The following is not meant to be legal advice.
A master insurance license is a regular license that gets renewed each year according to the New York State Insurance Department. With the license, the entity is allowed to sell whatever insurance it is qualified for. For example, life lines allow an organization to sell life, accident, health, variable annuity, travel accident. The representative selling life lines has to show he/she passed the series 6, 7, 63 exams. The license is held by the agency, not the individual representative.
For fixed annuity products, the licenses are not issued by the New York Insurance Department. For more information on these licenses, a person can contact the Licensing department at the New York State Insurance Department’s legal counsel’s office.
Savings Bank Life Insurance Licenses are not sufficient to sell life insurance products for insurance agencies. These licenses are sufficient only to sell savings bank products in the capacity as an employee of a savings bank. The licenses are not good to sell life insurance products for an insurance company. The entity needs a life agent license in order to sell life insurance products for an insurance agency. The representative would need to take a life insurance exam.
.jpg)
Comment Preview