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Insurance – The Basic Idea: Risk Sharing

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.


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

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French CSF Conformité Courses added to your ILS CSF Subscription

French CSF Conformité Courses added to your ILS CSF Subscription

New French Ethics in the Insurance Industry courses have been added to the ILS CSF PDU Subscription.

Éthique dans l’industrie des assurances – Partie 2 et Éthique dans l’industrie des assurances – Partie 3

Complete your PDU requirements entirely online with access to over 45 CSF accredited courses in the categories general subjects, insurance of person, group insurance of person, group savings plan brokerage and compliance.

Receive 6 months unlimited access to all CSF accredited courses for only $285.00

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Receive one free rewrite with the ILScorp Life Licensing LLQP Program

Receive one free rewrite with the ILScorp Life Licensing LLQP Program

Obtain your life license with ILScorp’s streaming-video LLQP exam prep program.

A complete and comprehensive online exam preparation course, ILScorp’s LLQP Program teaches you the knowledge and skills to successfully challenge the provincial LLQP final examination. DUE TO THE UPCOMING 2016 LLQP HARMONIZATION, YOU MUST PASS YOUR CERTIFICATION EXAM, REGISTER WITH YOUR PROVINCIAL INSURANCE COUNCIL AND SUCCESSFULLY COMPLETE THE PROVINCIAL LLQP FINAL LICENSING EXAM BY DECEMBER 31, 2015 IN ORDER TO BECOME LIFE LICENSED. No refunds on ILS course material that is not completed by December 31, 2015.

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BACK2SCHOOL with Online Virtual Classroom Insurance Training & Licensing Programs

BACK2SCHOOL with Online Virtual Classroom Insurance Training & Licensing Programs

School is in session but only for 4 weeks. Book Your Seat Now in an ILS Virtual Classroom Insurance Training Program.

As we launch into September and thoughts of heading back to school take over, consider that with the ILS Virtual Classroom insurance training programs you could be Level 1 Insurance licensed and ready to start your career in the Canadian insurance industry by October 2, 2015. Follow the 4 week study calendar outline of a virtual classroom program and be job-ready by the time others are just getting settled into school.

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RIBO Management Continuing Education Courses

Accredited Management Continuing Education: Subjects pertaining to the RIB Act (Registered Insurance Brokers Act) and Regulations, human resources, general management, accounting and generally topics relevant to the operation of a property & casualty insurance brokerage. Maximum allowable credits: 20 hours.
Looking to complete your RIBO continuing education requirements? The ILS GENERAL CE SUBSCRIPTION contains over 175 RIBO Accredited Online courses, including Technical Courses, Personal Skills Courses and Management Courses.

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Cours de conformité maintenant disponible en français  !

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Cours de conformité du Québec sur les lois sur la confidentialité

Cours de conformité maintenant disponible en français !

Inclus dans l’abonnement ChAD.


Ce cours fournit des renseignements sur les Lois de confidentialité du Québec pour le secteur privé et sa relation avec la loi du gouvernement fédéral sur la protection des renseignements personnels et les documents électroniques du Canada, connue sous le nom de LPRPDE. Le cours a été conçu pour satisfaire les exigences de conformité pour les participants de l’industrie de l’assurance dans la province du Québec.

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Wawanesa Contractor’s Choice

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New RIBO Accredited Course Added to General CE Subscription

Wawanesa Contractor’s Choice.
For companies that handle contractors who work in the small to medium size enterprise segment, Wawanesa’s Contractor’s Choice online course provides information on innovative and competitive products strategically designed to meet their needs.
One of the objectives of Wawanesa Contractor’s Choice is to provide more options to meet the varying insurance needs of the small to mid-size contractor.
Wawanesa has identified three specific market segments and created 3 distinct products to meet their needs:
The Contractor’s Choice Basic: This is for contractors who need basic coverages such as tools and liability coverage.
The Contractor’s Choice: This is for contractors whose insurance needs are met by our current package.
The Contractor’s Choice Plus: This is for larger contractors within the mid-size market that require broader coverage and increased limits.
All 3 products are covered in the Wawanesa Contractor’s Choice as well as:

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RIBO Continuing Education Summary

Reminder, Renewal time is quickly approaching.

The deadline for completion of the Ontario General continuing education requirements is September 30, 2015 and there are no extensions for individuals to comply. Noncompliance of the continuing education requirements will result in the suspension of the license and suspended individuals may not conduct any business with members of the public until the license is reinstated.

If you are “Inactive” or on leave of absences (maternity, sabbatical), you are still required to comply with the continuing education requirements to maintain registration eligibility.
If you have not completed your continuing education requirements when completing your renewal form, you must indicate accordingly and attach a brief explanation to RIBO. By answering that you have completed the requirements when in fact you haven’t, you have knowingly falsified your renewal application. This is an act of misconduct and RIBO will refer your file to the Complaints and Discipline or Qualification and Registration Committee for review and disciplinary action.

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