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Old 07-31-2017, 05:30 PM   #1
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inreverse on Renewals and Licensing
 
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Renewals and Licensing Renewals and Licensing
Do I need to maintain a license in a state when I am receiving renewals from policies previously sold in that state under that license?
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Old 08-01-2017, 11:47 AM   #2
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Renewals and Licensing Re: Renewals and Licensing
I don't think insurers can pay commissions to unlicensed persons but don't take my word for it. Lapse your license and find out.
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Old 08-01-2017, 01:04 PM   #3
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DHK on Renewals and Licensing
 
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Renewals and Licensing Re: Renewals and Licensing
Considering that renewals can be paid to a named beneficiary in the event of an agent's death - regardless of licensing of that beneficiary, it would stand to reason that renewals can be paid to an agent with a lapsed license.

However, don't expect anything considered a commission to be paid as that would require current licensing. Commissions and renewals are two different forms of compensation.

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But the real answer to the question would be... to call the insurance company licensing and compensation desk and ask them.
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Old 08-01-2017, 02:43 PM   #4
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Renewals and Licensing Re: Renewals and Licensing
You can receive renewals after you license in a state expires. Most companies will even pay renewals to the beneficiary upon death. You just cant sell or service the business anymore.
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Old 08-01-2017, 07:34 PM   #5
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Renewals and Licensing Re: Renewals and Licensing
I think it depends on what the renewals are for...and the carrier. I know some carriers will not pay renewals on medicare business if you are not licensed/contracted.
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Old 08-01-2017, 08:34 PM   #6
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Josh on Renewals and Licensing
 
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Renewals and Licensing Re: Renewals and Licensing
pfg nailed it. For most life insurance renewals it won't impact it, but it doesn't hurt to check with them.

Medicare advantage? Absolutely have to be not only licensed, but recertify each year. I'm not sure of any others that categorically require it, but I would guess the list is pretty small.

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Old 08-02-2017, 12:37 PM   #7
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inreverse on Renewals and Licensing
 
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Renewals and Licensing Re: Renewals and Licensing inreverse is the thread starter for: Renewals and Licensing

Thanks for the reply's. I called my 3 largest (by policy holders), they all said no license is needed for renewals.
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