A other than life license is an insurance license that allows agents to sell other types of products such as health, accident and property or annuities. These products include policies that pay a beneficiary after the insured’s death and policies that offer a stream of income throughout retirement. Many new insurance agents choose to get their other than life license alongside a life and health license. This link https://courses.pnclearning.com/courses/otl
In order to obtain a other than life license, candidates must pass a state licensing exam. Kaplan’s prelicensing courses cover the content of these exams and help ensure that students will be prepared to succeed. Once the required number of prelicensing course hours have been completed, students will receive a school certificate that must be presented when applying for their license.
From Basics to Expertise: Maximizing Your Learning Journey in Insurance Courses
A person may be licensed as an other than life agent by passing a New York state licensing exam. To be eligible to take the exam, applicants must comply with all prelicensing course attendance requirements and pass the final course exam (minimum score of 70% required). Once an agent passes the licensing exam, they will be licensed to sell insurance in the lines of authority for which they have been approved by the Superintendent.
Insurance agents who are licensed as other than life can also earn additional securities-based products by getting a Series 6 and/or Series 63 license through the Financial Industry Regulatory Authority (FINRA). These licenses enable agents to sell variable annuities which offer a payout that varies in relation to security market values or a cost of living index, in addition to traditional fixed annuities.