Two Paths to Licensing
The following point-by-point comparison of Fundamentals of Insurance (FOI) and Canadian Accredited Insurance Broker (CAIB) 1 can help you decide which path is best for you to start your insurance broker career.
Those who are new to the insurance industry often choose FOI to get started. If you already have some experience in the insurance industry, the better path may be to register in the CAIB 1 course since it counts toward a CAIB designation, which Fundamentals does not.
Fundamentals of Insurance |
CAIB 1 |
|
| Licensing Qualification | Level 1 General Insurance Salesperson's License | |
| Topics Covered | General insurance contracts; the fire policy; residential and commercial property insurance; personal liability; accident and sickness insurance; ICBC Autoplan insurance. | General insurance contracts; home insurance; personal liability; farm insurance; basics of personal auto insurance; insurance professionalism; travel insurance. |
| Facilitated Online Study Options |
1-Week Immersion Course | 1-Week Immersion Course |
| 7-Week Course | 7-Week Course | |
|
Weekend Immersion |
Weekend Immersion (two weekends) |
|
| Course Fees | Member*: $594 + textbook fee Non-Member: $694* + textbook fee |
Member*: $584 + textbook fee Non-Member: $584 + textbook fee |
| Self-Study Options |
CAIB Exam Preparation Resources 12-week online access Member: $49** Non-Member: $99** |
|
| Textbook only $165 |
Textbook only Member: $315 Non-Member: $415 |
|
| Textbook | $165 | Member: $315 Non-Member: $415 |
| Exam Fee | $195 | $395 |
| Exam Format | Multiple choice | Multiple choice, definitions & short answers |
| Exam Availability | Written online | Written online |
| Applies towards CAIB designation? | No | Yes |
| Continuing Education Credits | None | Eight (8) CE credits per completed CAIB exam if already licensed. Zero (0) CE credits if completed prior to licensing. |
*IBABC-member price is only applicable to those employed by a brokerage that’s a member in good standing.
For more information about licensing levels, please see the Insurance Council of B.C.'s website.