Life Insurance Licenses: How Many Does New Jersey Offer?

To become a life insurance agent in New Jersey, you must complete a five-step process. First, you must complete a pre-licensing course, which costs $149 or more and takes 24 hours to complete. After that, you can take the New Jersey Life Insurance Licensing Exam, which costs $45 and consists of 83 multiple-choice questions. Next, you must pass a fingerprint-based background check, which costs $66.05. Once you've passed the exam and completed the background check, you can apply for your New Jersey life insurance license online via the National Insurance Producer Registry (NIPR). The application fee is $170, plus a $5.60 transaction fee. The final step is to wait for your application results, which usually takes one to five business days.

Pre-licensing education

To obtain a New Jersey life insurance license, you must complete a pre-licensing education course. This is a requirement for all individuals looking to sell insurance in the state. The course must be offered by an approved insurance education provider, and the number of mandatory pre-licensing education classroom hours will depend on the type of insurance lines of authority you're applying for.

For a Combined Life and Health license, you will need 40 hours of pre-licensing education. For a Combined Property and Casualty license, you will also need 40 hours. If you are looking to obtain a Personal Lines, Property and Casualty license, you will need 20 hours of pre-licensing education. Finally, for a Limited Lines, Bail Bonds license, you will need 10 hours.

It is important to choose a pre-licensing education course that offers flexibility in learning, is competitively priced, and is offered by a reliable provider. Over 81% of readers use Kaplan's online courses, which come with a 93% pass rate.

After completing your pre-licensing education course, you will need to take and pass the relevant New Jersey insurance license exam. You will then need to get a fingerprint-based background check and complete a New Jersey life insurance license application.

Exam

To obtain a life insurance license in New Jersey, you must pass the New Jersey Life Insurance Licensing Exam. Here is a comprehensive guide to the exam:

The New Jersey Life Insurance Licensing Exam is administered by PSI Services, LLC, an independent testing service. The exam is made up of 83 scored multiple-choice questions, covering two sections: general and state-specific knowledge. The general section deals with basic life insurance product knowledge, while the state-specific section covers insurance concepts, terms, rules, regulations, and practices specific to New Jersey.

You will have 210 minutes (3.5 hours) to complete the exam.

Passing Score

To pass the exam, you need to achieve a score of at least 70%.

The exam fee is $45, which must be paid at the time of reservation by credit card, debit card, or voucher.

Proctoring

The exam is proctored, meaning an official proctor will closely monitor you in a controlled environment.

Retakes

If you don't pass the exam on your first attempt, you can retake it as soon as 24 hours after your first try. There is no limit to the number of retakes.

Practice Exams

Taking a practice exam is a great way to prepare for the test. Life Insurance Practice Exams are available online.

On the day of the exam, you must bring two valid forms of government-issued identification, one of which must be a photo ID, such as a driver's license or passport. You must also bring your certificate of completion from an approved prelicensing education provider.

Fingerprinting

The State of New Jersey requires fingerprint impressions from all unlicensed applicants for a life insurance license. This is a mandatory part of the background check process and is completed through IdentoGO, costing $66.05. To organise a fingerprinting appointment, you can schedule online or call (877) 503-5981. The service code for insurance producers in New Jersey is 2F16Y3.

At your fingerprinting appointment, you will receive a receipt. Keep the original for your records and attach a copy to the license application you send to the New Jersey Department of Banking & Insurance.

The background check will confirm that you meet New Jersey's insurance producer regulations. It is worth noting that any misdemeanours or felonies may affect the outcome of your licensing efforts. If you are concerned about this, you can contact the New Jersey Department of Banking and Insurance for more guidance.

The Department conducts a New Jersey State Police and FBI criminal record check. The Division of Insurance has initiated participation in Live Scan, an electronic fingerprinting process that replaces the use of ink and roll fingerprint cards.

Application

To apply for a life insurance license in New Jersey, you must complete a five-step process. Here is a detailed breakdown of each step:

Step 1: Complete a Pre-Licensing Education Course

Before taking the New Jersey life insurance licensing exam, it is important to acquire the knowledge needed to pass this exam. In New Jersey, a 24-hour pre-licensing course on life insurance is mandatory, with a focus on ethics coursework for three of those hours. The course certificate is valid for 12 months, and you will need to present a valid photo ID and the original certificate when taking the licensing exam.

Step 2: Take the New Jersey Life Insurance Licensing Exam

The New Jersey life insurance exam is administered by PSI and costs $45. It consists of 83 multiple-choice questions covering two sections: general and state-specific knowledge. You will have 210 minutes to complete the exam. If you fail, you can retake the exam as soon as 24 hours later, with no limit on the number of attempts.

Step 3: Get a Fingerprint-Based Background Check

After taking the exam, you must get a fingerprint-based background check from IdentoGO, which costs $66.05. This initiates a background check to confirm you meet New Jersey's insurance producer regulations. You will need to input the service code 2F16Y3 when booking an appointment.

Step 4: Complete a New Jersey Life Insurance License Application

Once you have passed the exam and completed the background check, you can apply for your New Jersey life insurance license online via the National Insurance Producer Registry (NIPR). The application fee is $170, plus a $5.60 transaction fee.

Step 5: Watch for Your Application Results

The New Jersey Department of Banking & Insurance will review your application and background check, typically within one to five business days. They will then email you with their decision or ask for more information. You can print your license from the NIPR website.

Continuing education

The New Jersey Department of Banking and Insurance (NJDOBI) requires resident individual licensees to complete 24 continuing education credits with at least three credit hours in an approved ethics course every two years. The license renewal deadline is the last day of the licensee's birth month, every two years.

Public adjusters must complete a minimum of 15 hours of continuing education every two years to renew their license. Non-residents may be exempt from this requirement if the commissioner deems that they have satisfactorily completed equivalent continuing education requirements in their state of residence.

Kaplan Financial Education offers Total Access CE Libraries, webinars, and online courses for insurance continuing education in New Jersey. Their courses cover relevant topics such as annuities, long-term care certification training, tax updates, anti-money laundering, and more.

• Annuities for Today's Investor, 1st Edition, 3rd Revision
• Annuity Concepts, 2nd Edition, Revised
• Annuity Essentials and FINRA Rule 2330, 2nd Edition
• Annuity Suitability: 4-Hour Training Course, 2nd Edition
• Anti-Money Laundering: Back to Basics
• Anti-Money Laundering Laws and Practices, 2nd Edition
• Anti-Money Laundering Training for Insurance Professionals, 2nd Edition
• Anti-Money Laundering: Frequently Asked Questions, 2nd Edition
• Anti-Money Laundering: Suspicious Activities and SARs, 2nd Edition
• Anti-Money Laundering: Threats, Vulnerabilities, and Strategies
• Anti-Money Laundering: Understanding the Problem and the Programs to Fight It
• Annuity Fundamentals and Applying FINRA Rule 2330
• Ethical Practices, 3rd Edition
• Ethics at Work, 2nd Edition
• Ethics for Property and Casualty Professionals, 2nd Edition
• Ethics for the Insurance Professional, 5th Edition
• Financial Challenges Facing Retirees, 4th Edition
• Financial Exploitation of Seniors and FINRA Rule 2330, 2nd Edition
• Financial Exploitation of Seniors: Why Insurance Agents Should Care, 2nd Edition
• Life Concepts, 19th Edition
• Life Insurance Policy Comparison and Underwriting, 3rd Edition
• Long-Term Care Concepts, 5th Edition
• Long-Term Care Coverage Combined with Annuities and Life Insurance, 3rd Edition
• Long-Term Care Hybrid Products and Partnership Program 4-Hour Refresher Course
• Long-Term Care, 6th Edition
• Suitability For Traditional Life And UL Insurance, 2nd Edition
• Taxation of Life Insurance and Annuities, 2nd Edition
• Understanding 1035 Exchanges, 2nd Edition
• Understanding Annuity Best Interest Obligations and FINRA 2330
• Understanding Wills and Intestacy, 2nd Edition

Additionally, 360training offers a 24-hour renewal package for Life and Health license renewal in New Jersey, which can be used to meet all continuing education requirements.

Frequently asked questions