Fundamentals of Insurance Frequently Asked Questions
Click on a common question topic
Registration and Study
- What is the difference between CAIB 1 and Fundamentals of Insurance (FOI)?
- Which Fundamentals of Insurance textbook should I be studying from?
- How do I order the Fundamentals of Insurance textbook?
- What is the Fundamentals Immersion Course and how can I enroll?
Taking the Exam
- What does the exam look like?
- Once I'm ready to write my exam, how do I book a Fundamentals exam time?
- What grade do I need to pass the exam?
What Happens After the Exam
- How soon after passing the exam will I receive my mark?
- How many times can I re-write the Fundamentals exam and what is the cost each time I write?
- What does the Fundamentals of Insurance exam qualify me to do?
- Once I have passed the Fundamentals of Insurance, how long do I have to find employment?
Registration and Study
For a point by point comparison of Fundamentals of Insurance and CAIB 1, click here.
Both CAIB 1 and FOI qualify you for your Level 1 General Insurance License. This includes the sale of ICBC's AutoPlan.
The CAIB 1 exam also goes towards a CAIB designation. CAIB is a professional designation achieved after a student completes four levels of examination (CAIB 1-4). The CAIB exams are offered five times per year and is a paper exam only.
FOI is an excellent choice for people just starting out in the insurance industry. It is affordable, flexible and the FOI exams are offered five days a week, three times a day in an online format. See a point by point comparison of Fundementals of Insurance and CAIB 1 here. Please click here for more information on the different study options and fees.
You should be studying from the Fundamentals of Insurance Basic Qualifications and Licensing Course textbook.
The current textbook edition is 2011. The current ICBC Autoplan supplement is 2009.
The 2005 textbook is also applicable to the current Fundamentals exam.
You can fax, email as PDF, or mail in the registration form found here.
You can stop by our office during our business hours to pay for and pick up your textbook.
Please note: Payment over the phone is not accepted as a signature is required to go with the credit card payment.
The Fundamentals Immersion Course is a five business day (Monday to Friday, 8:00 am - 5:00 pm) intensive, instructor lead course held in Downtown Vancouver at SFU Harbour Centre. At the end of the five day course, a paper exam is written in class. The Immersion class is offered seven times per year. The cost for the class is $695 for Association Members* and $795 for non-members. This tuition cost includes the following:
- Supplementary course materials
- The textbook ($135)
- The exam fee ($195)
The textbook will be sent to registrants in advance, and students are expected to read the entire textbook prior to arriving in class. Students are still responsible for the material in the event that they choose not to allow time to read the textbook between registration and the beginning of the class.
*Member Price applies only to students who are employed by a brokerage who pays annual membership dues to IBABC.
Please be aware that IBABC does not endorse and is not associated with any other private institutions offering insurance education. We strongly encourage all students to research the institution of their choosing carefully in order to ensure that they receive the best possible education
Taking the Exam
The Fundamentals of Insurance exam is made up of 100 multiple-choice questions.
It is an online exam and each student has 2½ hours to write.
The exam is broken up into three pages each with a submit button at the bottom. Once the submit button has been pressed it is not possible to go back and change the answers on a page.
Writing the Exam in Vancouver and Lower Mainland:
PLEASE NOTE: DO NOT BRING LARGE BAGS/PURSES, YOUR TEXTBOOK OR VALUBLES TO YOUR EXAM AS THERE IS NO PLACE TO STORE THEM. DO NOT ARRIVE FOR YOUR EXAM MORE THAN 15 MINUTES EARLY. DO NOT BRING FAMILY MEMBERS OR FRIENDS AS OUR LOBBY CANNOT ACCOMMODATE ADDITIONAL PEOPLE IN THE WAITING AREA. NO FOOD OR DRINK IS ALLOWED IN THE EXAM ROOM. THANK YOU FOR YOU COOPPERATION.
Exams are held twice a day, Monday , Wednesday and Friday (except holidays) at 10:00 am and 1:00 pm. There are a maximum of 8 seats available per sitting.
You will be directed to the registration process found here - after completing the registration and once you received a candidate code by email, please contact us at email@example.com or call 604-606-8000/604-606-8004 to book an exam time.
24-hour notice is required for examination cancellation; otherwise, you must pay the exam fee.
Bring your candidate code, a calculator and photo ID to the exam.
Exam cost is $195.
Writing the Exam Outside the Lower Mainland:
The exam is available Monday to Friday (except Holidays) between 9:00am and 4:30pm
You will need to make arrangements with an eligible proctor to supervise the writing of your exam.
A minimum grade of 70% is required for a pass on the exam.
What Happens After the Exam
As soon as you complete the online exam your mark will appear on the screen. The certificate will be emailed to the email address you provided during registration. If you have misplaced the email and want to retrieve your certificate you can do so by inputting your confirmation code here.
The period between re-writes is dictated by the number of times you have written the exam previously:
- 2nd attempt - You may re-write immediately with no waiting period.
- 3rd attempt - A waiting period of no less than 1 full month
- 4+ attempts - 6 month waiting period between exams.
Each time you re-write the exam you will be charged the associated fee of $195.
These waiting periods are not meant as a penalty. They are in place to ensure that your knowledge at the time of testing is accurately measured. The wait times are decided by the Insurance Council of BC.
Passing the Fundamentals of Insurance exam qualifies you to be licensable for a Level 1 General Insurance Salesperson's License in BC. This includes the sale of ICBC Autoplan Insurance.
Please see the Insurance Council of BC's website for further information on the licensing process.
You have one year to find employment with an insurance brokerage and obtain your level one license. If a year passes and you are still unemployed then you will be required to pass the Fundamentals exam again.
Please note: Information contained in this document is subject to change without notice.