LLQP Life study guide
LLQP Life · Work through your exam, one topic at a time.
The Life Insurance Qualification Program (LLQP) is the pre-qualification course students must pass before they are permitted to attempt provincial life insurance exams in Canada. It is the entry route for anyone who intends to sell life insurance or life-insurance-related savings products, and it also underpins the accident and sickness licence, which can later be topped up to a full life licence. Training is delivered as structured online courses rather than a single exam. The life insurance agent stream includes the accident and sickness module as a mandatory requirement, while a candidate who wants to sell only accident and sickness products can take that course alone. Topics on this exam: Life Insurance, Accident and Sickness Insurance, Segregated Funds and Annuities, and Ethics and Professional Practice. The LLQP Life study guide has 4 sections and about 1,196 words.
01Life Insurance
Life insurance is a contract with three key roles: the owner controls the policy, the insured's life is measured, and the beneficiary receives the death benefit. Insurable interest must exist at application. Underwriting classifies risk and sets premiums based on mortality, expenses, interest assumptions, riders, and premium mode. Term insurance provides pure protection for a set period; permanent products include whole life, universal life, and term-to-100, some with cash values and non-forfeiture options.
302 words, about 2 min02Accident and Sickness Insurance
Accident and sickness (A&S) insurance pays disability income or medical expense benefits. Definitions drive the claim: an accident is usually sudden, unintentional, and external; sickness must first manifest after the policy is in force. Know the waiting or elimination period before benefits begin, the benefit period maximum, and any probationary period for sickness. Indemnity policies pay a fixed amount; reimbursement policies pay actual expenses up to a limit.
303 words, about 2 min03Segregated Funds and Annuities
Segregated funds are individual variable insurance contracts. The contract holder owns the contract, the annuitant's life measures the contract, and the beneficiary receives proceeds. They offer maturity guarantees, often 75% or 100% of deposits less withdrawals, at a maturity date typically ten years out, plus a death benefit guarantee. Resets can lock in gains but may restart the maturity date and change the guarantee base.
300 words, about 2 min04Ethics and Professional Practice
Ethical practice rests on integrity, competence, confidentiality, fairness, and suitability. Know your client: gather financial situation, needs, objectives, risk tolerance, and time horizon before recommending a product. Suitability must be documented. Disclose conflicts of interest, compensation, and product limitations.
291 words, about 1 min