In Canada, a basic insurance license is issued to applicants who complete the Fundamentals of Insurance Exam. Successful completion allows you to apply for a General Insurance Salesperson's License, also known in some provinces as Level One.

Learning the Basics

To prepare for the Level One exam, the candidate will have to take a training course that follows the specifications laid down by the provincial insurance council. The course will introduce the candidate to the basics of the insurance business in Canada.

Level One Courses

The basic level one course covers how insurance companies operate, how insurance policies are written, basic actuarial practices, insurance law and the different kinds of insurance, including fire, homeowners, life, liability and commercial insurance. The student also learns the basics of risk management and loss prevention.

Successful Completion

Once the candidate has completed the training course, and successfully passed the Level One examination, he must be sponsored by a licensed insurance agency or adjusting firm. The examination results, in most provinces, are considered valid for one year from the date of completion. If the candidate waits longer to obtain a license, he must retake the exam.

CAIB Program

Another option is the Canadian Accredited Insurance Broker (CAIB) program. This course is a more thorough education in insurance operations, marketing strategies, and office operations. It also prepares the candidate for licensing as an insurance broker or proprietor. Many insurance organizations offer a complete course with textbook, study guides, practice exams, online discussion groups and regular assignments.

Source:

IBABC: Getting Started

Insurance Institute of Canada