Becoming An Ohio Insurance Broker: Steps And Requirements

To become an insurance broker in Ohio, you must obtain an Ohio insurance license. This involves completing 40 hours of insurance education, either in a classroom or online, and choosing a specialty such as Property & Casualty, Life & Health, Life only, Health only, or personal lines. You must then pass the relevant Ohio Insurance License Exam and complete a fingerprint-based background check. Once you've passed the exam, you can immediately apply for your insurance sales license.

Education requirements

To become an insurance broker in Ohio, you must meet certain educational requirements. While a college degree is not mandatory, it is beneficial to have one, especially in a related field such as insurance, business, economics, or finance. A college degree can provide a solid foundation of knowledge and skills that will be useful in your role as a broker. It can also enhance your resume and increase your employment opportunities.

If you choose not to pursue a degree, most states, including Ohio, only require a high school diploma or GED. Some states may also accept minimal post-secondary coursework or relevant work experience in lieu of a diploma.

Regardless of your educational background, you will need to complete pre-licensing education requirements. In Ohio, this involves a minimum of 40 hours of insurance education, which can be completed in a classroom or online. You will need to choose a specific type of insurance license, such as Property & Casualty, Life & Health, Life only, Health only, or personal lines.

After completing your pre-licensing education, you will receive a course completion certificate, which is valid for 180 days. This certificate is required when you register and take the state exam. The exam will cover state laws and insurance products, and you must achieve a passing grade of at least 70%.

In addition to the educational requirements, Ohio also mandates a fingerprint-based background check for insurance brokers. This background check ensures that you meet the state's eligibility prerequisites, including being at least eighteen years of age and having no criminal record that would disqualify you from obtaining a license.

Once you have completed the necessary education and passed the background check, you can submit your insurance license application. This typically involves filling out an application form, providing proof of meeting the pre-licensing requirements, and paying the associated fees.

It is important to note that the specific requirements may vary slightly between states, so it is always a good idea to check with your state's insurance licensing board or the National Insurance Producer Registry (NIPR) for the most up-to-date and accurate information.

Pre-licensing requirements

To become an insurance broker in Ohio, you must meet the pre-licensing requirements. Here is what you need to know:

Firstly, you must complete the required pre-licensing education. This involves taking courses from the state's licensing board or an approved organisation. In Ohio, you must complete a minimum of 40 hours of insurance education, either in a classroom or online. You can choose between Property & Casualty, Life & Health, Life only, Health only, or personal lines.

Secondly, you must submit your fingerprints for a background check. This can be done at any Hondros College location through FastFingerprints. The background check will review your past conduct to ensure you meet the state's insurance agent regulations.

Once you have met the pre-licensing education requirements, you will be issued a course completion certificate. This must be presented at the test location and is valid for 180 days from the date of completion.

After completing your pre-licensing education, you will need to take and pass the relevant Ohio insurance license exam. The exam will depend on the line you wish to specialise in. For example, if you plan to become a property and casualty insurance agent, you will need to pass the Property and Casualty exam, which consists of 150 scored questions. All insurance exams in Ohio are multiple-choice, administered by PSI, and cost $49 to apply for.

In addition to the exam, you may need to pass a criminal records check. This can be done after passing the exam, but it is recommended to do it beforehand.

After passing the exam and meeting all the pre-licensing requirements, you can submit your insurance agent license application. In Ohio, this is done online through the National Insurance Producer Registry (NIPR) website. The filing fee is $10 for most insurance lines, but there are exceptions, such as $150 for a Surety Bail Bond license.

It typically takes seven to ten days for the application and background check to be reviewed and the license to be issued. However, it may take longer if there are any issues with the background check.

Background checks

To become an insurance broker in Ohio, you will need to complete a fingerprint-based background check. This is a mandatory step in the process and will cost no more than $72.25. The background check will assess your past conduct to ensure that you meet the state's insurance agent regulations.

To organise a fingerprinting appointment, you will need to contact one of Ohio's Webcheck Locations. It is important to select a Webcheck vendor that offers both state and federal background checks, as not all do.

Any misdemeanours or felonies may impact the outcome of your licensing efforts. If you have any concerns about this, you can contact the Ohio Department of Insurance by phone or email for further guidance.

The background check will be reviewed within seven to ten days of submitting your license application. However, if there are any issues with your background check, the process may take longer, and the state will likely contact you to provide more context.

Once the review is complete, the state will send an email regarding the status of your license.

Licensing exams

To become an insurance broker in Ohio, you will need to pass a licensing exam. This is a mandatory step in the process and will require careful preparation. Here is a detailed guide on what you need to know about the licensing exams:

Understanding the Exam Structure

The Ohio insurance license exam is administered by PSI, a third-party testing company. The exam consists of multiple-choice questions, and you will be required to answer them on a computer. The number of questions will depend on the specific license you are pursuing. For example, the Property and Casualty exam, which allows you to sell auto, home, or business insurance, consists of 150 scored questions.

Meeting Pre-Licensing Requirements

Before you can take the licensing exam, you must complete the necessary pre-licensing education. In Ohio, you are required to complete at least 40 hours of insurance education. This can be done either in a classroom or through an online course. The courses cover different types of insurance, such as Property & Casualty, Life & Health, Life only, Health only, or personal lines.

Registering for the Exam

Once you have fulfilled the pre-licensing education requirements, you can register for the state exam. You can do this by visiting the PSI Exams website (www.psiexams.com) or by calling their Candidate Service Center at (855) 807-3995. The exam fee is $49, and you will need to schedule your exam date and select a testing location.

What to Bring on Exam Day

On the day of your exam, make sure to arrive at the testing center on time. Bring the required documents, including a paper copy of your Course Completion Certificate and a valid government-issued ID (such as a driver's license or passport). It is also recommended to bring a supplementary form of ID, such as a credit card or birth certificate.

Passing Score and Retake Policy

To pass the Ohio insurance license exam, you will need to achieve a minimum grade of 70%. If you do not pass on your first attempt, you can retake the exam. There is no limit on the number of times you can retake the exam to achieve a passing score. However, keep in mind that you must submit your license application within 180 days of passing the exam to avoid having to retake it.

Exam Preparation

Preparing for the licensing exam is crucial for your success. Consider investing in exam preparation materials or courses. Some companies, like Hondros College, offer exam prep software to help you study. Additionally, allow yourself sufficient time to study, depending on whether you are studying full-time or part-time, and your comfort level with taking exams.

Application process

To become an insurance broker in Ohio, you must complete an application process. Here is a detailed breakdown of the steps:

Step 1: Check State Requirements

Firstly, it is important to understand the specific rules, laws, and regulations for brokers in Ohio. While most states have similar requirements, some states may have unique criteria. For instance, some states mandate a producer license instead of an insurance broker license. Therefore, it is essential to refer to the National Insurance Producer Registry (NIPR) website to review the guidelines for Ohio.

Step 2: Complete Pre-Licensing Requirements

The pre-licensing phase is a crucial step in your journey to becoming an insurance broker. During this stage, you will gain the fundamental knowledge and skills needed to pass the licensing exam. This phase includes completing the required coursework, which will cover the core duties and responsibilities of an insurance broker.

In Ohio, the pre-licensing requirements include a minimum of 40 hours of insurance education. You have the option to choose between classroom or online courses. Additionally, you must select the type of insurance license you aim to obtain, such as Property & Casualty, Life & Health, Life only, Health only, or personal lines.

Step 3: Submit Fingerprints and Background Check

As part of the application process, you will be required to submit your fingerprints for a background check. This step ensures that you meet the eligibility criteria and confirms your compliance with the state's insurance agent regulations. The background check process in Ohio costs no more than $72.25.

Step 4: Pass the Licensing Exam

After fulfilling the pre-licensing requirements, you will need to register for and pass the relevant Ohio insurance license exam. The exam will assess your understanding of the material covered during the pre-licensing phase. In Ohio, the exam is administered by PSI, and the registration fee is $49.

To schedule your exam, you can submit an application online or contact the Candidate Service Center. Remember to bring the necessary documents to the test center, including your Course Completion Certificate and a valid government-issued ID.

Step 5: Submit Your Application

Once you have successfully passed the licensing exam, it's time to apply for your insurance sales license. You can submit your application at the test center or through the official Ohio website. Ensure that you provide all the required documentation and pay the associated fees to complete the application process.

Step 6: Obtain an Insurance Broker Bond

In Ohio, you will likely need to obtain an insurance broker bond before commencing your work as a broker. This type of surety bond involves an agreement between you, the surety agency, and the state. The surety agency guarantees your financial capability to pay any valid claims, and you agree to abide by the bond's terms and conditions.

Step 7: Application Review

After submitting your application and fulfilling all the requirements, the final step is to await the review process. In Ohio, the license issuance typically takes around seven to ten days. However, if there are any items from your background check that require further review, the process may take a bit longer.

The state will inform you of the status of your license once the review is complete. If your application is approved, congratulations! You are now a licensed insurance broker in Ohio and can start your career.

Frequently asked questions