The Life License Qualification Program exam includes questions about life insurance policies, term life benefits and disability policies. The exam consists of multiple choice questions as of November 2015, reports OntarioInsuranceTesting.com.
The LLQP exam questions are designed to test the candidates' general insurance knowledge as well as their ability to use "best practice" rules in the industry and to correctly apply that knowledge. Exam questions give a scenario about a death or disability, and applicants must determine the correct answer. Some scenarios may be half a page long.
The LLQP exams each have four possible answers for a question as of 2015. Each question only has one correct answer. As of 2015, there are 140 questions for the Full Life exam, and candidates have four hours of test time to complete it. There are 45 questions on the Accident and Sickness exam and two hours of allotted test time. Candidates must score 60 percent or better on both exams in order to pass.
The Canadian insurance industry created the Life License Qualification Program to set a quality standard for life insurance across the country, states DurhamCollege.ca. There are two types of licenses: the Accident and Sickness license and the Full Life license. To obtain a license, the applicant must complete an LLQP course under a certified provider, complete the LLQP exam with a passing score, have sponsorship from an insurance company and apply for a license.