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filler@godaddy.com
License Requirements
Licensing Process
1. License Class: https://www.xcelsolutions.com/ - If you are a Prestige agent, contact your upline for a code to get 67% off. Otherwise, go to this second website for a lower price https://prelicensetraining.com/
2. State Exam: https://test-takers.psiexams.com/cadi - Register to take the state exam.
3. Apply for License: https://www.insurance.ca.gov/0200-industry/0020-apply-license/ - After passing the exam of 60% you will need to apply for a license.
Anti Money Laundering
https://aml.limra.com/Login.aspx - another course (FREE) to understand money laundering and how to prevent it. Take it every 2 years to keep your license active with life insurance companies. If a new course doesn't show up after two years you need to call a carrier (contracting department like Columbus Life) that is listed on the refresher course (company association) and request them to add the course.
Limra at 860-285-7789 or customer.service@limra.com
For LSW agents go to www.calsurance.com/nlgoct
Continue Education
www.successce.com, www.bested.com or www.webce.com - Every two years you need to take 24 hours of continuing education with ethics to update and keep your license active.
Errors & Omissions
You need insurance coverage for yourself in case someone sues you. This is required to get contracted with companies. Please contact your upline to get information on where to get E&O coverages. If you are contracted with Foresters you can use https://calsurance.com/iof for 1 million coverage paying $398 or use www.calsurance.com/lh if you are doing life and health.
Non Resident Licenses
https://nipr.com/ - Use this site to apply, renew, and print your non-resident licenses. Also, download the app onto your phone so you can easily access information to view the states and expiration dates.
CA Insurance Department
https://www.insurance.ca.gov/ - California's insurance website for all your agent needs. Go to Agents & Brokers's tab to print or download your license, renew your resident license, or check your license information.
Change Resident State
If you moved from California to Minnesota and you officially changed your resident license to Minnesota: it's best to apply for a change to Minnesota.
- You must complete your continuing education (CE) requirements in Minnesota.
- You need to:
- Apply for a resident license in Minnesota
- Cancel or change the status of your California resident license to non-resident (if you still want to keep it).
- Complete Minnesota’s CE requirements, which are 24 credit hours every 2 years, including 3 ethics hours.
Check your current license status on NIPR.com or your state’s insurance department and make the change to resident through there.
Unlock your Future with Prestige Life?
What are the benefits?
- There are no fees to join.
- We help you get licensed quickly.
- Many companies and products.
- Get paid directly from the companies;
- Office use for print and fax, and meeting.
- Cash, Trophy, and Vacation Awards
- Agent & Product Training monthly.
How is compensation structured?
If the client pays a $100 monthly target premium, multiply it by 12 months to get $1,200 annually.
If your commission rate is 80% (or 0.8), multiply it by $1,200:
- $1,200 × 0.8 = $960
- This is the total commission you will earn for the year.
If your advance rate is 75% (or 0.75), multiply it by $960:
- $960 × 0.75 = $720
- This is the initial payment you will receive.
- The remaining $240 will be paid in equal portions during the 10th, 11th, and 12th months.
Excess Premiums
Any premiums above the $100 target premium (known as excess) will be paid at a lower commission rate, usually between 0.5% and 2.5%.
If the client pays $100 monthly target premiums, then multiply it by 12 (months), which equals $1,200.
If your commission is 80% or (.8) multiply it by $1,200, which equals $960. This is the total amount you will be paid for the year.
If your advance is 75% or (.75) multiply it by $960, which equals $720. This is the first payment you will receive. The rest of the $240 will paid equally on the 10th, 11th, and 12th month.
Commission Payment Breakdown
- Target Premium: $100/month × 12 months = $1,200/year
- Commission Rate: 80% → $1,200 × 0.80 = $960 total commission
- Advance Rate: 75% → $960 × 0.75 = $720 advanced upfront
Month 1: $720
Month 2 to Month 9: $0
Month 10 to Month 12: $80 ( total $240)
Total for the year: $960
Advance Commission Limits
If your advance limit is set to $2,500, any commission above that amount will be paid starting in the second month and continue monthly thereafter.
You can adjust your advance limit if you expect to receive high-paying premiums.
Residuals & Renewals
You will begin receiving residual or renewal commissions after the first policy year.
Some companies pay renewals up to the 10th or 12th year, while others pay for the lifetime of the policy.
Chargebacks
You are required to pay back commissions if a client surrenders their policy or if it lapses.
Each company structures chargebacks differently, so always review your commission schedules.
For example, with American National: If a policy terminates due to surrender or lapse within the first 6 months, there is a 100% commission chargeback on all life products.
Cher Yang 559.906.7040 Lic# 0E29881
4949 E Mckinley Ave Ste A, Fresno CA 93727
cheryangins @ yahoo.com
Copyright © 2023 Cher Yang Insurance - All Rights Reserved.
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