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Bankruptcy will not prevent you from renewing your insurance license. When your license is renewed, one of the administrative action or sanction questions will cover bankruptcy and require you to answer "yes". This will immediately flag your renewal application to require legal documentation.
After the renewal has been submitted, you or your compliance service provider will need to submit the proper legal documentation about the bankruptcy to the department(s) of insurance for review. Failure to supply the proper documentation can result in the rejection or expiration of the application resulting in license cancellation. The cancellation could then result in fines and administrative actions.
Producers who receive administrative actions, fines, sanctions or file for bankruptcy are required to notify the departments of insurance in all states where they hold active licenses within 30 days. Failure to report these actions may result in further administrative actions including fines and license revocation.
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Can you renew your life insurance license if you have a judgment?
If the judgement has any adverse comment on the agent's moral conduct, there is no legal bar in persuing renewal of life insurance license.
Can you obtain a life insurance license after bankruptcy?
That will depend on the licensing regulations in your state.
Can bankruptcy court get the proceeds of a life insurance policy?
The Bankruptcy Court has every right to claim the proceeds of a life insurance policy once you are declared by them as insolvent.
Why is a life insurance license important?
The only reason someone needs a life insurance license or certification is to be able to sell this type of insurance.
Can you lose your life insurance and securities licenses if you file bankruptcy?
Probably not; bankruptcy law generally prohibits the revocation of any license due to filing bankruptcy. However, if you're Bernie Madoff (or someone like him), that may not hold; fraudulent debts generally can't be discharged, and thus are prime targets for license revocation. (Also, if you have a securities license you may NOT be allowed to file Chapter 13; ask your attorney.)
Can you renew your life insurance license if you have a judgment?
If the judgement has any adverse comment on the agent's moral conduct, there is no legal bar in persuing renewal of life insurance license.
Can you obtain a life insurance license after bankruptcy?
That will depend on the licensing regulations in your state.
Can a convicted 1st offense felon with no jail time renew a life insurance license in PA?
Most decent life insurance policies should have their renewable status guaranteed.
Do you need a security license to see variable universal life insurance?
Yes. To sell variable universal life insurance you will need a Series 63 Securities License, a variable life insurance license, and a regular life insurance license.
Will bankruptcy remove life insurance loans?
Life insurance loans are not on your credit report.
Can bankruptcy court get the proceeds of a life insurance policy?
The Bankruptcy Court has every right to claim the proceeds of a life insurance policy once you are declared by them as insolvent.
Can you get a temp license to sell life insurance in Texas?
Can you get a temp. license to sell life insurance in texas
Can you get a life insurance license in Michigan if you have a felony?
I was told by Bankers life and Casualty insurance company that if you have a Felony, Michigan will not issue a license to sell life insurance to you.
Why is a life insurance license important?
The only reason someone needs a life insurance license or certification is to be able to sell this type of insurance.
What is a 215 license?
It's the Florida insurance license that allows you to sell Life Health and Variable Annuity insurance in Florida.
Can an life insurance proceeds be taken when bankruptcy is filed?
Yes
What is a group 1 insurance license in Texas?
license to sell life,casualty, and health insurance
