Types of insurance licences
In general, insurance licences are required for three categories of insurance roles:
General insurance agents and brokers
Brokers and agents serve the needs of their customers, both individual and commercial, helping to protect them from loss due to accidents, fires, theft and many other perils. In all provinces and territories in Canada, individuals working in these roles must become licensed. Depending on the province in which you live or are doing business, there are different levels of licensing depending on the broker or agent’s seniority and amount of responsibility they have for client service and management.
Adjusters investigate insurance claims arising out of losses such as from fires, car accidents and burglaries. They determine the amount of damage or loss covered by the insurance policy. Adjusters make recommendations regarding payment of benefits based on the coverage noted on the insurance policy, and negotiate payment and settlement. Loss adjusters also ensure that those who have suffered a loss receive all of the benefits and assistance to which they are entitled.
In all provinces and territories in Canada, individuals working as independent adjusters must become licenced. Depending on the province in which you live or are doing business, there are several levels of licensing as determined by the adjuster’s seniority and the amount of responsibility they have.
Life insurance agents and brokers
If you wish to obtain a licence to sell life insurance products, you need to take the Life Insurance Qualification Program (LLQP). The Insurance Institute does not offer educational options for this licence, but you can find a local course provider on your provincial regulator’s website.