Life Licence Qualification Program (LLQP) - Seminar
Overview
Applicants for a life insurance licence must first complete the Life Licence Qualifying Program (LLQP). This seminar is designed for students preparing to take the Provincial LLQP Examination.
Our LLQP Seminar explains the individual and group life insurance products, and discusses the accident and sickness products available. You will learn about noninsurance investment products – such as mutual funds, stocks, and bonds; issues and claims; taxation; retirement strategies; needs analysis and risk management – as well as legal and professional standards.
The seminar is composed of 12 separate modules: Insurance Industry; Individual Life Insurance Products; Individual Disability and A&S Products; Group Insurance Products; the Life Insurance Contract; Non-insurance Investment Products; Insurance Investment Products; Underwriting, Issues, and Claims; Taxation; Retirement; Needs Analysis/Risk Management; and Legal and Professional Standards.
This program offers comprehensive coverage of the following topics:
- Basics of insurance, the history of the industry, the role of the insurance agent, and the various insurance products
- Features and benefits of the different individual life insurance products available
- Various types of disability and the A&S products available to individuals
- Features of group insurance and how it differs from individual insurance
- Main components of an insurance policy, provisions and limitations of an insurance policy, and methods of naming beneficiaries
- Importance of non-insurance investment products
- Features and benefits of annuities and segregated funds (IVICs), fees and regulations associated with IVICs, and the advantages and disadvantages of insurance investment products
- The underwriting process, requirements and sections of the application, delivery of the contract, and the claims process
- Basics of the Canadian tax system
- Retirement planning process, government and employment pension plans, and RRSPs
- Risk management process, the role of insurance in financial planning, and the use of life insurance to preserve an estate or meet business needs
Prospective Career Outcomes/
Credentials Awarded
The LLQP consists of a mandatory education course and a prequalifying licensing exam based on the course. Independent approved course providers provide the LLQP course. Once applicants complete the course, they must then successfully complete the Insurance Council of BC’s LLQP licensing exam within one year.
Format
The LLQP is offered in a seminar format over three days (Friday, Saturday, and Sunday) from 9:00am to 4:00pm each day. The prequalifying examination is held on the following Tuesday from 5:00pm to 9:00pm.
Total instructional time = 22 hours including prequalifying exam
