Licensing Requirements Flashcards

What does LLQP stand for and what is its purpose in Canada?

Answer: Life License Qualification Program; it qualifies individuals to sell life and health insurance

LLQP stands for Life License Qualification Program, and it is the educational and examination requirement for individuals seeking to sell life and health insurance in Canada.

Which categories of insurance products can a LLQP-licensed agent typically sell?

Answer: Life insurance, accident and sickness insurance, and segregated funds

An LLQP license authorizes the sale of life insurance, accident and sickness insurance, and segregated fund products.

What is the role of a 'sponsoring company' in the LLQP licensing process?

Answer: They appoint or contract the agent and take responsibility for supervising their insurance activities

A sponsoring company (insurer or MGA) appoints the agent and assumes responsibility for supervising their insurance activities and ensuring compliance.

Is the LLQP license valid across all Canadian provinces?

Answer: No, each province requires a separate license application, though the LLQP education may be recognized

While the LLQP education program is nationally recognized, each province requires a separate license application and may have additional requirements.

What background checks are typically required as part of the LLQP licensing application?

Answer: A criminal record check and disclosure of any prior regulatory actions

Provincial regulators typically require a criminal record check and disclosure of any previous regulatory actions or disciplinary proceedings as part of the licensing application.

How often must an LLQP license be renewed in most Canadian provinces?

Answer: Every two years

In most Canadian provinces, the LLQP insurance license must be renewed every two years, contingent on meeting continuing education requirements.