LLQP is a Canadian program that stands for life license qualifications program recognized in all parts of Canadian provinces except in Quebec. After completion of this program, one can competently assess clients’ needs and the suitability of products available to clients. They also provide customer care services and put into practice the legal aspects of LLQP training.
1. Enrollment requirements
Anyone has a legal opportunity to apply for LLQP training and licensing and there are no legal grounds to exempt some individuals. The people keen on enrollment are those who have ambitions to join the insurance industry, obtain a life insurance license, the ability to provide insurance advice to clients, and any practitioner in the financial services industry.
2. Pass an LLQP course
The majority of the private companies train both online and physical class sessions through well-trained and professional experts. They ensure the learner is well conversant with LLQP course content and what to expect in the exam. It is recommended for any student to spend between 80 and 120 hours making fundamental LLQP license requirements in Canada.
3. General examination process requirements
This forms the pivot in LLQP license requirements in Canada. The examiners set 140 multiple choice questions and avail themselves of both online and physical sessions. The student is expected to complete the exam within four hours after commencing. The student also ought to be notified that no breaks are given in between the examination sessions so they need prior preparation.
4. Jurisdictions in specific Canadian provinces.
Although the exam content is the same, each examination center may contain a special examination conduction process. Any agent in Saskatchewan is expected to complete the bylaws exam together with this exam. In other places like Ontario and British Columbia, an agent can schedule any time to take the bylaws exam while in Alberta you are required to take it upon completion of the LLQP exam.
5. Exam marking and pass requirements
For a great deal of time, there have been complaints of strict exam marking. The results will be available as soon as possible after completion and in most cases within a day. The pass mark for all jurisdictions is common and set at 60%. The council never indicates the specific questions failed but generally highlights areas of weakness and areas to improve on.
6. Failure to attain the pass mark guidelines
Failure to attain the pass mark of 60% leads to disqualification from applying for an LLQP certificate. This inability to meet PNC LLQP license requirements in Canada leads to being given only three attempts. These attempts are allowed to be conducted only after six months of an unsuccessful attempt. Failure to meet the requirements after all the attempts to permanent disqualification.
LLQP process has been through a lot of criticism based on the mode of conduction and the challenging nature of the exams. It has however produced positive results on the part of license renewal rates. After the development of this program, the license renewal rate shot from 85% per year to approximately 94% per year.