Insurance License in GA: Types, Process, and Cost
Insurance professionals in Georgia(GA) need a license from the Georgia Department of Insurance. The state Division of Consumer Services Division regulates the licensing process, and they have an online lookup service to help you find out which type of insurance license is required for your profession.
In this post, we’ll look at how to determine which type of insurance license might suit your needs and the steps you’ll need to take to acquire what is required in order to work in this profession.
Licenses are only available for these types of insurance: e.g. life, health, disability income, accident and sickness, property or casualty-based insurance agents who provide consumers with a variety of coverage options related to automobile liability coverage.
Types of Insurance in GA
There are a number of different types of insurance that can help protect yourself and your loved ones from financial loss due to death or illness, damage from fire or other disasters, or any other event that can negatively impact your life. Here are some of the most common types of insurance:
Life insurance: Life insurance is designed to help protect your family from the financial loss that comes with the death of a loved one. If you pay a premium, then the company will pay an amount equivalent to the face value of your policy. You’ll also be given a cash value in addition to the death benefit if you want access to cash now and at some point in the future.
Medical Insurance: Medical Insurance provides benefits for medical expenses not covered by health insurance. Medical Insurance may also include coverage for emergency expenses and dental care that are not covered by health insurance. There are two different types of medical insurance: hospitalization insurance and medical expense coverage.
Disability Insurance: Disability Insurance pays replacement income if you become disabled and can no longer work, or if you are unable to perform the same job because of an injury or illness that prevents the same kind of work from being performed. Moreover, disability insurance can be provided as paid disability income (monthly) or as disability life insurance (indexed). Indexed disability insurance is designed to provide annual payments that increase over time to reflect wage increases. Disability income insurance does not provide a death benefit or other financial protection for your family members.
How to apply for insurance license in GA?
There are two ways to apply for any type of insurance license in GA. If you’re applying for insurance license as a sole proprietor, you’ll need to complete several steps outlined below.
And, if you’re applying for an insurance license as a company, agency or broker, you’ll need to follow the steps outlined in the following section.
What does it take to become an insurance agent in GA?
The application process for life and health insurance licenses consists of the following:
- 1. Obtaining a copy of your federal and state tax returns from the IRS and Department of Revenue;
- 2. Paying Transmittal Tax on your return
- 3. Completing and submitting your application
- 4. Attending licensing exam
- 5. Appearing for the license issuance ceremony
In order to submit your application, you’ll need to fill out a number of forms: Application for Life and Health Insurance License, Declaration of Financial Condition (if required), Tips on Taking the Life and Health Exam, Oath/Affirmation, Application for Schedule III Controlled Substance License (if required), Authorization to Release Tax Information and TB Report.
How much insurance license cost in GA?
- The application fee for a life and health insurance license is $200.
- In order to keep your insurance license valid, you’ll need to renew it every two years. In order to do this, you’ll need to make sure that your license remains active. You can do this by paying the renewal fee on time and submitting the required information before your renewal is due.
What is my experience for insurance license in GA?
You’ll need to fulfill experience requirements as well. You’ll need to have at least two of the following: experience that includes handling and adjusting complaints, dealing with policyholder benefits and claims, reviewing and evaluating insurance contracts, issuing policies and endorsements; education that includes a bachelor’s degree or 3 years of relevant work experience; an associate’s degree or 1 year of relevant work experience; or a high school diploma, GED, military service record or certificate from a recognized insurance training program.
Finally, if you have the necessary experience, education and certification and pass the exam, the Georgia Department of Insurance Division of Consumer Services will issue you a license.
After I get my insurance license in GA, what can I do?
When you get insurance license in GA, you can begin working as an insurance agent providing your customers with life, health or accident insurance policy coverage. If you want to sell other types of insurance offered in Georgia, you will need a “C” license for any additional businesses or occupations that you want to work in. You must complete additional training and education as well as annual continuing education requirements.
Concluding lines
After you’ve fulfilled all of the necessary requirements, you’ll be ready to apply for an insurance license in GA. The application process is relatively simple, but it does take some time and preparation on your part.
If you’re looking for a rewarding career in a rapidly growing industry, then obtaining your insurance license is a great first step towards your new career as an insurance agent in Georgia.
FAQs about Insurance license lookup in GA:
1. How important is my experience for insurance license in GA?
Extremely important! If you don’t have any, you’ll have to do some online research and get relevant certificates.
2. What is the difference of “Life” and “Health” insurance license in GA?
You can actually work as a life or health agent without a license; but they need all the same things (education, experience, etc.). Some states require a basic license for both and some only require one. Georgia requires both of them to work at all so you will need to get them both!