Insurance is one of the most fundamental insurance exam and critical components of risk transfer. In this workshop, participants will get a detailed look at the fundamentals of insurance, from coverages and policy types to how to assess an organization’s needs and the impact of insurance on the bottom line.

This article explores the principle of indemnity, a core concept in insurance contracts. The principle of indemnity ensures that an insured is compensated in proportion to the loss incurred by their policy. It also establishes that insurance companies can’t just take advantage of their insureds by attempting to make a profit from the policyholder’s losses.

Understanding the ABCs of Insurance: Exploring Fundamentals in the BC Context

Another key concept discussed in the article is the principle of contribution. This principle establishes a corollary between all insurance policies that relate to the same incident or subject matter. This allows each insurer to take on a share of the responsibility for losses that are covered by their respective policies.

A final important concept explored in the article is the principles of ethics for insurance brokers. These principles govern the ethical conduct of an insurance broker and are based on principles such as truthfulness, integrity and fair dealing. The governing body that administers the broker’s license has the authority to revoke the license if a breach of these principles occurs.

For those looking to start their career in the insurance industry, successful completion of the fundamentals of insurance bc course along with the CAIB 1 course and Council Rules Course will qualify you for a Level 1 General Insurance Salesperson’s License in British Columbia including ICBC Autoplan insurance. Check out the point-by-point comparison between CAIB 1 and fundamentals of insurance bc to help you decide which course is right for you.