ILScorp Blog

Brokerages often regard themselves as being independent of insurance companies, yet their very existence depends upon the insurance company that assumes the risks represented by the policies the broker sells. This tie, in which the broker is the intermediary between the consumer/client and the insurance company, is articulated in the agreements forged between the two entities. Upon completion of this course you will have a strong understanding of the elements of broker agreements.

What happens if you fail to renew your license by May 31? You will be prohibited from acting as an agent. Your agency or sponsoring insurance company will be notified immediately of the expiry of your license. If you wish to apply under the reinstatement process, you will be required to complete ad submit a paper application form, along with the annual licensing fee and the reinstatement fee of $70.00. You will not be able to act as an gent until the Insurance Council of Manitoba approves the application and confirms the reinstatement by email to you. Delays could occur where additional requirements must be submitted for reinstatement.

Demand for insurance products and services remains as strong as ever but there has been a fundamental shift in the channels consumers choose to make their purchases. Insurance is generally bought directly through an insurer (through its captive agents, the web or other direct channels) or through independent agents and commercial brokers who provide access to the products of several insurers. Agreements bind brokerages and insurance companies together. The terms of these can vary according to the companies involved. These agreements will document the relationship that exists between the two parties.

Where did my courses go?
If your courses no longer appear in the courses dropdown in the top menu of your ILScorp account, your courses may have expired.

ILScorp courses are available for a specific amount of time from the date of purchase. CE course subscriptions and individual courses are available for 6 months from the date of purchase, CAIB Courses have 4 months’ access and Level 1 Licensing for 3 months, all with unlimited amount of access. If you log into your ILScorp profile and do not see any courses listed under the “My Courses” tab, you can renew / purchase your course subscription from the ILScorp Course Catalog, or by choosing your subscription category here. Once your purchase is complete, you will have immediate access to your courses.

This new Life/A&S course is now available and included as part of your ILS LIFE/A&S Course Subscription. In this course, learn how in certain cases Split Beneficiary Planning allows for cash extractions (free of dividend tax) from the corporation in excess of actual policy premiums; how a separate and well drafted Split Beneficiary Agreement is required, including a defendable pricing model likely using NCPI as the source cost; and that specialized legal and tax advice may be needed before implementing such planning.

ILScorp Virtual Classroom programs are built on a structure of daily assignments and due dates that you must meet, whether it’s taking an online chapter quiz; completing daily questions; watching weekly review videos; or participating in a discussion with fellow classmates. However, within the virtual classrooms structure you have the freedom to choose the best times to participate that sync with your individual schedule. Moderated by long-time insurance educator Todd Hochban, the ILS Virtual Classroom Programs prepare you to write your insurance licensing exam in just four weeks, sending your insurance career to new heights!