Here are some of the most commonly asked questions that we receive from current and potential clients:
Q: What is the benefit to withdrawing licenses as opposed to letting them lapse?
A: While you may not be using the license, as long as it remains active you are required to stay compliant with the state requirements, including keeping addresses, phone numbers, etc. up-to-date. We always recommend withdrawing un-necessary licenses instead of letting them lapse as it documents your intentions, provides a clean slate if you should re-apply in the future, and eliminates the possibility of receiving a fine or penalty for non-compliance.
Q: If one of our producers is licensed to transact insurance in a particular state, does our entity have to be licensed in that state as well?
A: Yes, if the individual is transacting business on behalf of your entity, the entity must also be licensed in that state – provided the state issues an entity license for the line of insurance being transacted.
Q: What is the difference between an affiliation and a company appointment?
A: An affiliation authorizes a licensed producer to transact insurance on behalf of a licensed business entity. A company appointment authorizes a licensed agent, producer or business entity to transact insurance on behalf of an insurance company.
Q: Do I need to complete Continuing Education in each state that I hold a license?
A: For licensed producers, the completion of your home state CE is accepted in all states. If you are licensed as an adjuster, market long-term care or annuities, you may be required to complete additional CE depending on the state.
Q: We just applied for my license – why is it already up for renewal?
A: Some states issue all licenses to expire on the same date while others issue them to expire during the licensee’s birth month. Depending on the state and the time that we apply, it’s possible that your license may be issued for a shorter-than-average term in order to get you synced with that state’s renewal cycle.
Feel free to contact us with any additional questions that you may have at: 888.543.5432