How to Get Your Insurance License

 


An Insurance agent sells insurance products to customers. These customers could be individuals, corporations or groups. Insurance agents also help customers in filing their insurance claims, and getting them processed for payment.

There are several kinds of insurance products currently available in the market. These include health, life, motor vehicle, property, marine and miscellaneous insurance etc.

There are two kinds of insurance agents: captive and independent. The former can sell insurance products of a single insurer only while the latter may sell products of more than one insurers.

There are some regulatory requirements for becoming aninsurance agent. The first and foremost among them is acquiring a license. Certification is also required before you start operating as an insurance agent. The requirements for obtaining an insurance agents’ license varies from state to state and country to country.

Perquisites for Licensing

There is a requirement for completing a prescribed course before one becomes eligible for a licensing exam. A certain number of class hours are also mandatory.

There is no prescribed degree requirement for becoming an insurance agent. However, insurers and brokers prefer to hire insurance agents with a bachelor’s degree or an associate degree in marketing, business or finance.

How to get an insurance license

Holding an insurance license is a mandatory requirement for selling any kind of insurance product. In most cases, the regulator requires insurance agents to obtain separate license for each category of insurance products that they plan to sell.

Insurance agents are also required to fulfill a prescribed course within two years of starting work as an insurance agent. This is part of their continuous training and development. It helps them keep abreast of the changes in regulations, tax structures, and other rules that affect the insurance sector.

Following licensing requirements should be met by individuals applying for an insurance agent’s license:

 

1.    Complete and submit an Insurance Agent application. This must be accompanied by all the supporting documents. Payment of prescribed fee is necessary. In most states, this application can be submitted electronically through an internet link.

2.    Knowledge of the laws that govern insurance business in the country and a particular state.

3.    In some states, it is necessary that the prospective agent be sponsored by an insurer.

4.    The agent must sell policies pertaining to the license granted to him / her by the regulator.

5.    It is necessary that the insurance agent is not involved in any activity or business that will in any way jeopardize his/ her integrity or competence

Insurance Agents’ Certification

There are many certifications available for prospective insurance agents allowing them to understand the intricacies of this business. They also get to understand that specific benefits of each kind of insurance allowing them to convey the same to prospective clients.

The most widely known certification program is known as Certificate in General Insurance. This certificate covers the basics of insurance.

There are institutions that offer courses allowing individuals to prepare for their licensing tests. Some insurance companies also offer these courses and cover all types of insurance including life, health, property and Miscellaneous etc. Another good thing about these courses is that they allow you to become familiar with the current regulations.

The Final word

Insurance is a fast-growing sector. Young people at the initial stages of their careers have realized the great potential offered by this field.

Since, licensing is a mandatory requirement, anyone who is interested in becoming an insurance agent must know how they can obtain this license.

Once you have the license, you can commence working as an insurance agent.


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