The Life License Qualification Program (LLQP) Module Descriptions

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The Life License Qualification Program (LLQP) Module Descriptions

Module 1: Life Insurance

It has often been said that the only certainties in life are death and taxes. It could be argued that some people will not have to pay income taxes, because they have little or no taxable income or because they manage to structure their financial affairs to avoid them. However, there is no denying that everyone is going to die sometime, and death has implications for their estate and surviving family members.

This module helps candidates develop the competency targeted in the life insurance module of the LLQP Curriculum: Recommend individual and group life insurance products adapted to the client’s needs and situation.

Module 2: Accident & Sickness

The provincial Acts are similar in content and most include the following when defining A&S insurance:

Benefits for loss resulting from accidental bodily injury, including death, suffered by the life insured;
Benefits for loss resulting from the sickness or disability of the life insured;
Refund of expenses incurred due to sickness or accidental bodily injury suffered by the life insured;
Refund of expenses incurred due to medical treatment of the life insured.

More simply put, accident and sickness insurance relieves insured individuals of the burdens of medical expenses or income loss arising from illness, injury or necessary medical treatment not covered by the provincial health insurance plans.

This module helps candidates develop the competency targeted in the accident and sickness insurance module of the LLQP Curriculum: Recommend individual and group accident and sickness insurance products adapted to the client’s needs and situation.

Module 3: Segregated Funds & Annuities

Segregated funds and annuities are investment and savings products marketed to individual and group prospects and clients. Segregated funds are exclusive to the life insurance industry. Only licensed life agents can represent segregated funds. Some annuities are also exclusive to the life insurance industry. Others are sold both by licensed life agents and by other financial institutions, such as banks.

Segregated funds and annuities provide guarantees to investors. They can help some investors reach their financial objectives, such as retirement. The life agent has a duty to clients to identify which investment is in their best interest, to represent information fairly and to know the limits on the advice he is authorized to give.

This module helps candidates develop the competency targeted in the segregated funds and annuities module of the LLQP Curriculum: Recommend segregated funds, individual annuities and group pension plans adapted to the client’s needs and situation.

Module 4: Ethics & Professional Practice

Insurance agents play an essential role in the insurance market. On a daily basis, agents need to be familiar with the legal aspects of insurance. These include insurance products and their specific features, the general form and content of insurance contracts, specific limitations as to the capacity of certain persons to enter into valid insurance contracts, and other important legal limitations.

This module helps candidates develop the competency targeted in the ethics and professional practice module of the LLQP Curriculum: Develop an ethical professional practice, in compliance with the rules governing the life insurance sector.