Definition: The Insurance License Exam, or ILEP, is a standardized test administered by the National Association of Insurance Commissioners (NAIC) to determine whether an individual has the knowledge and skills necessary to successfully perform their role as an insurance agent. The exam consists of eight sections covering topics such as basic accounting, business ethics, professional responsibility, ethics in marketing, risk management, regulation, and technology. Each section is worth a certain number of points based on its length and complexity. The ILEP aims to ensure that individuals meet the minimum requirements for being an insurance agent. The exam is administered twice yearly by the NAIC's National Insurance Office and conducted during the summer months. Applicants must pass all eight sections before they can apply for their state's license.
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