As a budding or established insurance agent, the most important document in your career is your insurance license: the license that allows you to be an insurance broker and engage in insurance-related business transactions.
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However, in order to acquire and maintain your license, there are several things you need to keep in mind to obtain an insurance license in the first place, as well as to ensure that you will not lose your license or be prevented from having your license renewed.
- failing the insurance exam.
- Do not disclose convictions on your application (or have committed certain serious crimes).
- failing to meet continuing education requirements.
- You have not paid your penalties for not meeting your ce quota by your renewal date.
- license abuse.
Probably the most obvious item on this list, but impossible not to mention, is failing the insurance exam, which allows you to go ahead and apply for your insurance license.
Before taking the insurance exam, it is recommended that you study 2-8 weeks in advance to ensure you are comfortable with all the material you may be tested on.
then you can start the application process.
Although prior convictions do not automatically prevent you from obtaining an insurance license, denying the existence of your convictions will, so be sure to disclose any prior convictions on your application.
Of course, certain charges prohibit you from obtaining an insurance license, such as first-degree felonies or crimes involving breaches of trust or legal settlements and fraud.
After you have acquired your insurance license, you will need to continue your insurance education to keep it.
Depending on the type of insurance license you have, and the state in which your license was issued, you will need to complete a varying number of continuing education hours before your license is renewed, which is typically every two to three years .
In Iowa, for example, insurance producers must complete 36 hours of continuing education over a three-year period before the license expires.
Numerous continuing education programs exist to help insurance agents stay current and on top of their profession, to enable them to thrive in their jobs with valuable professional experience while counting the mandatory ce hours required to maintain their license.
One of the leading providers of continuing education for those with insurance licenses in Iowa, Nebraska, and Texas are community educators who offer a variety of valuable courses to improve agents’ insurance and business practices while enabling them to gain credits ce.
if you don’t complete the correct number of continuing education hours to retain your license, determined by the license you hold and the state it was issued to, then you will have to pay a penalty for each hour you miss the deadline, which is usually around 50 usd per hour.
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If you are not current with your continuing education hours and have not paid your fines, you will not be able to renew your license.
There are a number of ways that someone who has an insurance license can abuse their license, to the extent that their license is likely to be revoked. these are:
- fraud: If an insurance license holder deliberately commits fraud against an insurance policyholder, agent or organization.
- reimbursement: Offering incentives in addition to the benefits of the policy itself to entice a party to purchase a policy is an act of license revocation in most states.
- torsion: The act of forcing a party to let their current insurance policy run out in order to purchase another policy is also a license revocation offense, even though the practice is relatively common.
So if you want to get and keep your insurance license, be sure to keep these five things in mind during your journey as an insurance agent to ensure your ambitions come true.