How much does an Insurance License Cost

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How much does an insurance license cost

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How much does an insurance license cost? The cost of taking the exam varies by state and ranges from $45 to $150. The fee is listed on the webpage for your state’s insurance licensing. So, that settles the subject of how much does an insurance license cost. Furthermore, learn more about getting an insurance license.

Insurance License in WV acquiring is the first step to becoming an independent insurance agent. Any agent applying for an independent agent requires an approved insurance license like an insurance license in WV. An insurance career is indeed an exciting path to choose with a well-paying wage. According to the U.S. Bureau of Labor Statistics, the median annual salary for insurance sales agents for $52,180 in May 2020.

Here are five easy steps guiding you on how to get an insurance license in WV.

Steps to get an insurance license

Step One: High school diploma/ College degree

The first and foremost step is, as an educational requirement, you need to have a high school diploma to be an insurance agent. A college degree is unnecessary, but there is no harm in attaining higher education related to insurance.  An insurance agent should understand prospects’ views and what motivates them to purchase insurance packages. In addition, you should have a solid understanding of how to sell insurance. Few places have started offering insurance licenses, insurance, and sales marketing courses.

Step 2: Type of insurance license

The next step is to figure out what kind of insurance license you want. There are different insurance lines, to name them: Life insurance, Health Insurance, and Property & Casualty Insurance.  You will need to take the exam according to which insurance line you will choose. People usually take multiple exams to be eligible to sell all lines of insurance in the future. You must apply online through the National Insurance Producer Registry (NIPR) to add a line of authority to your existing license.

Step 3: Research about insurance license requirements in your respective state

There are different policies while selling insurance in other states. You can also sell insurance in a different state from the one you are living in. You should be aware of all these additional requirements and policies to further proceed with taking the licensing examination.  Some states also require you to complete a pre-licensing insurance course before you register for state licensing exams. It will be a smart move for you to enroll in a state-approved coursework program before giving the license examination. As a result, you must be aware of the requirements in different states, as you cannot look at an insurance license in NJ and assume it is the same in WV. Furthermore, research about how long is an insurance license valid.

 

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Step 4: Insurance license exam 

In this step, fulfill all the requirements and clear the state licensing exam fees. Prepare yourself well for the license exam by going through all the study materials available on your state’s insurance website department. The examination will consist of insurance basics, rules, and regulations.

Step 5: Documents for a background check 

All states require their applicants to submit documents, including a state exam certificate, fingerprint card, a citizen affidavit, and a background report. They conduct a background check to check work history and criminal records. The board will review, approve, and issue your license once the background check is complete.

 

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Final Step on Getting an Insurance License

You will finally be a licensed insurance agent in your respective state as an insurance license in WV after the completion of all these steps mentioned above.  After having a license to sell insurance, you can either become a captive agent or an independent agent. A captive agent sells only a single carrier’s insurance packages, while an independent agent can work with several carriers. After you’ve decided what kind of insurance agent you want to be, you should list yourself in an agent directory.

Furthermore, since carriers need hundreds of thousands of dollars in premiums, independent agents have a hard time having access to the goods they want to market. Joining an insurance cluster or insurance aggregator is a simple and efficient way to gain access to goods and commissions that insurance companies reserve for large agencies.

In the end, whichever path you take, it all comes down to protecting your agency and adding value to it.

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