You must obtain an insurance license before you can become an insurance agent or broker in Us. Choosing the career path of an insurance agent is fascinating. You can only qualify to become a licensed insurance agent if you able to meet your state’s requirement. This means that requirements for obtaining an insurance license is varies based on the state but comes in similar procedures.
Similarly for all state, you will be required to take a pre-licensing exam before you schedule an appointment for the main exams. Upon passing your exams then you can apply for a license at the state licensing department.
Interestingly, you can obtain a license and sell insurance in different states provided to you meet their requirements and work according to their regulations. Also, since state requirements vary, regulations are different too. It is therefore advisable to gather the best and right information about the state you want to sell insurance from. This will also help you gather the necessary documents to successful complete your license application.
In this article, finance in Us will provide you with the best information on how to get an insurance license. Do you have plans of becoming an insurance broker or agent? If yes, then it’s necessary to read to the end of this article. In a simplified way, we have provided you with the right details for easy application.
How to Obtain an Insurance License in Us
Insurance agents or brokers are expected to have a license before they can work with companies to sell policies to individuals and businesses. As earlier stated, the process of obtaining this license is similar but different requirements depending on the state.
It’s unlawful and punishable to sell insurance policies without proof of a license or without having a license. There are different types of insurance and the type of insurance agent you want to become will be dependent on you. Let’s take a look at how you can obtain an insurance license below;
Select the type of insurance agent you want to be and also the type of insurance you want to sell
There are two types of agent you can become thus, working for one insurance company or working for different companies as in a broker. Individuals who tend to decide on selling insurance for one particular company can choose to become a captive insurance agent. On the other hand, you can also become an independent insurance agent when you tend to work with different companies.
Same applies to the type of insurance products you decide to sell to clients. You can choose to sell personal or commercial insurance products. These products include life insurance, motor and home insurance for personal insurance (sell to individuals) and commercial property insurance for businesses.
You can also decide to combine a few of the type of insurance if you wish to do so but obtain license for them.
Gather information on state (s) you desire to work in and it’s requirements
After you have made a decision on the type of agent and insurance product you want to sell, get to know what the state requires of you before successfully complete the process. This may include requirements, documents, fees or charges. These factors and regulations vary so find out from your state what they expect of you during and after the process.
Go in for the pre-licensing exams
Find about the pre-licensing exams in your state and take the exams. Requirements for this exam vary depending on the state and this can be taken in person or online. You will need some few hours of study or completing some courses. After you are done with this successfully, you can set a schedule for the main exam.
Take the main insurance license exams
You go on to take the main license exam after you have completed your pre-licensing exam and scheduled a date and date. Be available on the set date for the exams. Result of the license exams are immediate and don’t take much time after completion. You get to know whether you did pass or not. You have the chance to retake license exam again in case you fail. Re-schedule a date and time to retake the exams at your convenient till you pass.
Apply for insurance license
Submit an application to your state licensing department after you passed your license exam. In certain cases, these license offices will run background checks. When everything is good, you will be approved of your license then you can start selling an insurance product.
Find an insurance company to work with
Now that your license has been approved, the next step is to get an insurance company you can represent. It could also be different several insurance companies if you are an independent insurance agent. Certain companies will also have requirements for agents that qualify them to work with their organization. Meet these requirements and start selling insurance products.
As this point, when you start working with an insurance company, you begin prospecting for customers and while you get them, you try to keep them.
The bottom line here is that you can only sell insurance products when obtain or have an insurance license. Agents who want to become license insurance representatives must go through a series of decision making and process. This starts from deciding what the type of agent you want to be, type of insurance products you want to sell, take the pre-licensing exams and the main license exams, submit your license application and upon approval, find a company to work.
You can apply for your insurance license online at NIPR or Sircon. The background checks on you could be providing your fingerprints electronically. Once your license application is approved, you will receive an email. Same applies to when you are denied too, the reason for denial will be stated in the email sent. Also, you are entitled to combine several insurance products provided you can get the license for them.
We are glad we have been able to serve you with the best information on how to obtain an insurance license.