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Fundamentals of Insurance

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Registration and Study

Taking the Exam

What Happens After the Exam

 

Registration and Study

 
What is the difference between CAIB 1 and Fundamentals of Insurance?

For a point-by-point comparison of Fundamentals of Insurance and CAIB 1, click here.

Both Fundamentals and CAIB 1 qualify you for a Level 1 General Insurance Salesperson's License. This includes the ability to sell ICBC AutoPlan.

The CAIB 1 exam also goes toward a CAIB designation. CAIB is a professional designation that's only achieved after you successfully complete all four levels of the program (i.e., CAIBs 1 through 4). CAIB exams are offered five days a week in an online format, and three times a year as a paper exam.

Fundamentals of Insurance is the best choice if you're just starting out in the insurance industry. It's affordable and flexible, and Fundamentals exams are offered five days a week in an online format. Click here for a point-by-point comparison of Fundementals of Insurance and CAIB 1.

 
Which Fundamentals of Insurance textbook should I be studying from?

You should be studying from the Fundamentals of Insurance Basic Qualifications and Licensing Course textbook.

The current textbook edition is 2011, and the current ICBC Autoplan Supplement included in the textbook is the 2009 version.

The 2005 textbook is also applicable to the current Fundamentals exam.

 
How do I order a Fundamentals of Insurance textbook?

You can fax, email as PDF, or mail in the registration form found here. Our contact information is shown on the form.

You can stop by our office during our business hours (Mon to Fri, 8:30 a.m. to 4:30 p.m.) to pay for and pick up a textbook. We accept major credit cards (Visa, MasterCard and American Express), brokerage cheques, certified cheques and money orders.

Please Note: We don't take credit card payment over the phone, and we don't accept personal or post-dated cheques.

 
What is the Fundamentals Immersion Course and how do I enroll?

The Fundamentals Immersion Course is a five-day (Monday to Friday, 8:00 a.m. - 5:00 p.m.) intensive, instructor-led class held in downtown Vancouver. At the end of the five days, you write a paper exam in the classroom. The Immersion Course is offered seven times per year. The cost for the course is $695 for IBABC Members* and $795 for non-members.

For the fee you get:

  • Classroom instruction
  • Supplementary course materials
  • The textbook ($135)
  • The exam ($195).

Gain the Immersion advantage! You can check available course dates here and find the registration form here. The registration form can be submitted to us by regular mail, courier, fax or email PDF ().

The textbook will be sent to you in advance, and all students are required to read the entire textbook before the course starts. Be prepared for in-class discussion -- be sure to read the entire textbook in advance!

*You may only pay an IBABC Member price if you are employed by a brokerage that pays annual membership fees to IBABC.

Please Note: IBABC does not endorse and is not affiliated with any private institutions offering insurance education. We encourage you to research education providers carefully to ensure you receive the best possible education.

Taking the Exam

 
What does the exam look like?

The Fundamentals of Insurance exam is made up of 100 multiple-choice questions.

It's an online exam and you have 2 ½ hours to write it.

The exam is broken up into three pages, with a submit button at the bottom of each page. Once the submit button has been pressed it's not possible to go back and change your answers on the page.

 
Once I'm ready to write the Fundamentals exam, how do I book an exam time?

Writing the Exam in Greater Vancouver / Lower Mainland:

If you live in Greater Vancouver, you'll write the Fundamentals exam in our downtown Vancouver office on a Monday, Wednesday or Friday (except holidays), at 10:00 a.m. or 1:00 p.m. (maximum 8 people per sitting). Our address is 1600-543 Granville Street, Vancouver. We're two blocks from the Granville and Waterfront Skytrain stations.

To register for a Fundamentals exam in Greater Vancouver, click here to access the online registration form. The exam fee is $195.

When you've completed the registration form and receive a candidate code by email, please contact frontdesk@ibabc.org or call 604-606-8000 or 604-606-8005 to book an exam time.

24-hour notice is required for exam cancellation; otherwise, you must pay the exam fee.

Bring your candidate code, a calculator and photo ID with you to the exam.

Please Note: Paper Fundamentals exams are available only on CAIB paper exam dates. Please click here to register for a paper exam and click here to check the available dates.

Writing the Exam Outside Greater Vancouver / Lower Mainland:

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

You must make arrangements in advance with an eligible proctor to oversee your exam.

Registration and proctor information can be found here.

WHEN YOU ATTEND AN EXAM...

BE ON TIME - IBABC RESERVES THE RIGHT TO REFUSE ANYONE WHO ARRIVES MORE THAN 15 MINUTES AFTER AN EXAM START TIME.

DO NOT BRING LARGE BAGS, PURSES, YOUR TEXTBOOK OR VALUABLES TO THE EXAM - THEY'RE NOT ALLOWED IN THE EXAM ROOM AND WE HAVE NOWHERE TO STORE THEM

DO NOT ARRIVE FOR YOUR EXAM MORE THAN 15 MINUTES IN ADVANCE

DO NOT BRING FAMILY OR FRIENDS WITH YOU AS OUR RECEPTION AREA CANNOT ACCOMMODATE THEM

NO FOOD, DRINK OR MOBILE DEVICES ARE ALLOWED IN THE EXAM ROOM.

THANKS FOR YOUR COOPERATION!

 
What grade do I need to pass the exam?

A minimum grade of 70% is required for a pass the Fundamentals of Insurance exam.

What Happens After the Exam

 
How soon after passing the exam will I receive my mark?

As soon as you complete the online Fundamentals exam your mark will appear on the screen. A grade certificate will be sent to the email address you provide during registration. If you misplace the email and want to retrieve your certificate, you can do so by inputting your confirmation code here.

 
How many times can I re-write the Fundamentals exam and what's the cost each time I write?

The waiting period between Fundamentals of Insurance re-writes depends on the number of times you've previously written the exam:

  • For your second attempt, you may re-write 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.

Each time you re-write the exam you're charged a fee of $195.

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

 
What does the Fundamentals of Insurance exam qualify me to do?

Passing the Fundamentals of Insurance exam enables you to apply to the Insurance Council of B.C. for a Level 1 General Insurance Salesperson's License. Individuals holding this licence are permitted to sell ICBC Autoplan insurance.

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

 
Once I've passed Fundamentals of Insurance, how long do I have to find employment?

You have one (1) year to find employment with an insurance brokerage and obtain your level one license. If a year passes and you're still unemployed, you'll be required to pass the Fundamentals of Insurance exam again.

Contact

Have other questions about Fundamentals of Insurance? Call 604-606-8005 or email .

Please note: Information contained in this document is subject to change without notice.