LLQP (Life Licence Qualification Program) Practice Exam · Question
To maintain a valid life insurance license in most Canadian provinces, an agent must carry which specific type of insurance?
Life insurance agents must maintain Professional Liability Insurance, commonly known as Errors and Omissions (E&O) insurance, as a condition of licensing to pro
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Question: To maintain a valid life insurance license in most Canadian provinces, an agent must carry which specific type of insurance?
Answer options:
- Commercial General Liability insurance.
- Director and Officer (D&O) insurance. ✅ Errors and Omissions (E&O) insurance.
- Workers' Compensation insurance.
Correct answer: Errors and Omissions (E&O) insurance.
Explanation: Life insurance agents must maintain Professional Liability Insurance, commonly known as Errors and Omissions (E&O) insurance, as a condition of licensing to protect the public against errors or negligence.
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- A life insurance policy that offers lifelong coverage, a guaranteed death benefit, and a savings component tha
- Group benefits in Canada commonly include:
- Sarah, a 35-year-old marketing professional in Ontario, purchases a participating whole life insurance policy
- Mark, a 45-year-old business owner in British Columbia, has a Universal Life policy with a Level Cost of Insur
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