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FAQ
(Frequently Asked Questions) |
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I want to get my
Life Insurance Agent License, what do I have to do?
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The LLQP
sounds like a really "heavy course", is it?
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You keep talking about two exams, what are they?
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What is the passing mark for each of the exams?
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Why the difference in marks?
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I have heard horror stories of people writing the exam 7 or
8 times before they pass it. Is that true?
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When I get Certified, do I have to write the LLQP exam
immediately?
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A friend took the course last year, can I just use his
books and pay for the exams only?
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I let my life insurance license lapse a few years back,
what do I have to do to re-instate it?
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Can I get CE credits
for taking the LLQP?
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A friend took one of your courses to prepare him to write
a licensing exam and he failed. What Gives?
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I have read that
you provide a Unique Guarantee
for some of your courses. Explain!
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I have 2 associates who want to take a course with me, what
kind of discount will you give me?
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We’ve been asked who to
contact.
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Who do I contact to join a life insurance industry trade
association and to buy E&O insurance?
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1. I want to
get my Life Insurance Agent License, what do I have to do?
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The Process is now quite involved and
requires that you study and pass the Life License Qualifying Program
or LLQP. You must purchase the course materials from an Approved LLQP
Course Provider.
Our preferred provider is: |
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The
ILS Learning Corporation |
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The
package you purchase, if you deal direct, will usually only contain:
the main LLQP Textbook, a study guide and the Certification Exam; it
will cost up to $500 plus taxes.
We work
with The ILS Learning Corporation. The on-line package we offer is
one of the most comprehensive available. It includes: |
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The full ILS Learning Corporation/IATC
Approved on-line course materials |
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Streaming video of a facilitator who
explains and guides you through the difficult sections of the course |
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Pop-up background ‘slides’ to help
further clarify difficult sections for you |
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A series of challenging case studies,
with clear explanations of the correct answers |
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A series of exam type questions to help
prepare for the certifications exam, with clear explanations of the
correct answers |
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The
Certification Exam |
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Your cost
for this package is ONLY $299 plus GST (for an introductory period). |
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Once you have passed the Certification
Exam, administered by the Provider, you must challenge the Provincial
LLQP Exam. Arrangements for this exam are made by you with Durham
College which is the Exam Administrator for Ontario and some other
Provinces or your Provincial Insurance Council. The cost for this exam
is approximately $95. |
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When you pass your Provincial LLQP Exam,
you can apply for a license from the Financial Services Commission of
Ontario or the Insurance Council in your province through your
"Sponsoring Life Insurance Company". |
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2.
The LLQP sounds like a really "heavy course", is it? |
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The course
materials consist of some 800 pages. We believe that a candidate
should take from 6 to 8 weeks or more to read, understand and absorb
the materials before attempting to challenge the Certification and
LLQP Exams. |
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The
Certification and LLQP exams will test your understanding and
application of the information provided in the course materials. |
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3. You keep talking about two exams, what are
they? |
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First you need to pass the Certification Exam which is administered by
your "Provider" - the purpose of this is to Certify to the regulator
that you have completed the course of studies and that you know the
material well enough to be able to challenge the Provincial LLQP Exam.
The ILS Learning Corporation’s Certification Exam consists of 140
questions (including several case studies) and is written in 4 hours.
The Certification is usually valid for a 6 month period. |
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Once you have been "certified" you can then apply to write the
Provincial LLQP Exam, which also consists of 140 questions and is
written in 4 hours. When you pass this exam you are then permitted to
apply for a Life Insurance License in most provinces (except Quebec).
It is essential that you know, if you fail the Provincial LLQP Exam
three times, you must then “sit out” for a period of six months before
attempting the exam again. |
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4. What is the passing mark for each of the
exams? |
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The passing mark for The
ILS/IATC Certification Exam is 75% |
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The passing mark for the
Provincial LLQP Exam is 60%. |
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5. Why the difference in marks? |
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The theory is that if
you pass the Certification exam with a mark greater that 75% then your
chances of passing the LLQP Exam are materially increased. |
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6. I have heard horror stories of people
writing the exam 7 or 8 times before they pass it. Is that true? |
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Sure it happens, but
they are clearly the exception. In fact, we recently heard of one
person who was writing the Certification Exam for the 17th time.
Unbelievable, but true and somewhat sad! We believe that if you have
to write either of the exams more than 3 or 4 times that you should
perhaps explore employment opportunities in a less challenging field! |
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In fact, we have
recently been informed that in Ontario, you will only be able to
re-write the LLQP exam twice before "sitting out" for a 6 month
period. In the real world that means that you will have to register in
the full program and re-certify before being allowed to re-write the
exam. |
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7. When I get Certified, do I have to write
the LLQP exam immediately? |
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We strongly recommend
that you write your LLQP within of week or 10-days of being certified.
You should know that most of the LLQP providers limit the validity of
their Certifications to 180 days. |
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In any event, we
strongly recommend that you not take more than 8 months from your
initial registration in the program to the time when you finally pass
the LLQP. |
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8. A friend took the course last year, can I
just use his books and pay for the exams only? |
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In a word: NO. |
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The course materials are
constantly updated and a year-old version will be seriously out of
date. You are required to purchase a book and exam package from an
Approved Provider. |
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9. I let my life insurance license lapse a
few years back, what do I have to do to re-instate it? |
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That depends! |
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If you lapsed the
license less that 2 years ago, you can usually re-instate it by
contacting your former sponsoring Life Company, your Provincial
Insurance Council or FSCO in Ontario. |
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If the lapse occurred
more than two years ago, based on our reading of the regulations, you
will have to go through the new licensing regime - The LLQP and
effectively start all over again. |
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10. Can I get CE
credits for taking the LLQP? |
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We provide 30 CE Credits for successful completion of the LLQP
Program. However, you should check their validity with you Company’s
Compliance Department. |
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11. A friend took one of your courses to
prepare him to write a licensing exam and he failed. What Gives? |
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It simple, taking any
course of this type is not a “free ride” to a passing grade. You have
to do the work, there are no shortcuts or magic bullets that will
ensure a pass. |
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We maintain that taking
a course with us will materially improve your chances of passing -
assuming you have done the work beforehand. |
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12.
I
have read that you provide a Unique Guarantee for some of your courses.
Explain! |
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We are so confident that
when you use the guaranteed products that “you simply can’t fail
the exam if you use them as directed and do the work. If you don’t
pass the exam we will refund your tuition fee”. Simply fax us
a copy of the notice you receive advising you of your failing mark
with a note requesting the refund and we’ll send you a cheque by mail.
It’s as simple as that. How can you go wrong? |
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13. I have 2
associates who want to take a course
with me, what kind of discount will you give me? |
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There is no discount for
3 persons! |
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Small discounts usually
apply for groups of 10 or more attending the same course |
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Naturally, we offer very
large clients discounts for their personnel. |
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14. We’ve been asked who to contact… |
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To book a Supplemental
LLQP Certification Exam contact: |
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If your
provider is ILS Leaning Corporation call them at 1-866-701-2914 to
make arrangements, or |
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Your the
provider who provided you the Approved Course materials. |
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To book your LLQP
Provincial Exam in Ontario contact: |
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In Ontario
and some other Provinces, Durham College at
www.durhamcollege.ca/llqp to register on-line, or call
800-816-3615 to register by telephone |
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Outside
Ontario, your Provincial Insurance Council. |
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To enquire about your
Life License contact: |
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Your Life Insurance
Company’s Contracting & Licensing Department, |
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The Financial
Services Commission of Ontario at: 416-250-7250 or 800-668-0128,
or |
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The Insurance
Council in your Province of Residence. |
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15. Who do I contact to join a life insurance
industry trade association and to buy E&O insurance? |
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We recommend: |
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The Independent
Financial Brokers of Canada
200 - 4284 Village Court
Mississauga, Ontario L4Z 1S2
Tel: 905-279-2727 or 888-654-3333
Fax: 905-276-7295
www.ifbc.ca |
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