Fundamentals of Insurance

Fundamentals of Insurance

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.

View a point-by-point comparison of Fundamentals of Insurance and CAIB 1.

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Textbook Study Options Exam Information Level 1 Licensing
FAQs
 

The Fundamentals of Insurance Textbook

The current edition of the Fundamentals of Insurance textbook is from 2017. The current Autoplan Supplement included with the textbook is the September 2020 version.

The fee for the Fundamentals of Insurance textbook is $165.

 To order the Fundamentals of Insurance textbook:

Please note: 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:

Study Option 1 - Textbook Only

You can register for Textbook Only at any time by simply ordering the Fundamentals of Insurance textbook.

The fee for the Fundamentals of Insurance textbook is $165.

When you’re ready, you can register for the Fundamentals exam.

Study Option 2 - Online 1-week Immersion Course

In partnership with Ensure Training and Education Ltd., IBABC offers a five-day, instructor-led online course for Fundamental of Insurance.

  • Monday, January 29 to Friday, February 2, 2024 from 9:00 a.m. - 2:30 p.m.
    (Registration deadline is January 19, 2024)
  • Monday, April 29 to Friday, May 3, 2024 from 9:00 a.m. - 2:30 p.m.
    (Registration deadline is April 19, 2024)

These courses come with a success guarantee – if you don’t pass your Fundamentals exam within one month of completing the course, you may retake the course at no. Exam re-write fees still apply.

The fees for the Fundamentals Immersion Course are:

  • $759 for IBABC members*
  • $859 for non-members

*IBABC-member price is only applicable to those employed by a brokerage that’s a member in good standing of IBABC.

The course includes:

  • Intensive classroom instruction
  • In-class polls, quizzes, study notes, online flashcards, practice exams
  • The textbook (mailed to you before the course starts, we recommend you read the textbook prior to the course)

If you already have a current version of the textbook, we’ll deduct the textbook fee ($165) from your course fee.

Cancellations after the registration deadline are subject to a $75 administration fee. Course fees only are refundable up to registration deadline. Textbooks are non-refundable. 

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

To register for the Fundamentals Immersion Course: Download and complete the Fundamentals of Insurance Registration Form. Send it as an email attachment (scanned PDF) to the contact information on the form.

Study Option 3 - Online Fundamentals Course

In partnership with Ensure Training and Education Ltd., IBABC offers the following online evening course for Fundamentals of Insurance:

Year Registration Deadline Course Dates Course Times
2024 January 8 Jan 15 - Mar 18 (no class Feb 19) Mondays, 6:00 - 8:30PM
2024 April 8 Apr 15 – Jun 17 (no class May 20) Mondays, 6:00 - 8:30PM
 2024 TBA TBA Fall — 2024           Mondays, 6:00 - 8:30PM

These 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
  • In-class polls and quizzes
  • Study notes
  • Online flashcards for each textbook chapter
  • All classes are recorded and posted in the student portal
  • Online practice quizzes and exams

These courses come with a success guarantee – if you don’t pass your Fundamentals exam within one month of completing the course, you may retake the course at no charge. You must have written the exam within one month of completing the course.

The fee for the Online Fundamentals Course is:

  • $759 for IBABC members*
  • $859 for non-members

*IBABC-member price is only applicable to those employed by a brokerage that’s a member in good standing of IBABC.

The course includes:

  • 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 ($165) from your course fee.

Cancellations after the registration deadline are subject to a $75 administration fee.

Course fees only are refundable up to registration deadline. Textbooks are non-refundable.

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

To register for the Online Fundamentals Classes:

Other than Ensure Training and Education Ltd., IBABC does NOT endorse and is NOT affiliated with any private institutions that offer insurance education.

 The Fundamentals of Insurance Exam

The Fundamentals of Insurance exam is an online 2.5 hour exam and is made up of 100 multiple-choice questions. A minimum grade of 70% is required to pass this exam.

The Fundamentals of Insurance exam fee is $195 and valid for one year from purchase. No refunds will be issued after 6 months.

The options available to write your exam are:

  • IBABC In-Office
  • IBABC's virtual proctoring service
  • Educational institution -- accredited college or university
  • Government exam centre (remote areas only)
  • The brokerage office of an available Level 3 licensee

To arrange your exam sitting:

If you're writing the exam at the IBABC Office:

  • Select "IBABC Office" in the Proctoring Option in the exam registration. (Proctor form not required)
  • Once your exam registration has been processed, you will be sent a link to our booking calendar. Please arrive no more than 15 minutes early for your exam. Bring your login code and a piece of government-issued ID. Late arrivals will not be allowed to write and will be subject to a $75 deferral fee to reschedule.

In-office hours:
FOI: Tuesdays 1 p.m. - 3:330 p.m. and Wednesdays 9 a.m. - 11:30 a.m.

Step 1 – Select Your Proctor

You must select and pay (if fees apply) for your own exam proctor:

  • If you're writing the exam with IBABC's virtual proctoring service:
    • Select "Online Proctor" in the Proctoring Option in the exam registration. (proctor form not required)
    • Once your exam registration has been processed, you will be sent a link to Examity's exam booking calendar.
  • If you’re writing the exam at an educational institution or government office, only the following people are accepted as exam proctors:
    • Education professionals currently employed with an accredited university or college
    • Government administrators.
  • If you’re writing the exam at your brokerage office, only an active Level 3 licensee may proctor your exam.
  • If you're having difficulty finding a proctor, click here for a list of available Level 3 licensees in various areas (fees may apply).

Your nominated proctor must complete the Fundamentals Exam Proctor Nomination & Policy Form. They should send it to us as an email attachment (scanned pdf) for approval at least three (3) business days before your chosen exam date. Our contact information is shown on the form.

A proctor code will only be sent to a valid business-email address that contains the proctor’s first name or initial, last name and the name of his/her place of employment. We will not accept: info@abc.com or Gmail, Hotmail, etc.

Step 2 – Register for Your Online Exam

Click here to register for your online exam (provided by Captus Press) at least three (3) business days before your chosen exam date.

Once your payment has been processed, you will receive an examination candidate code by email. You must have this code with you on exam day to login and begin your exam.

Your exam application will NOT be approved until both Steps 1 and 2 are properly completed in a timely manner.

When you write an exam:

  • Take your candidate code and government-issued photo ID (valid driver’s licence, passport, citizenship card); your photo ID must be written in English so the proctor can confirm your identity.
  • Be on time
  • Respect IBABC’s rules and the exam location’s rules and policies.
  • The computer you use should be in a quiet, designated exam room and have a high-speed internet connection and an up-to-date web browser
Examinees caught cheating (sneaking in reference materials or mobile device, accessing the internet, talking durig the exam or looking at someone else's exam) will be immediately disqualified from the exam, barred from writing any exam for one (1) year, and will be reported to the Insurance Council of B.C.

If you don’t show up or write your exam and haven’t rescheduled or cancelled 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.

Deferring an exam

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.

Cancelling an exam

  • Contact the exam location you booked and tell them you want to cancel your exam sitting.
  • Send an email message to mturchina@ibabc.org to say you’re cancelling your exam.

A $75 cancellation fee will apply if your exam is less than 7 days away. You will be sent a link for payment. No refunds will be issued after 6 months from registration.  

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.

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. 

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 may register to rewrite it. Each rewrite fee is $195.

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 erased at the end of a calendar year.

Level 1 Licensing Qualificiation

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)).

As a new licensing applicant, the Council Rules Course will NOT qualify you for any continuing-education credits.

After successfully completing Fundamentals of Insurance, you have one (1) year to find employment with an insurance brokerage and obtain your Level 1 license.

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.

For more information about the Council Rules Course and the licensing process, please visit the Insurance Council of B.C.'s website.

Contact

Do you have questions about Fundamentals of Insurance that aren’t answered above? Contact Marina Turchina, mturchina@ibabc.org .