The current Autoplan Supplement included with the textbook is the April 2019 version.

The fee for the Fundamentals of Insurance textbook is $155, which includes $20 shipping & handling and GST.

Warning! If anyone tells you that you can easily pass the Fundamentals of Insurance exam by memorizing their study notes, please ignore them. The exam tests for proper understanding of concepts, not just memorization. Be sure to study from the Fundamentals textbook. 

 To order the Fundamentals of Insurance textbook…

Biohazard SignCOVID-19 NOTICE: Due to the Coronavirus outbreak the IBABC office is currently closed, and we’re fulfilling textbook orders just once per week. Therefore, please expect some delay in receiving your text. Please also note that we’re not accommodating any textbook purchases/pickups from our office until further notice.

Warning! We don't take credit card payments over the phone, and we don't accept personal or post-dated cheques. All textbook sales are final – no refunds, no exceptions.

  

STUDY OPTIONS

You can choose to study for the Fundamentals of Insurance exam through one of the following three options to fit your budget and schedule:

Study Option 1 - Self-study

You can register for self-study at any time by simply ordering the Fundamentals of Insurance textbook. It comes with a practice exam and study notes.

The fee for the Fundamentals of Insurance textbook is $155, including $20 shipping & handling and GST.

Click here for instructions on how to order the Fundamentals textbook.

There’s no time limit from ordering the textbook to challenging the exam. Just make sure you’re studying from the current version of the textbook.

When you’re ready, you can register for the Fundamentals exam.

Study Option 2 - Immersion Course

The Fundamentals Immersion Course is a five-day, instructor-led class held in downtown Vancouver. Classes run during the first four days (Monday to Thursday, 8:00 a.m. - 4:30 p.m.)

All Fundamentals Immersion students write their exams online, the week after their immersion course ends.

The fees for the Fundamentals Immersion Course are:

  • $519 for IBABC members, which includes $20 for textbook shipping & handling and GST;
  • $619 for non-members, which includes $20 for textbook shipping & handling and GST.

Immersion students must register and pay for the online Fundamentals exam separately.

Warning! You may only pay an IBABC-member price if you’re currently employed by a brokerage that’s a member in good standing of IBABC.

 

For the fee you get:

  • Intensive classroom instruction
  • The textbook (mailed to you before the course starts)
  • Supplementary course materials
  • The exam.

Warning! You’re required to read the entire textbook before the immersion course starts to be ready for in-class discussion.

 

To register for the Fundamentals Immersion Course…

Warning! Fundamentals Immersion Courses are NOT held at our office on Granville Street in Vancouver. After you have registered, you’ll receive an email with all the class details within 2 – 3 business days. If you don’t receive that email, contact . 

Warning! Other than Ensure Training and Education Ltd., IBABC does NOT endorse and is NOT affiliated with any private institutions that offer insurance education. You should research education providers carefully to make sure you get the best education possible.

 

Study Option 3 - Online Fundamentals Classes

In partnership with Ensure Training and Education Ltd., IBABC offers the following online evening classes for Fundamentals of Insurance:

Year Registration Deadline Course Dates Course Times
2020 March 31 April 14 - June 16 Tuesdays, 6:00 - 8:30PM
2020 September 8 September 22 - November 24 Tuesdays, 6:00 - 8:30PM
       

The online classes are designed to maximize student success by appealing to various learning styles. They include the following components:

  • Weekly live classes in a virtual, interactive classroom with a facilitator and other students
  • In-class polls and quizzes to help the facilitator assess how well concepts are being grasped without singling out individual students
  • Study notes for you to print and use during class for following along, completing activities and writing your own notes
  • Online flashcards for each textbook chapter (flashcards are best for memorizing facts and concepts)
  • All classes are recorded and posted in the student portal in case you miss a class (the recordings are also excellent study and review tools)
  • Online practice quizzes, mid-term exams, and final practice exams so you can check your understanding of concepts and better prepare for the final exam (the practice quizzes and exams are only used to measure your learning and concept mastery; they don’t take the place of the final exam).

These courses come with a success guarantee – if you don’t pass your Fundamentals exam after completing the course, you’re welcome to take the course again at no charge. You must have written the exam within one month of completing the course, however, and you must pay the exam re-write fee.

The fee for the Online Fundamentals Classes is $749 for IBABC members and $849 for non-members, including GST.

Warning! You may only pay an IBABC-member price if you’re currently employed by a brokerage that’s a member in good standing of IBABC.

 

For the fee you get:

  • The online classes
  • The textbook (mailed to you before the course starts)
  • Student-portal access to all learning tools.

If you already have a current version of the textbook, we’ll deduct the textbook fee ($155) from your online classes’ fee.

The final exam is NOT included in the online classes fee; you must register for the exam separately.

To register for the Online Fundamentals Classes...

UPDATE 

 THE FUNDAMENTALS OF INSURANCE EXAM  

Biohazard Sign

COVID-19 NOTICE: Due to the Coronavirus outbreak the IBABC office is currently closed, and we have changed our examination processes. Please read the following information closely.

 

The Fundamentals of Insurance exam is written online and is made up of 100 multiple-choice questions. You have 2½ hours to complete it.

A minimum grade of 70% is required to pass this exam.

The Fundamentals of Insurance exam fee is $195, including GST.

The Fundamentals of Insurance exam re-write fee is $195, including GST.

Biohazard Sign

COVID-19 NOTICE: Until further notice, we're not offering exam sittings in our downtown Vancouver office. If you’re currently registered for an exam in our office and have not yet deferred or cancelled your booking, please contact Ileana Toledo () to arrange for a one-time exam deferral or cancellation at no charge.

 If you’re currently working at an insurance brokerage in B.C. …

You’ll write the online Fundamentals exam at one of the following locations:

  • Educational institution -- accredited college or university
  • Government location – Service Canada, BC Services office or government exam centre
  • Your brokerage office (when the above options are not available to you).

If you’re not currently working at an insurance brokerage …

You’ll write the online Fundamentals exam at one of the following locations:

  • Educational institution -- accredited college or university
  • Government location – Service Canada, BC Services office or government exam centre.

If these exam-location options are not available to you because of the current COVID-19 outbreak, we're unfortunately unable to meet your examination need at this time. 

To arrange your exam sitting…

Biohazard Sign

COVID-19 NOTICE: If you have recently been in an area with ongoing spread of COVID-19, have any symptoms of the disease – headache, fever, cough, shortness of breath – or have come into contact with someone who has any of these symptoms, we urge you to delay or defer your exam sitting to a later date. Please contact Ileana Toledo () to arrange for a one-time exam deferral at no charge.

Step 1 – Nominate Your Proctor

You must nominate your own exam proctor.

If you’re writing the exam at educational institution or government location, only the following people are acceptable as exam proctors:

  • Education professionals currently employed with an accredited university or college
  • Government administrators.

If you’re writing the exam at your brokerage office, only an active Level 3 licensee may proctor your exam.

Please ask your nominated proctor to download, carefully read and complete the Proctor Nomination & Policy Form. S/he should send it to us for approval as an email attachment (scanned PDF) at least three (3) business days before your chosen exam date. Our contact information is shown on the form.

Warning! Proctor Nomination Forms are only processed when we've been given at least three (3) business days’ notice.

 The three days’ notice gives us time to receive the form, verify your proctor's information, approve or disapprove him/her, notify the online-exam provider (Captus Press), and email your proctor a special proctor code.

Warning! A proctor code will only be sent to a valid business-email address that contains the proctor’s first name or initial, last name and the name of his/her place of employment. No Gmail or Hotmail addresses, please. 

Step 2 – Register for Your Online Exam

Click here to register for your online exam at the Online Registration Site (provided by Captus Press) at least three (3) business days before your chosen exam date.

Once you're approved and you receive email confirmation that your payment has been processed, your exam date and time will be activated.

You'll then receive an examination candidate code by email. You must have this code with you on exam day to log into the exam on the computer you’ll be using.

Warning! Your exam application will NOT be approved until both Steps 1 and 2, above, are properly completed. Due to high processing volumes, IBABC is NOT responsible for improper registrations and will NOT notify you about any registration errors or correct them for you. If you send us an incomplete or incorrect form it will be rejected, and you will be expected to re-submit the form with full and proper information. You MUST submit the Proctor Nomination Form and register for the exam online at least three (3) business days' before your chosen exam date and time. No exceptions! 

Warning! You have one (1) year from the date you register to take the exam. Exam payments are only valid for one (1) year and are non-refundable past six (6) months from purchase. If more than a year passes and you still want to write the exam, you must pay another $195.
 

Warning! WHEN YOU ATTEND AN EXAM AT AN EDUCATIONAL INSTITUTION OR GOVERNMENT OFFICE... 

 

  • Take your candidate code and government-issued photo ID (valid driver’s licence, passport, citizenship card); your photo ID must be written in English so the proctor can confirm your identity.
  • Be on time and respect IBABC’s rules and the exam location’s rules and policies.
  • Do NOT take family or friends with you.
  • Cheating on an exam isn’t worth it! If you sneak written reference materials or a mobile device into the exam room, access the internet (other than for the online exam), talk to another examinee or look at someone else’s exam, you’ll be immediately disqualified from the exam, barred from writing any exam for one (1) year, and have your actions reported to the Insurance Council of B.C. 

Warning! WHEN YOU WRITE AN EXAM AT A BROKERAGE OFFICE… 

 

  • The computer you use should be located in a quiet room that isolates you from others, except your proctor. The computer you use should have a high-speed internet connection and an up-to-date web browser to login with and write the exam.
  • Be sure to have your exam candidate code with you.
  • Be on time. IBABC reserves the right to refuse an exam submission to anyone who started the exam more than 15 minutes after the assigned start time.
  • Cheating on an exam isn’t worth it! If you sneak written reference materials or a mobile device into the exam room, access the internet (other than for the online exam), talk to another examinee or look at someone else’s exam, you’ll be immediately disqualified from the exam, barred from writing any exam for one (1) year, and have your actions reported to the Insurance Council of B.C. 

Warning!

If you don’t show up or write your exam and haven’t rescheduled or cancelled it before 4:30 p.m. on the exam day, you’ll lose the entire exam fee. If you still want to write the exam after that, you must pay another $195.

 

If you want to defer (reschedule to a later date) or cancel an online-exam booking…

Warning! You can defer or cancel your exam booking right up to the day of the exam, but to avoid paying us a $75 fee you must defer or cancel at least seven (7) days before the exam date.

 

To defer your online-exam booking when it’s more than seven (7) days away

  • Contact the exam location you booked and tell them you want to change your exam sitting.
  • Download and print the Proctor Nomination & Policy Form.
  • Indicate the new exam date and time on the form.
  • If your exam-proctor changes, indicate the new proctor’s name on the form.
  • Send the completed form (scanned PDF) to .

To cancel your online-exam booking when it’s more than seven (7) days away

  • Contact the exam location you booked and tell them you want to cancel your exam sitting.
  • Send an email message to  to say you’re cancelling your exam. (You’ll receive a full refund of the exam fee.)

To defer your online-exam booking when it’s seven (7) days away or less

  • Contact the exam location you booked and tell them you want to change your exam sitting.
  • Download and print the Proctor Nomination & Policy Form.
  • Indicate the new exam date and time on the form.
  • Send the completed form with your $75 deferral-fee payment via email (scanned PDF) to .

To cancel your online-exam booking when it’s seven (7) days away or less

  • Contact the exam location you booked and tell them you want to cancel your exam sitting.
  • Send an email message to  to say you’re cancelling your online exam. (You’ll receive a refund, less $75.)

Warning! Do NOT phone us to defer or cancel your online exam. We don’t book, change or discuss online exams over the phone. No exceptions.

 

Warning! An exam deferral or cancellation received later than 4:30 p.m. on the date the exam is scheduled is treated as an expired registration. If you still want to write the exam after that, you must pay another $195.

 

Getting Your Fundamentals Exam Mark

As soon as you complete the online Fundamentals exam your mark appears on the computer screen.

A grade certificate is also sent to the email address you provide during registration. If you misplace the email, input your confirmation code here to retrieve your certificate

Warning! After you’ve written a Fundamentals exam, your mark is all that will be provided to you. You will NOT be given a copy of your marked exam or an opportunity to discuss your exam answers with anyone.

 
Rewriting the Fundamentals Exam

If you don’t pass the Fundamentals exam, you’re welcome to rewrite it.

Each time you rewrite the exam you must pay a fee of $195.

Warning! Fundamentals exam rewrites are subject to waiting periods, which depend on the number of times you've previously written the exam:

For your second attempt, you may rewrite immediately (i.e., no waiting period).

For your third attempt, you must wait at least one (1) month after your second attempt.

For your fourth attempt and all other attempts after that, you must wait at least six (6) months after your last attempt.

Waiting periods are NOT wiped clean at the end of a calendar year. If you fail a third attempt on November 15th, for example, you still have to wait until May 15th (six months) to write a fourth time.

The waiting periods are not penalties. They ensure that your knowledge at the time of testing is accurately measured.

LEVEL 1 LICENSING QUALIFICATION

If you have successfully completed Fundamentals of Insurance (or CAIB 1), you must also complete the online Council Rules Course to qualify for a Level 1 licence in British Columbia (unless you qualify under the Reactivation Provision in Council Rule 2(19)).

Warning! As a new licensing applicant, the Council Rules Course will NOT qualify you for any continuing-education credits.

 

Click here for more information about Council Rules Course requirements on the Insurance Council of B.C.’s website.

Click here to take the Council Rules Course.

For information about the licensing process, please visit the Insurance Council of B.C.'s website.

FINDING EMPLOYMENT

After successfully completing Fundamentals of Insurance, you have one (1) year to find employment with an insurance brokerage and obtain your Level 1 license.

Click here to view employment opportunities on our Job Board.

If a year passes and you're still unemployed, you must write the Fundamentals exam again to re-qualify for licensing.

CONTACT

Do you have questions about Fundamentals of Insurance that aren’t answered above? Contact Ileana Toledo at or 604-606-8005.

 

Warning! The information provided on this web page is subject to change without notice.