LLQP (Life Licence Qualification Program) Practice Exam · Question
In the Canadian insurance industry, what is a 'Managing General Agent' (MGA)?
The MGA (Managing General Agent) acts as an intermediary, providing administrative support, compliance overwatch, and training to independent agents, rather tha
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Question: In the Canadian insurance industry, what is a 'Managing General Agent' (MGA)?
Answer options: ✅ An intermediary between the insurance agent and the insurance company.
- A government regulatory body that issues licences.
- A client who manages their own insurance portfolio.
- The head office of a captive insurance agency.
Correct answer: An intermediary between the insurance agent and the insurance company.
Explanation: The MGA (Managing General Agent) acts as an intermediary, providing administrative support, compliance overwatch, and training to independent agents, rather than the agent working directly for one single insurer.
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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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