The author is a freelance journalist and Google News PR specialist. He can be reached at contact@sitetrail.com. -- Ed.
The Insurance Fraud Detection market in the US is estimated at $912.3 million in 2020, according to research by Research and Markets. In the report, China is forecasted to reach a projected market size of $2.2 billion by 2027, which translates to a CAGR of 22.2% over the analysis period of 2020 to 2027. In the United States, the insurance business is primarily regulated at the state level. This includes reinsurance. Each state has an insurance department and laws, regulations, policies and procedures that regulate the operations of insurers and reinsurers. To obtain your insurance license in the U.S., or in this case, your life insurance license or health insurance license, you need to earn it.
Life And Health Licenses
To sell life and/or health insurance, you need to earn your life and/or health insurance license. To obtain the license, you will have to write and pass an exam, specific to the state you're in. This will allow you to work for an insurance agency or independently throughout your state. If you are an employee of an insurance agency in their support staff sector, it would be beneficial for you to earn a license as well as you will handle administrative management of these policies.
Life Insurance License
Having a life insurance license allows you to sell life insurance in your state.
Obtaining your life insurance license distinguishes you as a producer qualified to sell life insurance products within your state. You will have the necessary skills and tools to explain, sell and write this line of business.
Health Insurance License
Having a health insurance license allows you to write health insurance products offered within your state. This license will give you the skills and tools to explain, sell and write health insurance products.
You do not have to obtain both licenses, but it will be beneficial to have both to be able to cater towards multiple needs of a client. Some states do combine the two licenses into a single exam, which provides you a license to both fields. Each state has different qualifications to earn an insurance license/licenses, but preparing for the state’s examination is the most common stage.
Insurance License Exams
Not all exams are the same, due to the different exams per state. You may be required to take an insurance pre-license education course. The course, which may be taken online or in-person, will prepare you to write a successful exam. If your state does not have a pre-licensing requirement, you may still choose to take a course to prepare yourself for the exam.
Once you’ve taken the pre-licence course, if required, you will write the insurance license exam. The exam applications can be filled out online and have a fee between $30 and $200. All states will run a background check once you have submitted the exam application. This background check costs an additional, approximate $30. Depending on the state, you should expect to face between 80 and 160 questions. You will take the exam in a professional testing center with a proctor monitoring the exam. The exam is generally two hours long and are closed book exams, which means no study materials are allowed in the building. You select the answers via multiple choice. The exam fees range from $40 per attempt up to $150+ per attempt. To prevent having multiple attempts, it’s wise to take the exam while being well-prepared.
Being An Insurance Agent
Once you’ve obtained your license, you’ll be able to sell insurance, and being an insurance agent is the perfect career for all different types of people. Whether you want to use this career to have a flexible job and expand your network, or to leverage the network you already have, being an insurance agent is your best bet. Being an insurance agent allows you to have a potentially unlimited salary, depending on your position in an agency.
There is a low barrier of entry in the field, so all you need is passion and drive. The career allows flexibility, which may allow more time for yourself. It allows you to network and build a large client base, while also having the opportunity to leverage other people’s work as well as your own work. Having a career in insurance, and sales in general, is also very rewarding, seeing that you have daily opportunities to help people and make a positive impact on their lives. Insurance sales allows peace of mind to the clients, and providing that feeling may just be the best part of your job.