First of all, what is the LLQP?
LLQP (Life License Qualification Program) is part of the Canada licensing regime for life insurance sales people (except Quebec.) Before an advisor in the financial services sector is allowed to begin selling life insurance products, they must complete and pass LLQP, and earn a certificate of completion.
To get your Life License, you must complete the Life License Qualification Program (LLQP) including the mandatory certification exam, which is included in the ILS LLQP program. Once you have successfully passed the LLQP certification exam, you can then apply to your provincial insurance council to challenge the provincial licensing exam.
Upon successful completion of the ILS LLQP Program, you will be able to:
- Demonstrate an understanding of the various components that make up the insurance industry, including the evolution and distribution of insurance products.
- Compare and analyze the application of various individual income replacement products including disability, accident and sickness, and other insurance products.
- Explain the various types of investment products, including the major classes of securities, and describe how they compare to insurance investments. As well, the student will be able to describe basic investment strategies, terms and concepts and be able to apply them while analyzing and fulfilling their clients’ needs and objectives.
- Analyze the benefits of group insurance and other various accident and sickness coverage and how they meet personal and business needs of clients.
- Demonstrate an understanding of the corporate types of insurance companies, how financial ratings are determined and the importance of ratings to consumers, agents and regulators.
- Describe the importance of underwriting (the evaluation of risk) and the key role that the field underwriter plays.
- Demonstrate an understanding of the process involved in policy issue and explain policy components and provisions as well as the importance of proper policy delivery.
- Analyze the principles and techniques of risk management and how they apply to insurance. In addition, the student will identify their role in diminishing or eliminating risk exposures.
- Describe the legal issues and regulations related to life insurance products and their distribution; describe the ways in which the criminal code impacts on agent conduct in the areas of misrepresentation, theft and forgery.
- Describe the sections of the provincial acts and regulations that govern the conduct of agents and the distribution of insurance.
- Learn how to conduct themselves in a professional manner.
Ready to take the first step to becoming life licensed?
ILScorp’s streaming-video LLQP is a complete and comprehensive online training course, which will give you the knowledge and skills to successfully challenge the provincial LLQP examination.
Purchase LLQP for $309
With the ILScorp LLQP, you will receive:
- access to the LLQP Life Insurance Course in video format;
- a series of exam-type case studies;
- an online mock exam; and
- one attempt at the Certification Exam (subsequent attempts are $109).
With the ILScorp LLQP you’ll have three months to learn and review – you dictate your pace of study, and can repeat any sections before moving on in the course, or come back to challenging concepts at any time. You should plan to spend between 80 and 120 hours preparing for the provincial LLQP exam.
The ILS Life License Qualification Program is recognized and approved across Canada (excluding Quebec). It is valid for 13 hours of Continuing Education credit for Life/A&S in MB and Life in AB.
