- Have you passed the relevant exam within the last year? If not, please take a look at the exam details here. If you’re reapplying within 24 months of your last Alberta license, there’s no need to retake the exam(s) (s).
- Are you a non-resident who holds a license in your home jurisdiction for the same class of license you’re applying for in Alberta and has passed tests that are considered equivalent to Alberta’s? If not, please take a look at the exam details here.
- Have you gotten a criminal background check from MyBackCheck or your local police or RCMP station in the recent three (3) months? Remember to “share” your criminal record check report on MyBackCheck or upload a scanned PDF of your criminal record check.
- Your policy’s effective and expiration dates (your policy must be in force and cannot be expired)
- Is your certificate(s) of authority being recommended by an employer (agency or sponsoring insurance company)? To receive a license, you must have a sponsor.
- Have you fulfilled all of the aforementioned requirements? Then you’re ready to submit your application for a driver’s license online. To submit an application, go to the AIC Portal.
How do you become an insurance agent in Alberta?
General insurance agents must complete a Level 1 exam and a Level 2 exam within 36 months, submit a security clearance document, and get a recommendation from an authorized person. Agents for life and accident and sickness insurance must pass an exam, present a security clearance paperwork, and be recommended by a third party. Errors and Omissions Insurance is required for all certificate holders. Visit the AIC website or contact the Alberta Insurance Council for official, full information regarding licensing requirements.
How do I get a Level 1 insurance license in Alberta?
Level 1 – This is where you’ll learn about Alberta General Insurance. To get started, you’ll need to complete a General Licensing Qualification Program (GLQP), which you can find courses or study alternatives listed below. You’ll mostly work as a front-end customer support agent once you’ve obtained your Level 1 License.
How do I start an insurance brokerage in Alberta?
You can start setting up your brokerage business once you’ve satisfied the eligibility requirements. You must complete the following steps before submitting your application:
- Make a list of all of your brokerage’s policies and procedures. You can use our Real Estate Brokerage Policies and Procedures Manual template (Word doc) or our Mortgage Brokerage Policies and Procedures Manual template to make this process a little easier (Word doc)
- Where does it indicate that all mortgage brokers in Alberta must have errors and omissions insurance? Sections 117 and 118 of the Real Estate Act Rules outline the errors and omissions insurance requirements for Alberta mortgage brokerages.
- What activities are covered under the policy? The policy protects an insured Alberta licensed mortgage brokerage/broker for any activities stemming from a mortgage broker’s business and dealing in mortgages as defined by the Real Estate Act of Alberta.
- What is covered under the policy? The policy covers all claims made during the policy’s term for acts that occurred at any time in the past, subject to customary exclusions, as long as the insured has no prior knowledge.
- Is it necessary for mortgage associates and brokers to have separate errors and omissions insurance from their mortgage brokerage? No. Mortgage associates and brokers do not need to purchase separate errors and omissions insurance from their mortgage brokerage because they are covered by the mortgage brokerage’s policy.
- Is the cost of insurance the same for each brokerage? No. The insurance premiums for each brokerage are determined by the insurer and are based on the risk assessment for each brokerage (s).
- My insurer has informed me that my policy will not be renewed. I haven’t been able to find a new insurer who will insure me. What happens if I discover a claim for an occurrence that occurred while I was insured at a later date? If the insurer cancels or refuses to renew the policy, an extended reporting period (ERP) of at least 12 months will be offered. However, if an ERP is triggered, it will be supplied to the designated insured at no additional cost.
- My insurer has informed me that my policy will not be renewed. A new insurer has agreed to insure me. Are claims that arise during my current policy for behaviors that occurred during the previous policy covered under my current insurer’s policy? Yes, as long as your brokerage has no prior knowledge of the claims, you are covered under your current insurance. Furthermore, the original insurer is relieved of any need to issue an ERP as long as the brokerage has entered into a policy with a new insurance provider.
- My brokerage is coming to an end. Do I have errors and omissions insurance for the operations of my brokerage during the policy period after I close it? If you cancel or do not renew your policy and do not replace it with another, you will receive an automatic minimum extended reporting period (ERP) of 60 days. It’s a good idea to get extended reporting period coverage from your insurer for the time after you close your brokerage. Because the brokerage is no longer functioning, the premiums for this coverage are lower.
- What is the bare minimum of coverage? The insurance coverage must be sufficient to pay a minimum of $500,000 for any one occurrence involving an insured and $1,000,000 for all occurrences involving the insured brokerage during a 365-day period.
- I’m the broker; do I have to notify my insurer if I believe a claim will be submitted but the individual has yet to do so? You, as the broker, are responsible for alerting the insurer of any incident that could result in a claim during the policy’s term.
- I work as a mortgage broker, and I have grounds to suspect that one of my previous clients will bring a lawsuit against me. Is there anyone I need to tell about this? You must notify your broker of the prospective claim, and your broker will notify the brokerage’s insurance company.
- A claim has been made against my brokerage, but the charges are unfounded. What am I supposed to do now? Your insurer will defend you against all claims covered by your insurance, including those that are unfounded.
- My mortgage brokerage is currently not taking on any new clients. Why is it vital to get errors and omissions insurance? This is a September 1, 2011 license requirement that went into force. This rule is applicable to all licensed mortgage brokerages, regardless of whether or not they are conducting mortgage business. A mortgage brokerage license requires that you have errors and omissions insurance.
Is selling insurance a good career?
If you’re debating whether or not insurance sales is a smart career choice, it’s a good idea to weigh the benefits of this industry. Here are a few ideas to consider:
Flexible schedule
Many insurance agents work on their own schedules, which allows them to be more flexible. Setting your own schedule is likely interesting if you do not want to work standard business hours or if you have other responsibilities that necessitate a more flexible work schedule. Although insurance agents frequently meet with clients and possible leads in person, they may operate from home for at least part of the time. Those face-to-face meetings will almost always take place in a professional context.
High earning potential
Because many insurance sales agents are paid on commission, there is a lot of money to be made. Work ethic and willingness to put oneself out there to establish relationships and offer insurance products to clients determine your earning potential. In addition, policy renewals provide insurance agents with a passive income stream.
Opportunity to provide a benefit
Insurance is something that everyone needs, and it can provide a safety net in the case of a calamity, such as an unexpected death or a natural disaster that causes major property damage. Agents have the opportunity to deliver a significant advantage to their clients by selling insurance. Health insurance can help cover medical costs and treatments, while auto and house insurance safeguard these essential and necessary assets. Life insurance is also advantageous because it can pay funds to a person’s family members after they have passed away.
Minimal entry barriers
There is a state licensure exam that insurance salespeople must complete, but there are few other barriers to admission. Although some employers may prefer it, a college diploma is not required for this position. Most agents learn on the job and through training, so prior experience isn’t required.
What is LLQP course?
The LLQP (Life License Qualification Program) is a requirement for life insurance salespeople in Canada. Before a financial services advisor may start selling life insurance products, they must first complete and pass the LLQP and receive a certificate of completion. Applicants may apply to their provincial insurance council to write the licensing exam after completing the certification exam and submitting criminal records checks. After passing the provincial exam, the candidate is eligible to apply for a license to sell life insurance, accident and illness insurance, and life insurance-related investment products such as segregated funds and annuities. Except for Quebec, which has its own system, the LLQP exam certificate is recognized in all provinces and territories.
The LLQP is a beginner’s curriculum.
Many companies, such as Freedom 55 and Sun Life, require candidates to complete and pass the LLQP before they can work for them.
Following completion of the LLQP, candidates may seek to take the provincial certification exam, which, if passed, will allow them to apply for a certificate (commonly referred to as a license) to sell life insurance and related products including annuities and segregated funds. The LLQP comes in two flavors: “full LLQP” and “LLQP Accident & Sickness” (A&S). The full edition includes training in both life insurance and accident and sickness insurance. Only accident and sickness insurance is covered in the A&S version.
There is no designation in the LLQP. It’s just the first step toward obtaining a practice license.
Most provincial insurance statutes only prevent someone from functioning as an agent if that individual does not hold a life insurance sales license.
The term “agent” refers to a person who is paid to conduct a business.
Surrender your insurance agent licence
If you already have an insurance sales license, you must surrender it before applying for an adjuster license. Review For additional information, please surrender my insurance license.
If you have an insurance broker license, you must cancel it through the Registered Insurance Brokers of Ontario (RIBO).
What type of insurance agent makes the most money?
A Quick Overview of the Insurance Industry While there are various types of insurance (ranging from vehicle insurance to health insurance), selling life insurance is the most lucrative business in the industry.
Work Environment
Although most insurance sales representatives work in offices, some may travel to meet with clients. Some salespeople meet with clients during business hours and then work on paperwork and prepare presentations for potential clients in the evenings.
How to Become an Insurance Sales Agent
Many agents have a bachelor’s degree, despite the fact that most businesses just demand a high school diploma. In the states where they work, agents must be licensed.
Job Outlook
Employment
The number of insurance sales representatives is expected to rise.
From 2020 to 2030, the average rate of growth for all vocations is 7%.
Over the next ten years, an average of 50,400 opportunities for insurance sales agents are expected.
Many of those positions are likely to arise as a result of the need to replace people who change occupations or leave the workforce for other reasons, such as retirement.
More Information, Including Links to O*NET
Additional resources, such as O*NET, a database of key characteristics of workers and vocations, might help you learn more about insurance sales agents.