The SECURE Act 2.0 was part of the Deficit Reduction Act signed by President Biden made a major change in Required Minimum Distributions(RMD) for all pensions plans including IRA. Those individuals with the Traditional Individual Retirement Accounts (IRA) who turned 73 in 2023, can delay their first RMD until next April 1 of the year […]
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Each month FINRA notifies Insurance Regulators about their actions against register representatives whether they hold an insurance license or not. Insurance producers are required to notify the Insurance Regulators of any violations within 30 days. At the time of a license application or license renewal, producers are required to list all violations by any regularity
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
Required Reporting of Criminal Conviction Read More »
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
Renewal Commissions Read More »
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.
Medicare Advantage Commissions Read More »
Yes, there is. This is a website that will help https://eapps.naic.org/life-policy-locator/#/acknowledgment
Is there a way to search for written life insurance policies in any State? Read More »
This type of line means the individual can sell only personal homeowners, renters, boat insurance, motor cycle, recreational vehicles and auto policies. The individual cannot sell or insure farm, commercial or business policies. To be able to sell farm, commercial or business policies the individual must acquire their Property/ Casualty license. An example: Joe wants
Someone with a Personal Lines can sell what? Read More »
Producers with a Accident & Health licenses can sell Long Term Care insurance or riders after completing the initial eight hour course on Long Term Care Partnership. Once that course is completed, you must complete a four hour Long Term Care course in your next renewal cycle. An example, you completed your required eight hour
I want to sell Long Term Care Insurance, do I need a special license? Read More »
During the first two years, the insurance company can challenge a death claim based on health history of insured. Insurers will order a complete medical records, check the physical examinations and other sources of information. In some cases, it will request copies of coroner’s (Medical examiner) reports, and police reports.
What is a contestable period of a life insurance policy? Read More »
Since Illinois is your home state, you must complete their continuing education requirements before that license expires. You can renewal your nonresident license at the National Insurance Producer Registry and pay their nonresident licensing fees and a $5.00 processing fee.
