Like stock and real estate brokers, you must first have a state license in order for you to sell insurance products legally. As you know, being one entails selling products that involve the security and protection of individuals, homes, businesses, companies, the compensation and benefits of your employees (if you have any) relief from unfortunate events like a fire, accidents, the death of a family member and what not.
In order for you to be a certified insurance agent, you must first be able to pass the property and casualty insurance exam. To help you with that, here is a list of tips on how you can ace the test and get licensed.
- Get your materials ready. This means study guides and other materials like mock tests and reviewers.
For the property section of the exam…
- Familiarize yourself with all the main concepts and topics that will be tackled in the exam. There are basically eight main topics that the exam covers: insurance regulation, property insurance basics, homeowners, dwellings, general insurance knowledge and all the subtypes of insurances like those for boat owners and flood&fire insurance.
- Know the insurance regulations. Insurance regulations cover federal state regulations together with the various types of insurance licenses. Knowing such will keep you informed about what you will need to maintain that license and also what behaviors or disciplinary actions sanction for the suspension or revocation of your license.
- Acquire knowledge on general insurance. This covers concepts of risk management, the kinds of insurance providers, and the rules that apply for insurance producers and insurance contract inclusions and exclusions.
- Get your nose under the books. Read up on the basics of property insurance and at the same time study its rates, hazards, the valuation of losses and the basic structure and provisions of insurance. Additionally, try to learn about insurance concepts in terms of residence and homeowners. Learn about what they cover and what they do not.
- Study the policies for commercial insurance packages. This includes the terms and conditions of the general commercial policies and the loss forms for farm coverage, marine properties inland, machineries and other commercial properties in general.
For the casualty section of the exam…
- Study these important concepts: general insurance, casualty insurance basics, insurance regulations, commercial package policies, homeowners and auto insurance and insurance for business owners.
- Know your concepts well. The property casualty exam requires you to know the basic insurance hazards, rates, terms of negligence, damages and what not. So study hard on the basic insurance policy provisions and structure.
- Study coverage. As a future insurance seller, you should know by now the types of insurances vary based on the terms and conditions that they cover. So try to read and absorb as much as you can about the various insurance packages and know the different coverage, liabilities, inclusions and exclusions for each.
Remember that selling your products successfully mean, knowing your products like the back of your hand. With these tips, you are sure to ace that property casualty test. Good luck and kudos to you in your future endeavors as an insurance seller!