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Fundamentals of Insurance

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The Fundamentals of Insurance is one route a beginner can take to obtain a General Insurance License. It is not an in-depth study of insurance wording presently in use, but rather it focuses primarily on the insurance needs of the consumer. You will follow the lives of a hypothetical family serving as an example to illustrate various insurance concepts. The intent of this strategy is designed to break down the barriers of learning that are inherent in technical or specialized disciplines such as insurance.

Fundamentals of Insurance starts with a history of insurance, then guides you through definitions, functions, and the organization of insurance. The textbook is purchased through IBANS, and the exam is coordinated through the Office of the Superintendent of Insurance. An exam registration form will be included with your textbook.

Topics include:

  • Introduction to General Insurance
  • Insurance Contracts
  • The Role of Government in the Insurance Industry
  • The Insurance Process
  • Common Characteristics of Property Insurance Policies
  • Personal Property Insurance
  • Principles of Legal Liability
  • Introduction to liability insurance

Method of Study: Self study with online exam

Textbook: IBANS Members: $135+HST, Non-Members: $165+HST

Online Exam Cost: $125+HST; $75+HST (rewrite)

License Level: Once successfully completed, students have the education required to apply for a General or Level 1 license.


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