What is Property & Casualty Insurance and How to Get Its License?

What is Property & Casualty Insurance and How to Get Its License?

There is no doubt that selling insurance is a profitable occupation. However, establishing an insurance business is a difficult prospect with an element of risks. Many rookie agents find it challenging to write enough policies to survive financially. Competition is high, and success solely depends on establishing repeat business.

To sell your property and casualty insurance, you have to get a property & casualty license. All states set their regulations for an insurance license. For instance, in New York, you will have to go through a criminal background check, enroll in a licensing class, and pass an insurance test. Though in most states, having a license to sell a property and casualty insurance cannot entitle you to offer health or life coverage – it will need a separate licensing path.

Benefits of Property & Casualty Insurance

P&C insurance encompasses Cyber Liability, Directors and Officers Liability, and Professional Liability, just to name a few. Many clients dedicate themselves to business, and as an agent, it is wise to offer them more options for protecting their businesses. This is vital to their livelihood and the general success of their enterprises. Plus, this increases overall sales and options for your business.

This insurance also helps customers reduce risks. Although this is the ultimate goal of many insurance firms, casualty insurance is unique when discussing risks. Typically, there is a low-risk threshold, though you will get a big payout in the event of casualties on customers’ properties. Most customers may want to dismiss this insurance since it seems unnecessary and costly. Though the amount of money they will pay without insurance is too big of a risk to take.

Responsibility of P&C Insurance Attorney

P&C insurance attorneys can protect you from insurance firms, which claim that your losses are less than they actually are. These losses might include damages to real estate/personal properties and injuries you sustain because of another property owner’s ignorance.

Property and casualty insurance attorneys can also help you understand the policy you have from insurance firms and ensure you get what you paid for.

How to Get P&C Insurance License

The first process to acquiring a property and casualty license is to know the requirements of taking exams in your state. You can always reach out to your state insurance commissioner’s office to get more information on the National Association of Insurance Commissioners. Licensing courses can cover the basics for personal and commercial insurance lines, including the amount of protection state laws require. You might forgo the licensing courses in a few states, particularly when you have a statement from employers verifying your work experience preparing you for the exams.

When preparing for an exam, it is wise that you schedule your test in advance so as to study towards the date. Generally, the exam content topics and structure are similar across many states. To ensure you pass the exam, be sure to:

  • Get rid of distractions
  • Take a prep course
  • Use practice exams
  • Concentrate on the exam outline of your state

Final Remarks!

Property and casualty insurance is a wide category of coverage, which protects you from bodily injuries and property liabilities for businesses and homes.

No matter the specific coverage you choose, insurance firms have incentives to collect premiums from clients and pay less, making it necessary to hire a P&C insurance lawyer to offer you legal support.