Nov 5, 2015 | News
A professional development unit or “PDU” is the quantitative value attributed to a training activity recognized by the Chambre de la Securite Financiere – CSF. One (1) PDU represents one (1) hour of training.
Can extra PDUs be carried over to the next period?
A representative can carry over up to 5 extra PDUs to the next reference period if the PDUs were accumulated in the last three months of a reference period, between September 1 and November 30 of an odd year. Carrying over extra PDUs must be done by the representative by logging in to their secure PDU record, through the Chambre de la Securite Financiere website in the Members’ Area.
How do I register for distance training?
You can purchase the training activities accredited by CSF offered by ILScorp here.
With the ILScorp CSF accredited training activities you will:
- have 6 months access to over 43 accredited CSF insurance training courses in both text and streaming video formats
- access over 100 PDUs in the categories compliance, insurance of persons, general subjects and group insurance of persons
- save money compared to purchasing individual courses
- have a digital record of your completed course work, which we keep on file for up to seven years
- save time by completing your PDU requirements entirely online, no paperwork or commute
- ILScorp does the reporting for you – ILScorp submits your completed PDU’s to the Chambre de la Securite Financiere on a monthly basis
What consequences will a member face if they do not respect their professional development requirements?
The representative must adhere to their professional development requirements by November 30 of the year in which the reference period ends. Unless being exempted from professional development by the CSF for medical, parental, or family reasons or obtaining during the previous year a licence to practice in a sector or registration category, the member who does not meet their requirements will have their certificate or registration suspended by the Autorité des marchés financiers, for each sector or registration category for which the continuous development requirements were not met.
For whom is professional development mandatory?
As per the Regulation of the Chambre de la sécurité financière respecting compulsory professional development, every member of the CSF, except financial planners who only operate within the financial planning sector, must meet the regulation’s requirements by obtaining at least 30 PDUs (Professional Development Units). If a member operates within more than one sector or registration category, they will be required to obtain 10 additional PDUs per extra sector or registration category. Financial planners must adhere to the regulations of the Institut québécois de la planification financière for their professional development.
Nov 4, 2015 | News
The 17th National Stress Awareness Day, which is held to celebrate helping people to beat stress is Wednesday 4 November 2015. The theme this year is “Employee well being as a worthwhile investment in your business”.
Do you know the main reasons for stress at work?
Situations that are likely to cause stress are those that are unpredictable or uncontrollable, uncertain, ambiguous or unfamiliar, or involving conflict, loss or performance expectations. Stress may be caused by time limited events, such as the pressures of examinations or work deadlines, or by ongoing situations, such as family demands, job insecurity, or long commuting journeys. Depression and issues from work are one of the main causes of stress.
Resources that help meet the pressures and demands faced at work include personal characteristics such as coping skills (for example, problem solving, assertiveness, time management) and the work situation such as a good working environment and social support. These resources can be increased by investment in work infrastructure, training, good management and employment practices, and the way that work is organized.
ILScorp offers the following training to help manage stress in the workplace.
Workplace Bullying Employee Version – Understanding Workplace Bullying & Tools for Safeguarding an Organization from Bullying Behaviour
The course is divided into four modules with a final exam:
- Identification of Workplace Bullying and the Law
- Preventing Workplace Bullying
- Developing a Workplace Bullying Prevention Program
- Conclusions
- Final Exam
Workplace Bullying Employer Version – Understanding Workplace Bullying & Tools for Safeguarding an Organization from Bullying Behaviour
The course is divided into five modules with a final exam:
- Identification of Workplace Bullying and the Law
- Developing a Workplace Bullying Prevention Program: Identify the Hazards / Risk Factors
- Preventing Workplace Bullying: Policy Development
- Developing a Workplace Bullying Prevention Program: Formal Resolution Process / Educational Programs
- Conclusions
- Final Exam
“Employers and employees alike need to be aware of the workplace bullying laws and regulations in place in Canada. It’s a pervasive issue that has significant long-term effects on individuals and businesses,” says Ken MacRae, President and CEO, ILScorp. “That’s why we offer these courses as a way to educate Canadians while helping them to ensure they are in compliance with the law.”
Both courses are now available through the ILScorp website at www.ilscorp.com for a cost of $85 per course (plus tax) and also included as part of your General or Adjuster CE Course Subscription.
Taking Control – Creating a Time Management System that Works for You
As insurance professionals, managing your time is important. From answering voicemails and emails to arranging meetings, there is a distinct need to have strong time management skills. This course examines the basic skills of organization and prioritizing. The information in this course drawn from the book entitled Time Management by Marc Mancini.
Outline:
- Organization and basic scheduling
- Time management misconceptions
- First priority: prioritizing
- Time killer: procrastination
- Goals, blocks, clusters and distractions
- Delegating
- Saying ‘No’
- Anticipation
- Time Crimes
- Tools of the Time Management Trade
This course is available through the ILScorp website at www.ilscorp.com for a cost of $85 (plus tax) and also included as part of your General or Adjuster CE Course Subscription.
Nov 2, 2015 | News
As of January 1, 2016, a new life licensing qualification program will be in effect called the Harmonized LLQP (HLLQP).
This program will be implemented across Canada (including Quebec).
As a result of this regulatory change, all students currently registered in the existing ILScorp LLQP Program must register with their provincial insurance council and pass the provincial LLQP final licensing exam by December 31, 2015.
(Please note, you must complete the online LLQP course material, and pass the course Certification exam BEFORE you register and challenge the provincial licensing exam with your insurance council)
Students who do not successfully complete the provincial final licensing exam by December 31 2015, must enroll in the new 2016 Harmonized Life License Qualification Program in order to become life licensed.
Now is the time to obtain your life license with ILScorp’s streaming video LLQP Program. Register now and receive one free certification exam re-write.
More Info
The ILS LLQP Online Video Course Consists of 18 Sections:
- Section 1: Financial Services Industry Overview
- Section 2: Life Insurance Products
- Section 3: Non-Forfeiture Options
- Section 4: Policy Dividends
- Section 5: Policy Riders
- Section 6: Features of Life Insurance
- Section 7: Common Law, Contract Law & Life Insurance
- Section 8: Beneficiary Designations
- Section 9: Group Insurance
- Section 10: Government Plans
- Section 11: Annuities
- Section 12: Registered Retirement Savings Plans
- Section 13: Segregated Funds Contracts (IVICs)
- Section 14: Taxation
- Section 15: Securities & Investments
- Section 16: Accident & Sickness
- Section 17: The Agent’s Role & Responsibilities
- Section 18: Needs Analysis/ Risk Management
With the ILScorp LLQP, you will receive: access to the LLQP Life Insurance Video Course, a series of exam-type case studies; an online mock exam and one attempt at the Certification Exam (register now to receive one free rewrite). With the ILScorp LLQP you can review any subjects before moving on in the course, or come back to topics at any time. Students should plan to spend between 80 and 120 hours preparing for the provincial LLQP exam.
Access: Expiring December 31st, 2015
No refunds on ILScorp course material not completed by December 31, 2015.
Oct 28, 2015 | News
Daily Assisted Virtual Classroom Programs begin Monday November 2, 2015.
Daily Assisted Virtual Classroom Programs are ideal for those who benefit from a more structured form of independent study. Stay focused and on track by following the program calendar which breaks down the entire 4 week program on a daily task and assignment basis.
Your Virtual Classroom Program is completed entirely online and can be accessed any time. You can log in and log out as many times as you wish, pause, rewind and review, you receive unlimited access for 3 months.
Virtual Classroom Programs also include weekly review videos followed by weekly practice exams, so you can review the material you studied and test your knowledge on the main concepts.
Dedicated discussion forums post additional quiz questions daily, with the answers posted the following day and allow you to ask the instructor and questions you may have on the study material.
In just 4 weeks you can obtain your Level 1 General Insurance License with the ILS Introduction to General Insurance Level 1 Licensing Program (ILS IGI) Virtual Classroom. This program includes your final licensing exam at no extra cost. The ILS IGI program is officially recognized by the Insurance Councils of BC, Manitoba and Saskatchewan for licensing purposes. Building on the strong foundation of innovative online training ILScorp has honed in its twelve years online, the comprehensive ILS Introduction to General Insurance Level 1 Licensing Program has over and 80% pass rate.
Alberta Level 1 General Insurance Licensing Exam Prep as well as CAIB 1, 2, 3 or 4 Exam Prep Virtual Classroom Programs are also running November 2 – 27, 2015.
Register now for an ILScorp Daily Assisted Virtual Classroom Program.
Oct 21, 2015 | News
Are you the type of learner that requires just a little more structure and direction than some methods of independent study offer? Follow the pathway of an ILScorp Daily Assisted Virtual Classroom where your daily study focus is outlined for you in a 4 week program. Starting November 2, 2015, register for the Alberta Level 1 General Insurance Licensing Preparation – Virtual Classroom
With a 4 week virtual classroom program you’ll receive:
- Online streaming video course with unlimited access. Log in and out as many times as you need, with the ability to pause, rewind and review
- A daily assisted learning calendar that outlines material covered each day to keep you on schedule
- Exam type questions delivered directly to your inbox
- Access to an online discussion forum where daily answers to questions are posted
- Weekly practice exams and review videos
- Live support!
Virtual Classroom Programs = $550 plus tax each registrant.
Register Now
Daily Assisted Learning Virtual Classroom Course Chapter Breakdown for Alberta Level 1 General Insurance Licensing Exam Prep.
Introduction: Types of Jobs, Common Terms, Common Coverages
Chapter 1: Introduction to General Insurance
Attachment: 93 page follow along workbook covering Chapters 1 – 13
Chapter 2: Insurance Contracts
Chapter 3: The Role of Government in the Insurance Industry
Chapter 4: Regulation of Brokers
Chapter 5: Accident & Sickness
Chapter 6: The Insurance Process
Chapter 7: Property Insurance Policies Common Characteristics
Chapter 8: Personal Property Insurance
Chapter 9: Commercial Property Insurance
Attachment: Farm, Marine, Aviation
Chapter 10: Principles of Legal Liability
Chapter 11: Introduction to Liability Insurance
Chapter 12: Liability Insurance Policies
Chapter 13: Travel Insurance
Chapter 14: Introduction to Automobile Insurance
Attachment: 25 page Standard Auto workbook covering Chapters 14 – 16
Chapter 15: Automobile Insurance Part 2
Chapter 16: Automobile Insurance Part 3
Chapter 17: Alberta Standard Auto Policy SPF No1
Attachment: SPF No. 1
Chapter 18: Broker Skills
Attachment: Broker Skills Summary and Advanced Broker Skills
Final Practice Exam 1
Final Practice Exam 2
*can take practice exams as many times as you wish *
Oct 15, 2015 | News
Source: The ILS Introduction to General Insurance Level 1 Licensing Program
Insurance is all about risk sharing. It’s not a new idea having been around for thousands of years.
Risk sharing is a way of helping to ensure that a loss does not spell financial ruin for a person or business. It involves coming up with ways to accomplish that. Before the days of insurance companies, people came up with ideas for risk sharing on their own.
Examples:
i) Back in the days of the caveman, when a hunter was killed in the hunt, his widow and family were supported by the other hunters.
ii) The Yangtze River in China is a treacherous waterway and early traders traveling the river had their work cut out for them. Rather than take their entire trading goods over the many rapids on their own, they would meet at a sheltered area of the river and place a portion of their cargo in each of the many boats gathered there. This way, if one boat failed to negotiate the rapids safely, every boat owner still had some of their goods in the other boats. No one faced the prospect of losing everything and having to start their business over again. That’s what insurance does – it’s all about risk sharing
Today, insurance companies take money from thousands of people and, for all practical purposes, keep that money in a pool from which to pay losses. The basic concept hasn’t changed – each contributor’s money is used to pay the losses of the few in their group who will have them. Said another way, insurance is a mechanism for sharing the losses of the few among the many.
To Learn More About General Insurance register for the ILS Introduction to General Insurance Level 1 Licensing Program. Upon successful completion of this program you will have achieved your Level 1 General Insurance Sales Person License.
More Info on the IGI Level 1 Licensing Program
Definition of Insurance
It has been said nothing happens without insurance. No homes or businesses are built; fewer business ventures are started; fewer loans are given; etc.
So, what is insurance?
Point 1: The Insurance Act (or equivalent legislation) in each province provides a definition for the term “insurance.” The standard definition is as follows:
Insurance means “the undertaking by one person to indemnify another person against loss or liability for loss in respect of a certain risk or peril to which the object of insurance may be exposed or to pay a sum of money or other thing of value upon the happening of a certain event.”
This definition can be broken down as follows:
Point 2: Insurance consists of an agreement whereby one party agrees to assume the financial responsibility for the losses of another party.
Example: Liam and Olivia Stephens could never afford to pay for the repair or replacement of their home if they were to have a large or total loss. So, they decided to purchase insurance for that eventuality. The ABC Insurance Company is in the business of insurance and it agreed to enter into a contract with the Stephens that would indemnify them for certain of their losses.
Point 3: Insurance includes payment for the loss of property of others for which the insured was legally responsible.
Example: Most homeowners and commercial property insurance policies include insurance for the property of others for which the insured was responsible.
Point 4: The insurance company is required to provide only as much insurance as is needed to indemnify the insured for their loss. On property insurance policies, that means that the insured is entitled to receive no more and no less than the value of the property as it existed immediately prior to the loss.
Example: The Stephens’ living room furnishings were destroyed by fire a month ago. They would be entitled to an insurance settlement that was for no more than the value of those furnishings on the day of the loss.
The Principle of Indemnity is one of the most important principles of insurance. It is discussed in detail later in this course.
Point 5: Insurance payment is required to be made only when the peril that caused the loss is insured by the policy.
Example: The insurance contract purchased by the Stephens does not include coverage for flood or earthquake. So, it makes sense that the insurance company would not be responsible for the payment of any loss or damage caused by flood or earthquake. On the other hand, if the Stephens’ insurance contract provided insurance for fire and their property was damaged by an accidental fire, the insurance company would be responsible to pay that loss.
Point 6: Insurance is intended to pay for losses that may occur at some future date. Said another way, insurance contracts are designed to provide insurance for loss or damage that is both accidental and future. That is their very essence.
In legal terms, the event causing the loss must have been a “fortuitous event” which means that it happened by chance or accident. A fortuitous event is also defined as “an unforeseen occurrence, not caused by either of the parties, nor such as they could prevent.”
Examples:
- i) An insured could not trash their home and expect that the vandalism coverage provided by their homeowner’s insurance policy would respond to pay the claim. Also, all property insurance policies exclude loss or damage to insured property resulting from the criminal acts of insureds.
- ii) While no insurance company will provide insurance for loss or damage to property that was intentionally caused by any person insured by the policy, coverage would be provided when damage to insured property has been intentionally caused by others. Such damage falls within the definition of “fortuitous” as being “an unforeseen occurrence, not caused by either of the parties, nor such as they could prevent.”
There is no insurance policy that will provide insurance for losses that have already happened. Insurance contracts provide protection for future events only.
Example: The Stephens had a fire loss last Friday. They cannot purchase an insurance policy on the following Monday with the expectation that the damage caused by that fire would be paid by the insurance company. Insurance is about paying for losses that might happen in the future and not those that have already occurred.
Point 7: The insurance company can choose the method to be used to provide the insured with a complete indemnity.
Payment can be made:
- in the form of money: usually for smaller losses; or
- other thing of value: costs to repair, rebuild or replace the lost or damaged property.
It is entirely the insurance company’s choice as to which method of payment they want to use. In cases where the property is being repaired, rebuilt or replaced, payment may be made directly to the supplier of the goods or services on behalf of the insured.
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