How to Become an Insurance Agent in Nova Scotia
An insurance agent--someone employed by an insurance agency to sell insurance contracts to individual clients and businesses--establishes a client's insurance coverage, calculates premiums, and arranges payment. He provide clients with policy information regarding risk coverage, benefits and medical requirements in addition to processing client claims. In Nova Scotia, insurance agents must be licensed.
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Things You'll Need
- Life Licensing Qualification Program (LLQP) Course Providers List
- Nova Scotia Insurance Agents License Regulations
- Insurance Exam Registration Form
- Individual Insurance License Application
- Endorsement by a licensed insurance agency
Instructions
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Collect information about becoming an insurance agent by checking with professional associations such as the Insurance Brokers of Nova Scotia and the Insurance Institute of Canada. Strong sales and communication skills are an asset to working in this field. You also need to be at least 19 years of age.
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Decide which class of license you would like to apply for: Life (includes accident and sickness); general (exclusive of life); accident and sickness only; or travel, accident and baggage. General insurance agents sell property, auto, fire, farm and other types of insurance. Life, accident andsSickness insurance agents sell term, annuity or whole life contracts to cover death or unexpected illness. Travel insurance agents provide contracts for travel outside a client's home province to cover injury, accidental loss of life or damage to personal property. General insurance agents must also complete the requirements for a Level I (General Insurance Essentials 1 and 2, Canadian Accredited Insurance Brokers-CAIB Part 1, and Chartered Insurance Professional-CIP program courses); Level II (CAIB Parts 1 to 3, and CIP program courses) or Level III license (CAIB Parts 1 to 4, and CIP program courses), according to the Nova Scotia Insurance Agents Licensing Regulations. An insurance agent may hold more than one class of license. In order for your licensing application to be processed by the Nova Scotia Department of Finance, you must be sponsored by a licensed insurance agency.
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Search for insurance agencies who are hiring in your chosen class of license by checking online job banks and local advertisements. A post-secondary degree in business or finance administration is an asset. Once you find a sponsoring agency, review the provincial program prelicensing requirements of the class of license you are applying for. If you are applying for a Life, Accident or Sickness (only) license, you must complete the Life License Qualification Program. The LLQP is based on industry standards for assessing life insurance agent proficiency. It includes the completion of a mandatory prelicensing course (Canadian Insurance Course-CIC) and a qualification exam. In order to apply for a general license you must meet the requirements for a Level I, II or III. There are no prelicensing requirements for the travel, accident and baggage class of license.
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Use the LLQP Course Providers List to enroll in the Life Licensing Qualification Program for application to the life or accident and sickness (only) license programs. To complete the courses required for a general license, consult the Nova Scotia Department of Finance website for information on course providers. Some course providers offer the option of completing the course from home (either online or correspondence) or webinars. The LLQP ilasts four to five days, depending on the provider; it may take up to a year to complete the general insurance prelicensing courses.
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Enroll in the provincial licensing exam by completing the Insurance Exam Registration Form provided by the Nova Scotia Department of Finance. The frequency and location of exams are listed on the registration form. The exam will take from two hours (general, accident and sickness only) to four hours (Full Life Insurance). You have up to two months to take the exam once you register for it; and up to three initial attempts to pass the exam.
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Complete the Individual Insurance License Application and have it endorsed by the licensed insurance agency that is sponsoring you.
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Submit your application for an Insurance Agent License to the Nova Scotia Department of Finance.
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Tips & Warnings
The Nova Scotia Permits Directory provides additional information and is available on the Government of Nova Scotia - Service Nova Scotia website.
Independent insurance agents are required to maintain a trust account to hold client's insurance premiums. Information regarding the trust account must be submitted annually according to provincial laws and regulations.
Provincial exam results are posted the day of the exam, after 4:30 pm. You can take the exam more than once, but there is a fee every time.
The Nova Scotia Department of Finance provides a list of approved LLQP Course Providers.
As an insurance agent, you may have to travel to meet clients, work some evenings and weekends, and work more than 40 hours a week.
