Starting off as a property and casualty insurance agent is a challenging a long process. While thousands of agents enjoy success in insurance sales, many have difficulty meeting commission and income goals—and eventually transfer to other careers.
Can you sell property and casualty insurance from home?
To sell property and casualty insurance, you need to obtain a property/casualty license. Every state sets its own rules for insurance licensing. In New York, for example, you have to undergo a criminal background check, take an accredited licensing class and then pass the state insurance test.
Is life and health easier than property and casualty?
Between Life and Health, students say that the Health insurance exam is the more difficult. Health insurance policies are simply more complicated than life insurance policies. The Property insurance exam is easier than the Casualty insurance exam. Be focused and disciplined as you do your insurance test prep.
Are there accounting practices in property and casualty insurance?
After reviewing hundreds of financial statements of property and casualty (P&C) insurance agencies, we have found that accountants often do not understand how agencies operate, which can lead to misleading and often inaccurate accounting practices.
Where was the first auto insurance policy sold?
The policy was purchased by Gilbert J. Loomis of Westfield, Mass., an early auto pioneer who built the car he insured. Shortly thereafter, a policy dated Feb. 1, 1898 was issued to Dr. Truman J. Martin of Buffalo, N.Y. Martin was a physician who used his car to visit patients.
What are the largest expenses of a P & C agency?
The largest expenses incurred in most P&C agencies are payroll and commissions paid to the producers. These expenses can account for 30% to 50% of the commission revenues received by an agency.
Why are insurance agency revenues vary from month to month?
The revenues for an insurance agency can vary significantly from month to month due to irregular cyclicality of the renewals and new sales. For example, it is not uncommon for an agency to have a three or four month period of very good revenues followed by a period of significantly lower revenues.
