How to Become an Insurance Agent in Ontario, Canada

Ontario holds over 40% of Canada’s population and for this reason, the insurance industry is a popular niche. You can become an insurance agent in this province, but you have to know what you are doing. Here are some requirements and other things to look into regarding your goal.

Requirements

If you want to become an insurance agent in Ontario, Canada, you have to meet some requirements. But you should not worry too much about them because they are relatively easy to get. Remember also that these requirements are just a way of keeping most people “out of the money” because of these licenses. First off, you have to complete what is called the application to become a General Insurance Agent. You need to know the laws of Ontario when it comes to licensing any insurance agent. A licensed insurer must be your sponsor.

You have to carry on business with something called good faith. Your reputation and character must be good. Remember also that you have to meet each one of the licensing requirements. There is also an educational background that you have to meet, and you will have to use an Ontario mailing address and provide FSCO with it. Keep this in mind so you can get what you want. There is also an examination to become a general insurance agent and you have to keep this in mind. Remember also that the FSCO will not conduct any examination at all so you have to be prepared to deal with this.

Licensing Link and More

FSCO has an online system that you can use to perform a wide array of licensing transaction. This will make your life easier because you will have a search too. The tool will allow you to confirm your status right away. You can also check any information about your licensing application along with renewals. FSCO also has many customer service representatives that will allow you to get answers to any question that you might have. You have to have E&O insurance or errors and omissions insurance. The limit of this insurance should be $1 million at least.

Exam

You will have to pass an exam so you can become an insurance agent in Ontario. They might ask you about the parts of the insurance policy dealing with duties, conduct, and obligations. These are truly interesting questions that you have to answer. There are other questions about the types of policies that you have to use depending on the situation that you have found. There are also questions about the negligent act that end up causing a loss. You have to know what these types of acts mean for the insurance company so that you can do a good job.

Becoming an insurance agent in Ontario, Canada is not hard. You have to have patience and persistence if you want to achieve your goal. The people in the industry just want to keep you out of the game, but you have to understand this natural egoism. So you have to develop your mental powers to become an insurance agent right away.