3 How To Become An Insurance Broker In Florida With 14 Steps

(doylc.com) How To Become An Insurance Broker In Florida - Insurance brokers act as independent agents who help customers find and purchase insurance policies. They offer customers options from many different insurance companies rather than working exclusively with one insurance agency. Like many other states, Florida has a strong insurance market and becoming an insurance broker can lead to a lucrative career.

• How to preparing for a career as an insurance broker

1. Identify opportunities in your area. Becoming an insurance broker is a time-consuming process that requires hard work and money, so this career move is an investment.

The US Bureau of Labor Statistics forecasts 9% job growth for insurance brokers from 2014 to 2024.

More than 200,000 people work in insurance in Florida, and metropolitan areas tend to have a higher concentration of brokers.

Check out job boards in your city or target work area to gauge the strength of the insurance job market.

2. Meet the required educational requirements. You must meet these formal educational requirements before becoming a licensed real estate agent in Florida.

In most states, including Florida, you must get your high school education to become an insurance broker.

A bachelor's degree is not required, but your degree will make you a more attractive candidate for employers.

You do not need to have prior insurance experience to apply to be a Florida broker.

3. Decide what type of insurance you want to specialize in and sell. There are a number of different types of insurance that you can specialize in. In Florida, most specializations require you to complete specially tailored pre-licensing courses and a licensing exam in your chosen field.

accident and health. These policies protect individuals from the financial impact of unexpected medical bills, and different policies cover different aspects of medical care.

Automobile. Motor vehicle insurance covers motor land vehicles. Coverage may include loss of or damage to the vehicle and vehicle-related personal protection.

homeowner. This insurance covers damage and loss to private homes. Many mortgage lenders require home contents insurance as a condition of the mortgage terms.

Life. Life insurance provides death benefits for the survivors and beneficiaries of an individual's policy.

Professional Liability Insurance. These policies provide insurance coverage for professionals against loss, damage and expenses arising from negligence or error.

Flood. Flooding is a serious concern for many Floridians due to the state's weather and geography. Flood insurance protects homes from damage and loss caused by flooding. Like homeowners insurance, many Florida mortgage lenders require flood insurance as a mortgage condition.

• How to preparation and application for a license

1. Find a pre-licensing exam course. Depending on your chosen line of specialization, you may be required to complete a pre-licensing course.

Use the Florida Division of Insurance Agent and Agency Services Licensing Qualifications to determine if your specialization requires a pre-licensing course.

Find a pre-licensing course near you and determine the associated costs (course fees, study materials, etc.).

Pre-licensing courses are offered both online and in the classroom. Some may require you to purchase course-specific materials and special study materials.

Different pre-licensing courses vary in length and intensity, but expect to spend at least 40 hours in one course.

2. Complete the pre-licensing course. If your line of specialization requires a pre-license course, you must complete the course before you can apply for the Florida license exam.

Submit proof that you have attended a pre-licensing course. For example, if you are pursuing a license specializing in health insurance, you must complete a 40-hour course and provide proof of course completion in order to register for the license exam.

3. Register for the Florida License Exam. All licensing exams are administered through Pearson VUE and you must create an account to register.

To register for the exam, you must provide your social security number, address, and pay $42.

4. Study for the exam. Each Florida specialization exam has different requirements and content, and you must take time to study the material thoroughly.

Study books and online courses are available to help you study for your exam.

Each exam is different and focuses on different areas within insurance. General outlines for each exam can be found at Pearson VUE.

Use the exam content guidelines to focus your learning. For example, if you intend to take the Florida Health & Life exam, the test consists of 150 questions plus 15 pre-test questions, which will take you 2 hours and 45 minutes to complete. The test contains questions about the types of life insurance policies available, types of health insurance policies, and other related topics.

5. Pass the entrance exam. In Florida, there are different licensing exams that are required for different branches of insurance.

The Florida Bureau of Licensing offers an interactive online tool to help you determine the license you need based on the type of insurance you want to work with.

If you fail the licensing exam, you must re-register for another exam with Pearson VUE and retake the exam.

If you pass the exam, you have one year to apply for a license with the Florida Department of Financial Services. If you do not apply within one year of passing the exam date, you will have to retake the exam.

You cannot take the exam more than five times in a twelve-month period.

6. Submit your fingerprints. You must be fingerprinted through MorphoTrust USA and your fingerprints must be submitted electronically via LiveScan.

You must register through MorphoTrust USA and schedule an appointment to be fingerprinted.

Fingerprinting costs $45.80 plus all applicable local Florida state sales taxes.

Your fingerprints will be used to conduct a fingerprint-based criminal background check and will be submitted to the Florida Department of Financial Services.

7. Create a MyProfile. MyProfile is the online portal of the Florida Department of Financial Services' Bureau of Licensing. Once you pass the license exam, you must register with the state.

Apply for a Florida license through MyPortal.

You can only hold a residence permit in one state at a time. If you are not already a Florida resident, you cannot apply for a Florida residency until you give up your old state license and relocate.

Pay the license application fees. License applications cost $50.

Pay $5 for License ID.

• How to works as an insurance broker in Florida

1. Apply for an appointment. An appointment entitles a broker to act as an agent for the insurer.

Typically, brokers request appointments with more than one insurer so they can offer their clients a variety of insurance options.

To apply for an appointment in Florida you must use eappoint, an online portal.

Each appointment costs $60.

2. Renew your license. You are not required to renew your Florida agent and surveyor license periodically, but it will expire if you do not get an appointment within 48 months.

If your license expires because you do not get an appointment within 48 months, you will need to start the licensing process again.

3. Take part in continuing education courses. Many insurance branches require brokers to take continuing education courses.

You must submit proof of your CE courses via MyProfile. Failure to do so may result in the loss of your insurance license.

There is a $250 fine for not submitting the required CE course record.

4. Transfer your driver's license when you leave Florida. If you are moving out of Florida, there are other states that will accept your Florida insurance license with full reciprocity.

Some states offer conditional reciprocity, while others offer no reciprocity at all.