LLQP study guide
LLQP · Work through your exam, one topic at a time.
The Life Licence Qualification Program (LLQP) is the entry-level qualification pathway for people who want to be licensed as life insurance agents in Canada. It is aimed at new entrants to the industry - career changers, recent graduates, and sales staff moving into insurance - who need to demonstrate the knowledge and conduct standards expected of insurance intermediaries before they can be licensed by a provincial or territorial regulator. The program is structured around four subject areas: life insurance, accident and sickness insurance, segregated funds and annuities, and ethics and professional practice. Each area tests both product knowledge (contract provisions, underwriting, beneficiary designations, policy taxation, disability and critical illness coverage, annuity mechanics, segregated fund guarantees) and the regulatory and ethical framework within which intermediaries operate. The LLQP study guide has 4 sections and about 1,819 words.
01Life Insurance
This module tests life insurance from application to claim: insurable interest, utmost good faith, underwriting, policy provisions, beneficiary designations, premium structure, and product taxation. Questions ask what the insurer must pay, who may change a beneficiary, or whether a claim can be contested.
494 words, about 2 min02Accident and Sickness Insurance
This module tests disability income, accidental death and dismemberment (AD&D), critical illness, and long-term care coverage. Expect definitions of disability, benefit calculation, elimination and benefit periods, exclusions, offsets, and the tax treatment of premiums and benefits.
451 words, about 2 min03Segregated Funds and Annuities
This module tests individual variable insurance contracts (segregated funds) and annuities. It covers guarantees, beneficiary and creditor protection, disclosure, fees, suitability, annuity payout options, and taxation.
459 words, about 2 min04Ethics and Professional Practice
This module tests the conduct expected of a licensed life insurance agent: integrity, suitability, disclosure, confidentiality, conflict management, replacement, premium handling, and complaint handling. Questions often present a realistic dilemma and ask for the next compliant action, not the most profitable one.
415 words, about 2 min