Hi Belinda, you would need to contact your state's Insurance regulatory dept. Often times it's the OIC (Office of the Insurance Commissioner). They can direct you as to exactly what is needed. You will definitely need to pass a licensing exam for your resident state. In order to write insurance in other states as well it's just paperwork a nominal fee after you're licensed in your home state. After you're licensed, then you need to figure out how to gain access to the companies you want to represent. You can either get directly appointed with them or access them through another general insurance agency. Thanks for commenting!
There are a ton and depending on where you are located and what your focus is will heavily determine which insurance companies you would want to approach for an appointment.
Hello I have a question. So a month Ago I got motorcycle insurance full coverage from a broker here in my town so they told me it would be 1,000 for a whole year with Geico. Then in the mail I get my recipe saying I paid geico 587$ what happen to the rest of the 1,000$ ? Is that legal the broker didn’t tell me he was gonna charge me 410$ just to get me with geico ? I would’ve just called geico and got my own insurance with them for 587 Please let me know what you think please the broker is giving me the run around
In the states we are licensed in, brokers don't represent GEICO. If you truly paid $1,000 for a Geico policy that cost $587 then it sounds like the person you went through to acquire that policy kept the difference. Standard legal practice for charging a broker fee is that it has to be disclosed and signed off on by the client. You should reach out to your state's Office of Insurance and ask them about it.
The commission that is earned by the insurance broker is usually somewhere between 8-15% of the policy premium. Most policies are 6 or 12 months and compensation is usually paid to the insurance broker shortly following the sale and typically not paid out on a monthly basis. However, this compensation doesn't affect the cost to the insured. Their cost should be the same if they used a broker or went directly to the insurance company.
It depends if the Insurance Broker is self employed or the owner of an insurance agency or if the broker is an employee of an insurance agency. If the broker is an employee then it's strictly up to their employer how they are compensated. If they are the owner or self-employed then they will be strictly commission in almost all situations.
Straight to the point. Just what I was looking for.
This was amazing. Thank you!
Still Will thanks! Glad you found it helpful.
Thank you very much for sharing your experience. How similarly (or differently) do American and Canadian insurance companies operate in this regard?
We only operate in the US. but, based on my understanding from some fellow insurance agents in Canada, they operate the same.
Hello, will you doing a seminar about insurance brokers?
What do I need to do in order to become an insurance broker? In the trucking industry. Is there a license involved? Thank you!!!!
Hi Belinda, you would need to contact your state's Insurance regulatory dept. Often times it's the OIC (Office of the Insurance Commissioner). They can direct you as to exactly what is needed. You will definitely need to pass a licensing exam for your resident state. In order to write insurance in other states as well it's just paperwork a nominal fee after you're licensed in your home state. After you're licensed, then you need to figure out how to gain access to the companies you want to represent. You can either get directly appointed with them or access them through another general insurance agency. Thanks for commenting!
What are the insurance companies that a broker with property and casualty license need.. thank you
There are a ton and depending on where you are located and what your focus is will heavily determine which insurance companies you would want to approach for an appointment.
Hello I have a question. So a month Ago I got motorcycle insurance full coverage from a broker here in my town so they told me it would be 1,000 for a whole year with Geico. Then in the mail I get my recipe saying I paid geico 587$ what happen to the rest of the 1,000$ ? Is that legal the broker didn’t tell me he was gonna charge me 410$ just to get me with geico ? I would’ve just called geico and got my own insurance with them for 587 Please let me know what you think please the broker is giving me the run around
In the states we are licensed in, brokers don't represent GEICO. If you truly paid $1,000 for a Geico policy that cost $587 then it sounds like the person you went through to acquire that policy kept the difference. Standard legal practice for charging a broker fee is that it has to be disclosed and signed off on by the client. You should reach out to your state's Office of Insurance and ask them about it.
bet
What percentage it is charged on a monthly basis to the insurance company for serving that policy
The commission that is earned by the insurance broker is usually somewhere between 8-15% of the policy premium. Most policies are 6 or 12 months and compensation is usually paid to the insurance broker shortly following the sale and typically not paid out on a monthly basis. However, this compensation doesn't affect the cost to the insured. Their cost should be the same if they used a broker or went directly to the insurance company.
Do insurance brokers make a base salary on top of a commission or does it depend on what company?
It depends if the Insurance Broker is self employed or the owner of an insurance agency or if the broker is an employee of an insurance agency. If the broker is an employee then it's strictly up to their employer how they are compensated. If they are the owner or self-employed then they will be strictly commission in almost all situations.
@@blip-bluelioninsurancepart7843 Thank you for the information
How do I become an insurance broker
Rkeng Junyuh give me a call I’ll give you the ins and outs.
@@blip-bluelioninsurancepart7843 thanks what your number?
@@rkengjunyuh8493 800-665-5154
@@blip-bluelioninsurancepart7843 thanks i will call you soon