The Canadian licensing system for life insurance agents includes the LLQP or Life License Qualification Program. To obtain the license, you must pass the Life License Qualification Program exam if you wish to work as a skilled life insurance representative.
The Accident and Sickness Insurance Representative License and the Life Insurance Representative License are the different licenses offered by LLQP. With a PNC LLQP license, you can sell different insurance types, annuities, segregated reserves, and other monetary products.
What Is LLQP?
The education course for the LLQP comprises four divisions. Insurance for accidents and illnesses is covered in module 1, and ethics and professional conduct belong to module 2. Life insurance is covered in module 3, while segregated funds and annuities come under module 4.
A full LLQP life insurance permit and the constrained A&S permit are the two different PNC LLQP license types. Promoting offered products and encouraging clients to buy them is possible if you retain a full life insurance authorization. You can only sell accident and illness insurance plans with the A&S permit.
What To Know About LLQP Exam
It is necessary to successfully finish an LLQP training class via an authorized course provider to write the LLQP exam. You will receive a credential from the course provider, which you should deliver to the exam supervisor. This certification has a 12-month expiration date.
You must finish a fresh authorized course to retake the exam if it has been 12 months since you finished the LLQP course but did not succeed in the written exam. The authorizing training course’s curriculum and subject matter, as formulated by CISRO, will be covered in the LLQP exam.
The whole LLQP exam costs $108 to write (including all four modules). In case of any unsuccessful courses, you need to pay extra money to retake that course. To retake the test, a waiting duration of three months is necessary after you have failed to finish the same course exam in three attempts,
After your fourth try, waiting an extra three-month period is essential if you have not succeeded in the same module exam. A waiting period of additional six months will be there if you fail the same course on your fifth attempt. From this point, if you did not succeed in passing the same course, you will need to wait six months to write the exam again.
LLQP Certification Procedure
There are two steps involved in the LLQP licensing procedure. Registering for a course from a recognized provider is vital, and then signing up with the Canadian Insurance Participant Registry (CIPR). To enroll in the program, you must complete several required learning exercises and an online proctored credential test.
The license you desire to obtain, and the location you intend to practice will determine how many necessary learning exercises you need to finish. The recognized course provider will redraft your data on CIPR to make you eligible for the licensing examinations after you complete the course successfully. After succeeding in the online proctored credential test, your certificate on the CIPR system will be active for the next 12 months.
The other step is to register for the exams through your state’s insurance authority. The license you desire to pursue and the location of your practice will determine how many examinations you need to pass. You will typically retain 12 months to complete all of the tests. Make sure to verify with your regional authority to see if you qualify for the license terms.
Bottom Line
To get your license to promote and ask customers to acquire various insurance products, you must complete the LLQP education program. Check your eligibility criteria, apply for the exam, and finish the four modules. Get your LLQP license and start selling insurance to clients.
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