Almost all states have statues dealing with this issue. In each state, the requirement is for the company to pay claims promptly (within 30 days) once their liability is clear. Interest rates vary from state to state. A common issue found in market conduct examination by the state regulators is lack of notice of the […]
Are insureds entitled to interest on delayed claims? Read More »
An easy way is to go to https://nipr.com/help/look-up-your-npn. Background: The insurance regulators saw a need to identify problem producers. In the past, individuals could move from a state where they had problems to a new state and apply for a resident license there. When they got in trouble there, they moved on. National Producer Number
Finding Your National Producer Number (NPN) Read More »
Illinois Department of Insurance has approved taking your Insurance examination: at home, or at your office, or at an approved testing center. Here is the link for at home or office testing: https://home.pearsonvue.com/il/insurance. Information on your options can be founded at http:www.pearsonvue.com NOTE: You need to register for your examination for each line of
Illinois State Insurance Exam on home/your office OR an approved center Read More »
Any organization or individual can apply for a Business Entity License provided they have named a “Designated Responsible Licensed Producer”. This individual is held responsible for the activities of others working for the Business Entity to insure insurance laws and regulations are followed. When an individual is listed under a Business Entity, that producer can
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The standard continuing education rules adopted by many states is 24 hours every two years including 3 hours of ethics. Illinois requires classroom ethics including webinars taught by an experience licensed producer. Illinois permits an open book testing for self study courses. If hours are earned in a classroom, 50 minutes constitutes an hour and students
How many hours of insurance continuing education is required to renew my license? Read More »
Producers are required to report criminal convictions to their state insurance regulators within 30 days. It would be wise to provide all the facts and court order for the insurance regulators to review. Failure to report convictions withing 30 days, would suggest to regulators that the producer is dishonest and would automatically revoke the insurance
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Can I drop my insurance license and continue to receive renewal commissions? Answer: As a general rule for most states, you must be licensed to receive any commissions new or renewals. Even if you do keep your license in force, some companies require some level of sales for you to continue receiving commissions. Check with
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Question: I am no longer selling Medicare Advantage plans, can I receive my renewal commissions without doing the training? Answer: According to Medicare regulations, you must complete the annual training and score 90% or better on the final examination in order to continue getting renewals commissions.
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If you are selling Hospital Indemnity products and Telemedicine you do need to have an Accident and Health license.
What do I need to sell Hospital Indemnity & Telemedicine policies? Read More »
You must be licensed prior to one year of completion of your pre-licensing classes, or passing the state exam. Failure to do so, will result in you completing the pre-licensing classes again. If you wait too long, you will need to complete the pre-licensing and testing requirements again.
