Are you looking to upgrade or become an LLQP life or accident and sickness agent in New Brunswick? All you need to do is complete an LLQP course and pass the exam. Learn more about the LLQP New Brunswick requirements below.
LLQP New Brunswick Course
Applicants who want to become life insurance agents must take the LLQP course. The course covers four topics: segregated funds, life insurance, ethics and professional practice, and accident and sickness. Upon completing the modules, applicants will receive the completion certificate, signifying they are ready to take the LLQP New Brunswick exam. Learn more about the details here, along with other provincial guidelines.
LLQP License
There are three types of licenses for applicants looking to become life insurance agents. First is a Life Agent License, which permits the agent to sell life insurance products. The second type is the Accident and Sickness Agent License. As the name suggests, agents will be able to sell accident and sickness insurance. The Life Agent License is by far the most preferable as it allows you to sell all LLQP-related products whereas with the A&S license, you’re restricted to health products only.
LLQP Exam
Depending on the license the candidates aim to obtain, they will not need to take all exam modules.
For those wanting to become a Life Insurance agent, they must pass these modules:
- Life Insurance
- Segregated Funds and Annuities
- Ethics and Professional Practice
As for the Accident & Sickness agent license, the candidate will need to pass only these two modules:
- Accident & Sickness Insurance
- Ethics and Professional Practice
Lastly, for the Life, Accident & Sickness Insurance agent license, they must pass all four modules:
- Life Insurance
- Segregated Funds and Annuities
- Accident & Sickness
- Ethics and Professional Practice
Candidates will have 75 minutes to successfully complete each open book exam module with a minimum of 60%. All exam modules will have 30 questions except Ethics and Professional Practice, which has 20. Each question will have four answer options with only ONE correct answer.
Furthermore, everyone will be given an e-book with reference material during the exam, which must be returned following the exam. While the exam is an open book, they are not permitted to use external notes or manuals.
Post-Exam
Applicants will need to have sponsors who are licensed to do insurance business in NB. If the applicant is not a resident of NB, they can still obtain a license to conduct business there. The main requirement for non-residents is the Certificate of Authority or Certificate of Status from the home jurisdiction (ex. BC), which says that the applicant can conduct business and is in good standing. It is important to note that the certificate must be the original copy and was issued no more than 60 days ago.
LLQP New Brunswick Summary
Obtaining an LLQP license in NB is simpler than you think. Let PNC Learning help you prepare for your permit today. Learn tips, tricks, and strategies from our LLQP course and get the practice you need to become successful on your exam day.