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Degrees and Schools
Some of the popular programs for insurance sales agents are finance, business and economics. Some colleges offer insurance courses and a few schools offer a bachelor's degree in the subject.
Numerous organizations including the American Institute for CPCU offer professional designation programs that certify an agent's experience in insurance specialties, including health, property and casualty, and life.
Classes
Useful subjects to study include:
- Sales
- Marketing
- Business
- Finance
- Economics
Knowledge of popular software packages is important since computers allow agents to get information quickly on a variety of financial products.
Online Classes and Programs
There are plenty of finance, business and economics accredited online programs. There are also online insurance agent training courses.
Employment Requirements
Many companies and independent agencies prefer candidates that have a college degree, especially applicants that have majored in finance, business or economics. Some companies will hire people that only have a high school diploma if they have proven sales ability.
All agents that are involved in selling, soliciting or negotiating insurance are required to have a state issued license. Licensure requirements vary by state but they typically include completing some insurance related coursework along with passing several exams. Insurance sales agents who want to sell securities and other financial products need to obtain the proper licenses.
How to Evaluate Schools and Programs
While evaluating schools, prospective students should consider getting answers to the following questions:
- Training - Does the program include externships? How long are the externships? Do students have to find their own externship?
- School's Reputation - What is the school's reputation with insurance companies?
- Job Placement - Does the school offer job placement services? Does the school provide job fairs?
- Class Sizes - Does the school offer small class sizes?
- Financial Aid - What types of financial aid are available? Is the school qualified to provide federal financial aid?
- Accreditation - Is the school accredited by an agency which has been approved by the the United States Department of Education or the Council for Higher Education?
Insurance Agent Job Description
Insurance sales agents help individuals, families and companies select the ideal insurance policies for protecting their health, lives and property. Insurance agents sell one or more types of insurance such as life, health, disability, long-term care and property and casualty. Also, if a loss occurs they help their clients settle their insurance claims.
Most insurance agents specialize in property and casualty or life and health insurance; although a growing number of "multiline" agents sell all lines of insurance. Captive agents work exclusively for one insurance company. Independent insurance agents represent several insurance companies and assist their clients in choosing the insurance company that offers the best rate and coverage.
Many insurance sales agents offer their clients financial analysis and advice for minimizing risk. They're involved in retirement planning and estate planning. Some insurance agents help set up pension plans for companies. Some insurance agents become licensed to sell mutual funds, variable annuities and other types of securities. It's common for life insurance agents to sell financial products and many property and casualty insurance agents also sell them. Some of their responsibilities are shown below:
- Explain features and the advantages and disadvantages of various polices
- Find new clients
- Customize insurance programs to meet the needs of individual customers
- In an event of a loss, help clients settle insurance claims
- Make sure policy requirements are fulfilled
- Prepare reports and maintain records
- Calculate premiums and establish a payment method
- Obtain data about financial resources from prospective clients
- Stay current on issues concerning their clients
Resources
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