Tag Archives: Manitoba

CAIB Study Tip # 10 – Preparing for the Exam Day

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Get at least 8-10 hours of sleep. If you are tired, you will not be able to concentrate. You also want to wake up early so that you do not need to rush through having breakfast and getting ready.

Check the venue and time of the exam to make sure that you have not confused the day/time/venue. Watch the weather and be sure to plan accordingly if the road conditions may be slowing you down. If you arrive late, no additional time will be provided.

Head to the exam with plenty of time to spare. A lot of unexpected events can happen on your way there and you do not want to be late! Also be sure to go to the washroom before the exam starts. Exams can be quite long and there is no time to waste.

Be aware of the area you are planning on sitting in. For example, if there are people around who are panicking, avoid them. They are not doing you any favours! Also if you are easily distracted, chose a location facing a wall or away from the doors so you are not tempted to watch everyone else.

Read all the questions carefully before starting and quickly plan how much time to allocate to each to ensure you do not run out of time. And as many rooms do not have a clock in them, bring a watch to help keep you on pace.

Look through the paper to check if there are any difficult questions that take a lot of time and leave them to the last. You don’t have to do the test in the order it is written. Work easy problems first to build your confidence and calm yourself down. When coming back to the tough questions, you will know you have at least made a decent grade, and you know how long you have left. Then if you get correct answer to these questions, it’s like you have bonus marks.

If your brain freezes, just start writing anything and you will soon start remembering more details. You can always cross off what you wrote and put the correct answer below it once your memory is jogged.

Go into the test in a positive manner. It’s proven that if you think that you are going to do well on the test then most of the time your grade will be higher than if you think you are going to do poorly on the material.

CAIB Study Tip #9 – Relax to Ensure No Silly Mistakes Are Made

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Silly mistakes are 100% avoidable on exams so do not become a victim of them. One of the most head shaking mistakes that I see on exams is in regards to multiple choice questions. Students are in such a rush to get through the questions, they accidentally go:

13. D
14. A
16. C
17. D
18. B
19. A
20. B

Notice anything? Like the fact that #15 was skipped?? When this happens, even though I know that the person is answering #16 as though it is #15, I have to mark it wrong. It is such a waste when the person obviously knew the material.

Next important thing to remember is NEVER leave any blank questions. Even if you do not know what the answer is, write down anything even if it is just a definition of what the question is answering or an example of when that situation may occur in real-life. Exams within a few marks of passing are remarked and it can be partial marks for these snippets of information that can make the difference between a pass and a fail. Nothing is worse than failing someone who is only a few marks shy of passing but because they didn’t write enough information down, I can’t find them any ½ marks to help boost their grade.

And if you find yourself stumped on a question, skip it, and maybe a different question will unknowingly give you information that you can use for the one you were stuck on. As exams are computer generated from a bank of premade questions, this can happen more often than you think!

answer

Read the questions carefully. Read the questions at least twice, in case you missed something before. Underline the keywords in the question. Don’t rush. If possible, read the entire exam through before beginning to work. This will give you an idea of what is in store and will help you to manage your time better. It also prevents any nasty surprises with only a few minutes left.

Go with your first answer. Your first answer is probably correct and if you go back and change your mind several times, you are likely to make a mistake due to self-doubt.

Use logic when you’re stuck on a multiple choice question. Usually 1 or 2 of the question choices are sometimes wrong, so take those away. Now you should have two answers, so now there is a bigger chance of you getting it right. Now go over everything and find the best answer out of the 2. The key to multiple choice isn’t thinking “Which one is right?” but instead “Which of these are not right?” and using that until you have one answer left.

Simple suggestions but when it comes down to those last few marks to pass, they can make all the difference in the world!

CAIB Study Tip #8 – Read the Question Carefully

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Rushing though the exam and not readying questions carefully has been the downfall of many students. Don’t let it happen to you!

When you get to a question, the first thing you should look at is the point allocation. If a question is worth ½ mark, they are only looking for a simple definition. But if it is worth 2 marks, you better be writing at least 4 strong points (justifying ½ mark award for each point). Also keeping an eye out for key action words will help you know how the marker will be evaluating your answers.

Key Action Words Used in Exam Questions:

Describe: Tell or depict in writing.
List: List items or a statement of facts. No explanation is required – extra marks are not given for an explanation.
Compare: Indicate the characteristics of two or more items and point out both their differences and similarities.
Contrast: Point out the differences between two or more items.
Define: State meaning of a term in a clear, concise way.
Explain: Give an explanation. It is not enough merely to define terms.
Identify: State items or give a statement of facts and give an example to illustrate.
Illustrate: Give an example which makes the idea or concept clear.
Justify: Give convincing reasons for your decisions or conclusions.

When you are writing out your answers, be sure to keep the following in mind:

-Write legibly – even if you have to print or write on every other line.

-If appropriate, refer to specific examples from readings and lectures to support and illustrate your points.

-Stay on the topic. The marker does not want to know everything you have learned – just everything needed to answer the particular question.

-Do not ramble. Overly wordy answers may make the reader question the knowledge of the writer.

-Reread your answer before moving on to another question since the thoughts are still in your mind.

-Reread the question. Make sure your answer satisfies the question.

CAIB Study Tip # 6 – Surround Yourself with Learning

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Our world is constantly bombarding us with new information – products on TV, music on the radio, ads while surfing the internet. And trends show that this method actually works so why no use it for your educational advantage!

Create a 24-hour learning environment by putting up review charts and points where you can see them daily – on mirrors, doors, fridge, bathroom, television, or bedside table. Even putting a few definitions on sticky notes which are placed on your monitor at work will have you constantly looking at them while you are working which will help the definition stick in your mind.

If possible, even look at purchasing a white board and dry erase markers, so you can test your recall by reproducing the mind maps which you can use to chart out the information from a chapter in a visual format. Many dollar stores even sell large poster paper which can be used for the same purpose. As well, use bright-colored markers, include images when making your notes can help to trigger your memory and most of all, have fun.

Looking for individual help preparing for the CAIB or CPIB exams? IBAM is hosting informal study groups building up to the December 2013 exam sitting. Contact the IBAM office for more information on how to register.

Study Group Registration Form

Ready for your Upcoming CAIB / CPIB Exam??

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Happy Halloween Everyone!

Scary Halloween Fact for the Day – The upcoming CAIB and CPIB exams are a mere 34 days away!! Have you been on top of your studying for your exam? Don’t worry… if you are nervous about the exam, you are not alone.

IBAM wants to help ensure that you have the best possible chance at success. Are you struggling with a chapter that you missed a discussion group class for? Preparing for the exam via Self-Study and are unsure of the exam format? Working on a rewrite and want to bounce ideas off someone to ensure that you are giving yourself the best outcome? If so, you should thing about registering for one (or all) of the upcoming Study Group Sessions being held at the IBAM office located at 205-530 Kenaston Blvd in Winnipeg.

Study Group Poster

These sessions are informal group work periods where an accredited CAIB and CPIC facilitator will be on hand in a quiet environment to help you with any questions or problems that you may be encountering. The cost is $30 per session and is payable by Visa, MasterCard and Company Cheque.

The upcoming session times are:

Session Schedule

To register for these session, select the registration form below and once it is complete you can send it to Katrina Hueging at the IBAM office. If you have any additional questions about the Study Sessions, please feel free to contact the IBAM office at 204-488-1857.

Study Group Registration Form

Best of luck on your exam!

Waiting 2 years to take CAIB 4…

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I’ve heard I need to wait 2 years after getting a Level 2 General Insurance License before I can take CAIB 4 – is that True?

Absolutely not! Completing your CAIB (Canadian Accredited Insurance Broker) designation and earning a Level 3 General Insurance License are linked by only in a small way.
The Insurance Council of Manitoba (ICM) does require that a broker has their Level 2 General Insurance Brokerage for at least 2 years before they can be granted a Level 3 license.  This is to help maintain the professionalism of the insurance industry by ensuring that a person has a minimum of 2 years of insurance experience before being granted a license that would permit them to own and manage their own brokerage.

The completion of your CAIB designation can, alternately, be done as quickly or as slowly as you would like.  I have seen people complete all 4 exams in under a year which I think is crazy but they were up for the challenge.  You will receive your CAIB certificate and can begin using the designation once all 4 exams are successfully passed.

If you do the accelerated method of earning your CAIB’s, ICM will note in their system when you have earned your Level 2 General Insurance License.  Once 2 years has passed, because IBAM has already notified them of your successful completion of CAIB 4, your license will be automatically upgraded to a Level 3 license.

So this means… Go for it!!  You can always be working towards your designation as education should be a big goal of any insurance broker professional.  You just can’t own or manage your own insurance brokerage at this time but there is plenty of time for that – these are the years for you to be learning all you can about the industry.

How do I open my own Insurance Brokerage?

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This is a great question that I am often asked by entrepreneurs who are interested in getting involved with a stable industry such as insurance.  Unfortunately, owning your own insurance brokerage is not as easy as it may at first seem.  When looking to open your own insurance brokerage, a few basic considerations you need to make are:

  • Do you have a Level 3 General Insurance License?  This can take a minimum of 2 years to achieve and is required by the Insurance Council of Manitoba (ICM) before they will grant you the proper licenses to get your brokerage off the ground.  Without the proper licenses, it is illegal to be transacting insurance.
  • Did you want to sell Autopac to the General Public?  For many years, Manitoba Public Insurance (MPI) has not issued any new brokerage appointments (permissions to sell their Autopac product) to anyone who wishes to open up an insurance brokerage.  Instead, a person would have to buy out an existing insurance brokerage in order to have the use of their Autopac Appointment.  And this is not as simple as it seems – with many rules regarding how MPI manages Autopac Appointments, all business changes will require their blessing before it can be confirmed.
  • Can you get an Insurance Company to sponsor you?  Every insurance broker needs to have at least one insurance company on board before they can open their doors.  This means that, no matter what, this insurance company will agree to issue insurance based on policies that you submit to it.

In all of these cases, the big item needed to start-up your own brokerage is experience.  Owning an insurance brokerage is a great dream for anyone to have but I personally would recommend that you work hard at getting experience and learning from senior brokers around you before taking this big leap.

Do not be in a hurry to succeed. What would you have to live for afterwards? Better make the horizon your goal; it will always be ahead of you.

William Makepeace Thackeray

How General Insurance Licenses work in Manitoba

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While I have only been working in the IBAM office for a few short months, I often hear people get confused with how the licensing system in Manitoba works.  I just thought I would take a moment to explain the different levels to you.

In Manitoba, there are 4 different General Insurance Licenses that are issued by the Insurance Council of Manitoba (ICM).  A potential insurance broker must fulfill the required educational steps in order to qualify for a license which means passing an accredited insurance exam.

Licensing Chart*Note – CEC stands for Continuing Education Credits which are required by your license renewal date of May 31 each year in order to maintain your insurance license.

Many brokers may find that they have earned a new license level during the course of the licensing year.  This concerns them as most people want their license to be upgraded as soon as they pass the qualifying exam.  If you have passed an IBAM course, IBAM always submits the successful marks to ICM who will note the update their system.  This will trigger a revised license to be sent to the insurance broker showing their new license level at no charge to the brokerage.

For more information on how licensing works in Manitoba, simply contact Katrina at the IBAM office or you can visit the ICM Website at www.icm.mb.ca.

Subrogation, Endorsement, Tortfeasor…. What?!?!

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Terminology can be a bit of a bugger in the insurance industry.  Whenever I am teaching my students, I always give them the Sneeze Paradox to explain this problem.   Think of what happens when someone sneezes.  For many, their first reaction is to offer the person a Kleenex.  But are they really offering the person a Kleenex or are they actually offering them a tissue?  Yep – they are offering a Tissue.  We have just become very programmed as a society to always call tissues “Kleenex” thanks to successful marketing and branding campaigns.

What does that mean for insurance?

Ultimately this means that some of the common every day terms that we tend to use are not always used 100% correctly – even in an insurance office.  Along with that, it also means some of the terms we use in everyday business transactions are different from the terms that someone like an accountant may use.

Whenever studying for an insurance course, always be sure to keep the Sneeze Paradox in mind.  Exams will always ask for the true insurance definition of what something means, not just how it is used every day whether on the street or even in an office.

Looking for all the major insurance definitions?  Contact the IBAM office to purchase a Glossary of Insurance Terms book which has all major insurance terms with their definitions clearly laid out in it.

Insurance Agent vs Insurance Broker – What is the difference?

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Back when I was working in a brokerage, I was constantly hearing people refer to us as Agents and / or Brokers.  It occurred to me that many do not realize that there is actually a difference between the two.  Do you know how to tell them apart?

Well the first thing to realize is that there are only minor differences between the two.  Both sell various types of insurance to the public.  The real difference is who they are selling for.

An Agent works on behalf of the insurance company by selling only one product.  If you have seen insurance company advertising from other provinces, you may have heard of State Farm.  In a State Farm office, they can only sell State Farm Products thus making them State Farm Agents.  These are also referred to as Direct Writers in the insurance world.

A Broker works on behalf of the client to ensure that they are able to find the best product that fits the clients’ needs.   In many insurance offices across Manitoba, you will find that the office represents many different types of companies.  This is to ensure they can find a product that best meets their clients’ needs.

In these offices, they tend to be independently owned and operated by individuals – not insurance companies.  It is important to know this so you understand why brokers are working for you.  While they always keep the insurance companies needs in mind, at the end of the day it is their clients who they really work for.

By using an Independent Insurance Broker, you know that you are getting trusted advice and that your insurance policy is being priced with more than one company to ensure you are getting the best coverage available to you.