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.
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.
That will depend on the licensing regulations in your state.
The Bankruptcy Court has every right to claim the proceeds of a life insurance policy once you are declared by them as insolvent.
The only reason someone needs a life insurance license or certification is to be able to sell this type of insurance.
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.)
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.
That will depend on the licensing regulations in your state.
Most decent life insurance policies should have their renewable status guaranteed.
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.
Life insurance loans are not on your credit report.
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
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.
The only reason someone needs a life insurance license or certification is to be able to sell this type of insurance.
It's the Florida insurance license that allows you to sell Life Health and Variable Annuity insurance in Florida.
Yes
license to sell life,casualty, and health insurance