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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.

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 $135, including GST.

Warning! If anyone tells you that you can easily pass the Fundamentals of Insurance exam by memorizing their study notes, 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…

OR

  • Visit our office during business hours (Monday to Friday, 8:30 a.m. to 4:30 p.m.) to buy a textbook in person. We accept major credit cards (Visa, MasterCard and American Express), brokerage cheques, certified cheques and money orders.

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 $135, including 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.) On the morning of the fifth day (Friday), you write a paper exam in the classroom.

After you’ve written the Fundamentals Immersion exam, you’ll receive your exam score by email within three (3) days.

The fee for the Fundamentals Immersion Course is $695 for IBABC members and $795 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:

  • 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 Classes

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

Tuesday evenings, 6:00PM to 8:30PM (Pacific Time); starts April 2 and runs through June 11, 2019 [11 weeks, including a mid-term week with no class].

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).

The online classes come with a success guarantee – if you don’t pass the Fundamentals exam after completing the classes, you can take them again at no charge (you must pay the $195 exam re-write fee, however).

The fee for the Online Fundamentals Classes is $729 for IBABC members and $829 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 ($135) from your online classes’ fee.

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

Click here to watch a free video of an online information session we ran about this new program on February 5th.

To register for the Online Fundamentals Classes...

THE FUNDAMENTALS OF INSURANCE EXAM

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.

If you live in Metro Vancouver...

If you live in Metro Vancouver, you’ll write the Fundamentals exam in our downtown Vancouver office on a Wednesday or a Friday (except holidays), at 10:00 a.m. or 1:00 p.m. (maximum 8 people per sitting).

Our address is 16th Floor, 543 Granville Street, Vancouver. We're one block from the Granville Skytrain Station and two blocks from Waterfront Station.

Click here to register online for a Fundamentals exam in Metro Vancouver.

After you've registered for the exam online and paid the exam fee, you’ll receive an email that contains a unique candidate code and a link to our online booking system to schedule your own exam time. It can take up to 24 hours before this code and link is sent to you. Click on that link to book a day and time for your exam.

Please allow up to two (2) business days for our office to receive and confirm your exam date and time.

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 IN OUR OFFICE… 

 

  • Bring your candidate code and government-issued photo ID (valid driver’s licence, passport, citizenship card); your photo ID must be written in English so we can confirm your identity
  • Be on time. IBABC reserves the right to refuse an exam to anyone who arrives more than 15 minutes after an exam start time.
  • Our office reception space is small. Please do NOT arrive more than 15 minutes in advance of the start time, and do NOT bring family or friends with you.
  • Do not bring large bags, purses, your textbook or valuables; they’re not allowed in the exam room and we don’t have anywhere to store them.
  • No food, drinks or mobile devices are allowed in the exam room.
  • 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 for 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 live in Metro Vancouver and want to defer (reschedule to a later date) or cancel an online-exam booking in our office…

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

  • Open the confirmation email you received after you first booked your exam on our online-exam booking system.
  • Click the link to our online-exam booking system provided in the email.
  • Select a later exam sitting in the system.

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

  • Open the confirmation email you received after you first booked your exam on our online-exam booking system.
  • Click the link to our online-exam booking system provided in the email.
  • Simply cancel the booking.

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

  • Download and print the Fundamentals of Insurance Registration Form.
  • Indicate the original exam date and time you booked, the date and time you want to defer it to, and write “Deferral” at the bottom of the form.
  • Email the completed form to us with your $75 deferral-fee payment (scanned PDF). Our email address is shown on the form.

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

  • Send an email message to .

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.


If you live outside Metro Vancouver...

If you live outside Metro Vancouver, you can write the Fundamentals exam on any weekday (Monday through Friday, except holidays) between 9:00 a.m. and 4:30 p.m.

You must arrange in advance to have an eligible proctor oversee your exam.

Click here for instructions on how to register for, defer or cancel a Fundamentals exam outside Metro Vancouver.

 
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.