If you are involved in selling, soliciting, or negotiating any of the insurance products, or you are an agent in the same industry, then you have to meet the minimum requirements before being licensed and additional specified requirements in order for your license to be renewed periodically. Among these requirements is the continued education (CE) for specified hours. The insurance agent CE will depend on your area of specialization. As such, there are compulsory topics to be covered as well as the additional topics to meet the minimal hours required.
Before enrolling to any given training with the aim of meeting the requirements for the license renewal, you have to verify that the institution is authorized by your state department to provide the said training. In addition to this, confirm if you fall under the category of those who may benefit from exemptions.
In regards to annuity training, the CEs usually focus in the areas such as the identification of the annuity parties, the way the consumers are affected by the fixed, variable and the indexed annuity, and the methods of applying the income taxation of qualified as well as the non-qualified annuities. In addition to this, it may also include the primary use of the annuities, appropriate sale practices, and replacements as well as disclosures. These are just a few of examples of the areas covered in annuity training.
In the same way, the agents in line of the long-term care have to be trained on the federal and state regulations touching on the long-term care, the long-term care services and the providers available, the effects of inflation, and the suitability standards and guides for these policies. Other than the said topics, the training may also cover the comparisons with the private long-term care policies and several other related areas. Generally, the topics are covered in the initial training before licensing and the continued education required for license renewal.
For the life settlement agents, the expected training should focus on the legal structure of life settlement topics, the disclosure and privacy requirement topics, and the life settlement parties and the existing legal relationships. In addition to these, the agents need to be trained on the ethics when it comes to selling, negotiating, soliciting, and advertising their products as well as the remedies and the contract requirements.
The other category with significant difference is that of the national flood policy providers. These categories require that the agent adheres to the state requirements as well as the federal rules and regulations as set by the Federal Emergency Management Agency (FEMA). As such, the minimum requirements in training in accordance with the Section 207 FEMA Flood Insurance Reform Act 2004 must be met before one can be granted the license.
The national flood insurance agents on the other hands are mostly regulated by the Federal Emergency Management Agency, and the regulators at the level of the federal government. However, they still have to adhere to some state requirements and also have to complete some continuing education for license renewal.
Generally, it can be concluded that even agent has to focus on completing the CE in their technical areas for them to get their license renewed. However, it is upon you to make sure that the institution through which you undertake the training is authorized by your state department of insurance.
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