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How to become a property and casualty insurance broker?

how to become a property and casualty insurance broker
Independent Agents are fully unaffiliated with a parent firm. This leads in the subsequent advantages: –

  • Freedom from onerous parent company requirements
  • Permission to cross-sell other types of insurance
  • Capability to compare insurers on pricing, product, and service.
  • Capability to sell a policy through a secondary insurer if the primary insurer is unable to underwrite the policy.
  • And Much More

As an Independent Agent, you must be financially stable in order to run a prosperous agency. The majority of an independent agent’s revenues come from commissions on policies sold. Here is a great blog article that explains the distinctions between captive agents and autonomous agents.

How difficult is the Michigan test for life insurance?

Health and Life Insurance Exam Requirements in Michigan – You are prepared to take the Michigan life insurance test, health insurance exam, or combined lines exam once you have completed all required life and health insurance courses in Michigan and met all prelicensing criteria.

Note that you must get at least 70 percent on the certification test to be eligible for the state exam. If you are only pursuing a life insurance license in Michigan, you will have two hours to complete 100 multiple-choice questions. A score of at least 72 percent is necessary to pass. To get a Michigan health insurance license, you must pass the Michigan accident and health producer examination.

There are one hundred questions. You will have two hours to complete the exam, and a score of 75% is required to pass. The combined Michigan life, accident, and health producer examination consists of 150 multiple-choice questions that must be answered in two and a half hours.

  • To pass, you must have a grade of 73 percent or above.
  • PSI Exams allows you to arrange your test.
  • There is a $40 charge.
  • Be sure to bring your certificate of prelicensing completion and two valid forms of government-issued identification, including at least one photo ID, to the exam.
  • You will discover out instantly if you passed, and you can then apply for your license online through the National Insurance Producer Registry.
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If you do not earn a passing score, you will receive a diagnostic report outlining your areas for development, which you may use to guide your future attempt to pass the test.

How much can an individual earn selling life insurance?

How much money are you able to make? – As with any career, it takes time to build up experience and money. Consequently, the highest-earning life insurance brokers earn more than $100,000 annually. Many earn far more than that! Starting off, you might expect to earn $2,000 to $5,000 each month.