Individuals who hold a CAIB or CIP designation may qualify for an exemption from the Unrestricted Technical exam. To apply for an exemption, individuals must forward to the Qualification & Registration Department:
- confirmation of the designation (individuals with the CIP designation must also include a copy of their transcript to verify sufficient commercial lines knowledge)
- a letter of support from the Principal Broker of the firm
About the Examination
The examination for the “Unrestricted – Technical Only” registration is three (3) hours in length and is comprised of three (3) parts. A minimum of 60% in each part and an overall total of 75% must be obtained to qualify successfully. Failure to obtain the minimum in each of the three (3) parts would require a rewrite of ALL three (3) parts of the examination.
The examination was developed by a team of experienced insurance professionals. It is revised bi-annually and with any legislative changes to the insurance industry.
Parts
1. Insurance Concepts, Principles & Practices
Style of Answer: Multiple Choice
Total Markers: 20
60% Pass Mark: 12
Exam Content: 20%
2. Case Study
Style of Answer: Narrative
Total Markers: 60
60% Pass Mark: 36
Exam Content: 60%
3. Forms Recognition
Style of Answer: Narrative
Total Markers: 20
60% Pass Mark: 12
Exam Content: 20%
Sample Case Study Examination Question
General information is provided about the risk which is to be studied.
Question:
Describe briefly three (3) property coverage features you would recommend for this risk. (6 marks)
Analyze the Question:
- Three (3) property coverage features must be stated.
- A brief description of each one is required - it is not sufficient just to list them.
- The mark value is 6 so each feature is worth 2 marks.
An appropriate Answer:
- Replacement Cost Endorsement - to eliminate depreciation from the settlement of an insured loss, provided the insured repairs or replaces the damaged property.
- Blanket Coverage on Buildings, Equipment and Stock - instead of a specific sum insured on each item separately, it provides for a single combined total sum insured. This allows for fluctuations in value to be fully covered up to the total sum insured.
- Stated Amount Co-Insurance - the policy Co-Insurance condition is met by insuring to a stated amount rather than to a percentage of value. This is easier to comply with, particularly if insurable value change.
Self-Study Resources - Unrestricted Technical Exam
Individuals who prefer to study on their own may find the following resources useful:
"C130 Essential Skills for the Insurance Broker and Agent", "C131 Advanced Skills for the Insurance Broker and Agent", "C81 & C82 General Insurance Essentials" and the "Dictionary of Insurance" available from:
The Insurance Institute of Ontario
18 King Street East, 16th Floor
Toronto, Ontario M5C 1C4
Telephone: (416) 362-8586
Fax: (416) 362-1126
www.insuranceinstitute.ca
"C.A.I.B. Volume II & III" available from:
I.B.A.O. (Insurance Brokers Association of Ontario)
1 Eglinton Avenue East, Suite 700
Toronto, Ontario M4P 3A1
Telephone: (416) 488-7422 / 1-800-268-8845
Fax: (416) 488-7526
www.ibao.org
"O.M.I.A. Farm Policy" (only if choosing a Farm case study) available from:
RIBO
401 Bay Street, Suite 1200, Box 45
Toronto, Ontario M5H 2Y4
Telephone: (416) 365-1900 / 1-800-265-3097
Fax: (416) 365-7664
