While 35-40 hours may seem like a lot of time, just remember that the time you invest in studying will help you open up a new career path in insurance sales.
Every state exam outline is specially designed by professionals in the insurance industry. The content in the state exam outlines will help you get a feel for the duties you’ll perform as an entry-level insurance professional. Make sure to review general topics related to both life and health insurance. Look into how annuities, special contracts, help people save for their retirement. Review how HMOs offer coverage from a specific network of doctors. Create a “cheat sheet” with key info from your state exam outline and review it every day.
Principle of Utmost Good Faith: the policyholder and the insurer should act in “good faith,” or with honesty and positive intentions. Principle of Insurable Interest: the item or property listed in a contract, such as a car, is worth money, so the insurer or policyholder would face a financial loss if it was damaged Principle of Indemnity: a promise to repay the policyholder for any losses that they suffered from an injury of accident Principle of Contribution: each insurance company a policyholder has a contract with will cover the amount of losses they originally agreed to pay for Principle of Subrogation: the policyholder has the ability to substitute one insurance company for another one Principle of Loss Minimization: it is the policyholder’s responsibility to avoid injuries or accidents as much as possible Principle of Causa Proxima (Nearest Cause): not all losses are likely to be covered by one type of insurance contract
Lots of online academies, like Kaplan University, offer prelicensing education courses. Go through materials online and see which is best for you—for example, you may like pre-recorded lectures more than PDFs. Any study guide you choose will walk you through the License Exam Manual (LEM) so you can review important basics for the life and health insurance licensing exam.
For example, you can try a practice test provided online by Prometric, a company that is a test provider in multiple states. Note the areas where you really excel for a great confidence boost and to highlight topics that need less study time. Make a list of questions you answered incorrectly so you’re aware of content that will need more review.
Pop in some headphones and listen to soothing instrumental music to let anyone around you know you need to concentrate. If the place you’re in is too loud—maybe there’s a lot of activity at your house or a coffee shop—go to a spot that’s guaranteed to be quiet, like a library. Make sure you have a lot of snacks and water nearby so you can keep your energy up while you study.
If you get more familiar with life insurance contracts, you’ll be able to help your clients choose the right one in the future. Focus on how you can translate jargon—technical industry terms—and break them down into concepts that are easy for you and others to understand.
As one hypothetical scenario, focus on how a person’s prescription drug history might contribute to a high quote.
Most states allow you to choose the date and time of your exam.
Many states will allow you to pay online with a credit card and require you to pay before taking the exam. Exam fees are usually not refundable in the event that you cancel your appointment less than 24 hours in advance or miss your designated test time.
Keep in mind that different states have their own systems. For example, in Wyoming, you’ll be sent a fingerprint packet by mail to be completed at the nearest law enforcement agency.
A driver’s license or passport are good pieces of ID to bring with you.
If you need to retake the test, try a crash course for insurance licensing exam prep so you can conquer your next exam.
