Individuals who wish to obtain an insurance license in the state of Colorado must: Complete all prelicensing education. Make a reservation and pay the examination fee. Go to the test center or prepare for your examination online. Apply for a license .
To apply, go to the National Insurance Producer Registry (NIPR) website. The cost of the license for a Colorado resident is $89 (plus a $5 NIPR transaction fee ) for each line of authority.
A Property & Casualty license enables you to sell auto, home, and business insurance policies to individuals and businesses. Even those who discuss and manage auto, home, and business insurance policies, such as Customer Service Representatives (CSR), are often required to maintain a P&C license .
The Property and Casualty licensing examination is a two-hour, 150-170 (depending on the state) multiple-choice question exam consisting of two parts. The first part consists of questions covering general knowledge of products, terms, and concepts.
Pass Rates and Recommended Study Time Nevertheless, the passing score for all exams is 70%, and utilizing exam study tools can help you gauge whether or not you are on target to pass on the first try. The average exam -taker should expect to spend about 35 to 40 hours studying to pass the life and health insurance exam .
The most recent government data regarding the average income of American insurance agents was compiled in 2012. According to that data from the Bureau of Labor Statistics: The median annual wage for insurance agents was $48,150. The highest paid 10% of insurance agents earned more than $116,940 annually.
Due to the low barriers of entry, insurance sales is a good career choice for people who are transitioning into a new career following a major life change. It only takes a few weeks or months to study for the state licensing exam, pass the exam, and start selling insurance .
What Felonies Disqualify You ? Those who have committed certain felonies are permanently barred from applying for an insurance license . An individual who has been convicted of a crime involving dishonesty or breach of trust is prohibited from engaging in the insurance business.
Though it may seem somewhat overwhelming at first, preparing for and taking the state health and life insurance exam is NOT that difficult . In fact, most agents who take the exam admit that it was easier than they imagined.
What Is the Average Property and Casualty Insurance Agent Salary by State
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National Average As of Jan 14, 2021, the average annual pay for a Property and Casualty Insurance Agent in the United States is $37,473 a year. Just in case you need a simple salary calculator, that works out to be approximately $18.02 an hour. This is the equivalent of $721/week or $3,123/month.
We begin with an overview of the types of insurance, from both a consumer and a business perspective. Then we examine in greater detail the three most important types of insurance: property, liability, and life.
The Property and Casualty insurance licensing exam is challenging. It requires hard work and effort to prepare, but by following these study tips, you should be well on your way to passing the exam on the first try. It’s also helpful to learn what to expect on exam day.
If I fail the life insurance exam , what is the wait time before I can retake it? You will find out if you passed or failed the exam at the testing center. However, you cannot register to take it again at that time. Instead, you must wait 24 hours before you can register again.