The insurance marketplace can be challenging – especially for brokers and agents in the property and casualty (P+C) market. Insurance professionals and their customers are facing increasing prices, non-renewals, market withdrawals, and more. Risk Insurance and A.M. Best reported 2023 was the worst underwriting loss for the P+C marketplace in a decade.
To counter the loss in business, prospects, and customers, one option for P+C brokers is to get into other markets. You may want to consider the Health, Accident, and/or Life Insurance marketplace. You could choose Individual & Family Plan (IFP), Small Group, or Large Group sales.
Of course, before you apply to become a licensed health, disability, or life insurance sales professional, you need to pass your state’s licensing exam. California requires 20 hours of Accident and Health or Sickness prelicensing education. In addition, a potential licensee must complete 12 hours of ethics education.
Licensing Information
The California Department of Insurance website lists prelicensing program requirements and education program provider and course information.
In Nevada, according to Kaplan Financial Education, there is no prelicensing education required. However, it is worth noting that potential licensees do have a higher chance of successfully passing their state exam with pre-exam training.
After undergoing your state’s required and/or optional training, the next step in the process is passing a licensing exam, getting fingerprinted, and undergoing a background check.
In California, you can choose from several license types, as either an individual or business entity:
• Accident and Health or Sickness
• Life Agent (Life, Accident and Health or Sickness)
• Life and Disability
• Life Insurance only license
In Nevada, most agents and brokers earn a Producer license. The Nevada Division of Insurance (DOI) says, “A person must hold a Producer license if they sell, solicit, or negotiate insurance of any class in Nevada; or they are an officer, director, employee, subsidiary, or affiliate of an insurer who sell, solicit, or negotiate insurance.”
A Nevada Producer license can be awarded to an individual or a business entity. For more information, visit the Nevada DOI website. For a licensing overview for Nevada, visit “Licensing” on the DOI site. You can also contact the department by phone by calling 775-687-0700 (option 2) or sending an email to nevada.licensing@doi.nv.gov.
More information on applying for a California license is available online and by calling the California DOI at 800-927-4357.
Exam Information
California uses PSI Services, LLC, for the scheduling of insurance licensing exams of behalf of the state. You can link to information on the exam schedule through PSI’s web page. Individuals may schedule their examinations with PSI either online or by telephone at (833) 518-7456.
PSI offers additional examination sites and other test development services for individuals to have more choices on the location and times for taking state examinations. To complement the DOI examination site in Los Angeles, PSI has 20 additional sites statewide where individuals can take their qualifying license examination and obtain required fingerprinting.
As of May 2024, there is a $43 convenience fee to take an examination at the PSI locations. All PSI locations have free parking and are available for Saturday examinations in addition to Monday through Friday. Some PSI sites also have evening hours.
PSI also provides license applicants the option to take a remote online proctored license examination (remote testing) for licensing examinations. Additional guidance on this topic and other licensing information is available on the DOI web page.
If you have California examination scheduling questions, you can call PSI at 833-518-7456 to speak with a Consumer Service Representative. Calls are answered Monday through Friday, 4:30 a.m. to 7:00 p.m. and Saturday, 8:00 a.m. to 2:00 p.m., Pacific Time.
In Nevada, the Division of Insurance contracts with Sircon, a subsidiary of Vertafore, to offer online services. That includes online license applications, license renewals, association maintenance, CE transcripts, CE courses inquiries, license printing, and more.
The National Insurance Producer Registry (NIPR) offers online services such as online license applications and license renewals for producers.
Pearson VUE is Nevada’s vendor for licensing examinations. Visit their page to obtain information to prepare for and schedule an examination at a Pearson VUE testing center. Several downloads are available as are links to education provider services.
Get Started Today
Don’t watch your P+C income dwindle further without acting. Contact your state regulatory agency about how you can earn a new license to sell health, life, accident, and/or disability insurance, or other coverage. These are growing markets, where your work drives your own income.
Health insurance brokers who partner with Word & Brown have an opportunity to earn a higher income than the national average. Contact us at 800-869-6989 or register using our online form to learn more. Be sure to ask about our Show Me The Money! brochure, an insurance broker salary guide. It includes income comparisons based on location and market niche, as well as guidance on different paths to becoming a licensed broker.
