In Arkansas Life Insurance Continuing Ed Can You Take More Than 3 Hours of Ethics
Getting your Arkansas life insurance license is the first step toward becoming alife insurance agent. If you want to market and sell life insurance policies, follow this step-by-step guide for obtaining alife insurance license in Arkansas.
The Arkansas Department of Insurance requires you to complete a five-step process to obtain your life insurance license — from taking thelife insurance exam to applying for a license.
These steps will take a few weeks to complete so we recommend you bookmark this page so you can use it as a reference throughout the process.
How to Get Your Arkansas Life Insurance License – Quick Version
- Complete an Arkansas Insurance Pre-license Course (WebCE – $149+)
- Take the Arkansas Life Insurance Licensing Exam (PSI Exams – $50 exam fee)
- Get a Background Check (Arkansas Insurance Department's Criminal Background Check online portal – $24)
- Complete an Arkansas Life Insurance License Application (National Insurance Producer Registry (NIPR) – $15 application fee + $5.60 transaction fee)
- Watch for Your Application Results
Steps to Get an Arkansas Life Insurance License
Obtaining your Arkansas life insurance license isn't difficult. Just follow these five steps to start your journey toward becoming a life insurance agent. Once you earn this license, check out our guide on how to get your Arkansas property and casualty (P&C) license as well.
Step 1: Complete an Arkansas Insurance Pre-license Course
Before you take the Arkansas life insurance licensing exam, it's important to make time to acquire the knowledge you'll need to pass this exam on your first attempt. Completing a pre-license education course will equip you with the necessary information and tools you'll need to prepare for your exam.
Arkansas requires a minimum of 20 hours of pre-license education for all applicants for a life line of authority. You are required to complete a course of instruction, which includes:
- Introduction to Insurance: 1 hour
- State Insurance Laws and Rules (Classroom hours only): 5 hours
- Life Insurance Basics: 5 hours
- Life Insurance Policies, Policy Options, and Policy Provisions: 5 hours
- Annuity Contracts: 3 hours
- Ethics (Classroom hour only): 1 hour
Arkansas requires applicants to have a certificate of completion of prelicensing education before they may take the licensing exam.
A pre-license education course provides very specific industry knowledge that will be tested during the exam. There is very little information on the test that could be considered "common sense". Pre-license education courses are self-paced and include study materials like practice exams and flashcards.
Beyond helping you effectively prepare for and pass the life insurance licensing exam on your first try, taking a pre-license education course also will give you a solid understanding of your duties as a life insurance agent.
Recommended Course
For Arkansas insurance pre-license education courses and exam prep, StateRequirement recommends:
WebCE
Step 2: Take the Arkansas Life Insurance Licensing Exam
After you complete a prep course and your own independent studying, it's time to take the Arkansas life insurance exam.
Arkansas uses PSI Exams as its official testing service for delivering licensure exams. To apply and register for your Arkansas insurance exam, you must do the following:
- Visit the NIPR to complete and submit your Arkansas insurance exam application.
- Once the NIPR reviews your application, you'll receive an email containing your eligibility and exam registration information.
- If you're eligible to take the exam, follow the instructions and schedule your exam.
TheArkansas life insurance exam outline contains a total of 80 scored questionsthat includes two sections: general and state-specific. The general section deals with basic life insurance product knowledge. The state section covers insurance concepts and terms, rules, regulations, and practices specific to Arkansas.
You're allowed 150 minutes to complete the exam.The Arkansas life insurance exam fee is $50, which you must pay at the time of reservation by credit card, debit card, or voucher. The exam is a proctored test, meaning an official proctor will closely monitor you in a controlled environment.
If you happen to fail the Arkansas life insurance exam, you must make a new exam reservation. You can take the exam up to three times within 90 days of the date the NIPR issues your original exam permit. If you don't pass the exam after three attempts, you'll have to wait four weeks to retake the exam again.
Tip:
Check out our in-depth insurance exam guide for tips to help you pass on the first attempt.
Step 3: Get a Background Check
After you take the Arkansas life insurance exam, you must get a fingerprint-based background check from the Arkansas Insurance Department's Criminal Background Check online portal. You'll submit your background check and fees directly to the Arkansas State Police.The fee for the background check is $24.
Once you complete your background check, you'll receive a receipt. Keep the original receipt for your records and attach a copy to the license application you send to the Arkansas Insurance Department.
Step 4: Complete an Arkansas Life Insurance License Application
Once you pass the life insurance exam and complete the background check, you can apply for your Arkansas life insurance license.The application fee is $15,plus the NIPR 's $5.60 transaction fee.
The Arkansas Insurance Department will issue a life insurance license to individuals who are at least 18 years old and have passed the proper licensing exam. You should submit your completed license application within 12 months of passing the exam.
To apply for a life insurance license in Arkansas, make sure you comply with the insurance licensing requirements as defined under the Arkansas Industry Regulations.
Send any questions or supporting documents to insurance.license@arkansas.gov.
Step 5: Watch for Your Application Results
After you complete the previous four steps, the Arkansas Insurance Department will review your application and background check. It reviews filings in the order it receives them, andthis process usually takes one or more business days from the date you submit your application.
You can print your license from the NIPR website. There's no charge to create an account or print a license. You can also manage and search for your license by using the National Association of Insurance Commissioners (NAIC) State Based Systems (SBS) Arkansas Lookup tool.
Congratulations!
You're now ready to get started as a life insurance agent in Arkansas.
Next Steps After Securing Your Arkansas Life Insurance License
Once you complete the above steps and have your Arkansas life insurance license, here's what you should pursue next.
Get Your FINRA Securities Licenses
Overview
Individuals planning to market and sell market-based life insurance products also must obtain the proper securities licenses. As a securities license holder, you can offer securities as part of your services. That'll make you a credible authority in addressing all of your clients' financial needs.
SIE Exam
To obtain these licenses, you'll first need to take and pass the Securities Industry Essentials (SIE) exam. Professionals in the securities industry are required to take the SIE and a series of examinations administered by the Financial Industry Regulatory Authority (FINRA).
The SIE exam ensures every life insurance professional has a basic understanding of securities. While taking the SIE exam isn't a requirement for all insurance professionals, those who don't obtain at least one securities license limit their ability to work with clients. With a securities license, you can give your clients the option to invest in securities-related products as part of their life insurance plans.
Tip:
To help you start preparing for the SIE exam, check out our full guide on How to Pass the SIE Exam.
Obtaining a license to sell securities also requires sponsorship from a firm, company, or organization regulated by FINRA. The sponsor will pay the testing fees required for your SIE exams and submit your personal information to FINRA's Central Registration Depository (CRD). The Series 6 and Series 7 licenses require a FINRA exam sponsorship before you can take the exam. The exam for a Series 63 license doesn't require any sponsoring entity.
Once you get your securities license(s), FINRA will list you as a "registered representative." By achieving the securities licensee designation, you'll become a highly sought-after professional and set yourself up for a successful career in the insurance industry.
Series 6, 7, and 63 Licenses
Some of the most common securities licenses for insurance agents include the Series 6, 7, and 63 licenses because they allow licensees to sell almost every type of individual security.
The Series 6 (Investment Company and Variable Contracts Products Representative) Securities License is the primary license sought by insurance sales professionals and financial advisors, allowing them to sell grouped securities related to insurance products.
Series 6 works together with Series 63 because they are the two partner licenses required to sell insurance policies tied to investments. The North American Securities Administrators Association (NASAA) oversees regulation of the Series 63 (Uniform Securities Agent State Law) license.
The Series 7 license allows you to buy and sell securities (e.g., stocks, bonds, and mutual funds) as part of an investment plan for your clients. To get a Series 7 license, you will first need to register as a new candidate with FINRA and pass the Series 7 exam. The Series 7 exam is commonly known as the General Securities Representative Qualification Exam, but is sometimes referred to as the "Series 7 Top-Off Exam."
Get a Job in the Insurance Field
Once you earn your license, you can start applying for jobs in the insurance field. With a life insurance license, you can provide advice and recommend insurance products to clients, sell life insurance policies that pay a beneficiary upon an insured person's death, and sell annuities that pay a set income at retirement.
Find life insurance job postings on our Insurance Jobs Board.
When applying for an insurance-related job, potential employers will request your license number and National Producer Number (NPN).
Complete Continuing Education and Renew Your License
In Arkansas, you must take 24 hours of continuing education (CE) credits every two years to maintain your license in good standing. You must complete at least three hours of ethics training. To find your CE requirements, visit the NIPR's Review Continuing Education (CE) Requirements tool and choose Arkansas as the licensing state. You must also pay a$20 CE filing fee to the Arkansas Insurance Department.
If you have a non-resident license and have a good standing in your home state, you don't need to take CE courses in Arkansas. You can't renew your license until you complete your continuing education hours and pay any outstanding fines.The late fees for CE course completion in Arkansas range from $25 (for 0-30 days late) to $150 (for 91-365 days late).
In Arkansas, you also must renew and manage your life insurance license every two years. Your CE hours are due on or before the expiration date of your license.The renewal fee is $90 and the late fee is $140.
Mailing Address
Arkansas Insurance Department
1 Commerce Way
Little Rock, AR 72202
Phone: Licensing (501) 371-2750
Email: insurance.license@arkansas.gov
Website:https://www.insurance.arkansas.gov/
License Search: Arkansas Insurance License Lookup
Arkansas Life Insurance License FAQ
How much does it cost to get a life insurance license in Arkansas?
Obtaining a life insurance license in Arkansas requires these fees:
- Insurance Pre-license Education Course Fee: $149+ via WebCE
- Exam Fee: $50 via PSI Exams
- Fingerprint-Based Background Check Fee: $24 via the Arkansas Insurance Department's Criminal Background Check online portal
- Application Fee: $15 application fee + $5.60 transaction fee via the NIPR
How long does it take to process a life insurance license application in Arkansas?
This process typically takes one or more business days from the date you submit your application.
Can I get a temporary life insurance agent license in Arkansas?
Yes. Arkansas provides a 180-day, temporary life insurance license. You must complete a producer application and a Criminal Background Form. See the instructions for Emergency Temporary License (under Producer).The application fee is $35 made payable to the Arkansas Insurance Department.
Can I get an emergency life insurance agent license in Arkansas?
No. An emergency license isn't available for life insurance agents in Arkansas.
Do I need to get my securities license on top of a life insurance license in Arkansas?
Probably. While you can sell certain basic life insurance products with just a life insurance license, a securities license removes the limits on what you can sell and puts you in a much better career position. As a securities license holder, you can provide your clients with products tied to the securities market as part of their retirement and life insurance plans. But, you'll need FINRA accreditation to obtain your securities license.
What can I sell with a life insurance license in Arkansas?
With an Arkansas life insurance license, you can sell life insurance policies that pay a designated beneficiary when the insured person dies. You also can sell annuities that pay a set income at retirement.
How much can you make with a life insurance license in Arkansas?
According to ZipRecruiter, life insurance agents earn an average of $79,730 per year.
What are the limitations of an Arkansas life insurance license?
Unless you have multiple licenses to sell various types of insurance products (e.g., the combined life and health insurance license), having an Arkansas life insurance license only qualifies you to sell life insurance policies as well as retirement plans and annuities. You can't sell other types of insurance. A securities license on top of your life insurance license removes that limitation and enables you to offer securities, including stocks and bonds.
Can I cancel my life insurance license in Arkansas?
Yes. To cancel your license, you must submit a completed License Surrender Form to the Arkansas Insurance Department's License Division.
How hard is it to get a life insurance license in Arkansas?
The process is quite simple! Follow the steps above and get started today!
Information on this page has been gathered by a multitude of sources and was most recently updated in October 2022.
Any Information on this site is not guaranteed or warranted to be correct, accurate, or up to date. StateRequirement and its members and affiliates are not responsible for any losses, monetary or otherwise. StateRequirement is not affiliated with any state, government, or licensing body. For more information, please contact your state's authority on insurance.
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Source: https://staterequirement.com/arkansas-life-insurance-license/
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