Term
State the rules applicable to your province:
i) Examination results required |
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Definition
-Applicants must be sponsored by the brokerage firm or insurer employing them.
For auto insurance in BC, you must pass Autoplan Basics for Brokers in addition to Fundamentals of Insurance. |
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Term
State the rules applicable to your province:
ii) Class of License (types of insurance which can be sold) |
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Definition
BC Brokers:
Level I - General Insurance Salesperson License.
Level II - General Insurance Agent's License (commercial lines, personal lines supervisors)
Level III - |
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Term
State the rules applicable to your province:
iii) License term |
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Definition
| Licenses in BC are good for 2 years, and in order to renew brokers must complete a prescribed number of continuing education courses. |
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Term
State the rules applicable to your province:
iv) License jurisdiction |
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Definition
| Brokers must be licensed for each province in which they do business. |
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Term
| Provide three examples of ethical breaches of conduct which can result in the revoking of the broker's license. |
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Definition
-Misrepresentation or dishonesty
-Unreasonable failure to pay collected premiums to an insurer
-Placement of coverage with an insurer not licensed in the province. |
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Term
Provide at least one example which indicate the broker:
Lacks integrity |
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Definition
| Misappropriating monies considered to be held "in trust". |
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Term
Provide at least one example which indicate the broker:
Is incompetent |
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Definition
| Doesn't return phone calls or other correspondence. |
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Term
Provide at least one example which indicate the broker:
Is providing clients with poor or improper advice |
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Definition
| Making bread or sweeping statements like "everything is covered" when it isn't the case. |
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Term
Provide at least one example which indicate the broker:
Is breaching client confidentiality |
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Definition
| Disclosing customer information to other clients. |
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