Fundamentals of Insurance
- Fundamentals of Insurance Frequently Asked Questions
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- Overview - the Fundamentals of Insurance pre-licensing course
- How to Register
- Options for Study
- Information about Licensing
- Current Textbook Edition
- Exam Details and Registration
- Exam Re-Write Policy
The Fundamentals of Insurance is recognized in most Canadian provinces as the premier pre-licensing course for beginning general insurance brokers.
Starting with the history of insurance, this course will guide you through definitions, functions, major classes of and the organization of insurance. Topics include; insurance contracts, the fire policy, residential and commercial property insurance, an introduction to liability insurance, accident and sickness insurance and ICBC's Autoplan insurance.
The Fundamentals of Insurance course is different from other courses offered. It is not an in-depth study of insurance wordings presently in use; it focuses primarily on the insurance needs of the consumer. You will follow the lives of the Butlers, a hypothetical family, who serves as an example to illustrate the workings of various insurance concepts. The intent of this strategy is to break down the barriers of learning that are inherent in technical or specialized disciplines such as insurance.
Please note, the price of the Fundamentals textbook, immersion and exam pricing now include GST effective March 1, 2014.
You will need the Adobe Acrobat Reader to view registration forms in PDF file format. Click here for a free download.
You can complete the Fundamentals of Insurance in one of two ways:
1) Self Study method - $119 for the textbook payable to IBABC and Captus online exam registration for $165. Click here to register for the exam online.
2) Fundamentals of Insurance Immersion - $475 for Association Members*/$639 for non-members
*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 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
For study tips and planning, click here
Passing the Fundamentals of Insurance exam qualifies you to be licensable for a Level 1 General Insurance Salesperson's License in B.C. This includes the sale of ICBC's Autoplan.
Once you have completed the Fundamentals of Insurance, you may then attain your Level 2 License by completing CAIB 2 and CAIB 3. For further information about the licensing process, please visit the Insurance Council of BC's website .
Fundamentals of Insurance - 2011 Edition.
Both the 2005 edition and the 2011 edition of the Fundamentals of Insurance textbook are applicable to the current exam.
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.
100 multiple-choice questions.
2½ hours to write the exam.
Pass mark 70%
Proctor nomination form for Abbotsford, Kelowna and Mission
Proctor nomination form for all other BC locations
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 $165.
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.
Information and pricing for services and course materials are subject to change without notice