Becoming An Insurance Underwriter: North Carolina's Guide

If you're looking to become an insurance underwriter in North Carolina, you'll need to meet certain qualifications and complete a few key steps. Here's an introduction to get you started on your career path.

First and foremost, aspiring insurance underwriters typically need a bachelor's degree in a field related to finance, accounting, or economics. A degree in mathematics can also be a good choice as it helps develop strong math skills, which are essential for this role. In addition to academic qualifications, soft skills such as interpersonal skills, analytical reasoning, and a commitment to professional ethics are highly valued in the insurance industry.

Once you've obtained your degree, you can start applying for entry-level positions. Many companies offer on-the-job training programs that last a few months, during which new hires work under the supervision of senior underwriters or analysts. This is a great opportunity to gain hands-on experience and learn the specifics of the role.

While a degree is typically the minimum requirement, pursuing additional certifications can enhance your career prospects. Various organizations offer certifications, such as the Chartered Property and Casualty Underwriter (CPCU) designation, which can lead to higher-level positions.

Lastly, don't forget to build your professional network and stay up-to-date with industry trends. Job portals like Indeed and LinkedIn can be great resources for finding employment opportunities and connecting with potential mentors in the field.

Remember, each company may have specific requirements, so be sure to review job descriptions carefully and reach out to potential employers to clarify any questions you may have.

Get a degree in finance, economics, or mathematics

To become an insurance underwriter in North Carolina, you'll need to earn a bachelor's degree. While there is no one universal insurance underwriter degree requirement, most underwriters hold a degree in finance, economics, or mathematics.

An accounting or finance degree can help you develop strong math skills and analytical reasoning abilities, as well as an understanding of business procedures and practices. During your degree, you'll study topics such as accounting principles, the accounting cycle, managerial accounting data in business decision-making, and business statistics. A finance degree will also cover topics like asset valuation, capital budgeting, and the financial markets. Elective courses in computer literacy and data analytics can also be beneficial.

Starting in your junior year of high school, begin researching bachelor's degree programs in the finance field. In addition to accounting and finance degrees, you may also consider a degree in economics or mathematics to build a strong foundation for a career in insurance underwriting.

Complete a pre-licensing course

To become an insurance underwriter in North Carolina, you must first complete a pre-licensing education course. This is a mandatory step for all applicants looking to sell insurance in the state, except for Certified Financial Planners, Certified Insurance Counsellors, or Registered Health Underwriters.

The North Carolina Pre-Licensing Education Course must meet a minimum hour requirement. This is typically a minimum of 20 hours for most lines of insurance, except for the Medicare Supplement/Long Term Care line, which requires 10 hours. The course must be certified by the North Carolina Department of Insurance and cover various insurance concepts, definitions, insurance laws, and agent regulations.

When choosing a pre-licensing course, consider the course's flexibility, price, and reputation. It is normal to feel overwhelmed by the number of courses available, so it is important to make an informed decision.

After completing the required pre-licensing course, you will receive an Examination Admission Ticket, which is valid for 90 days. You must pass your insurance licensing exam within this time or in five attempts, whichever comes first. If you do not pass within the required time or number of attempts, you will need to retake the pre-licensing course.

Submit an insurance license application

To become an insurance underwriter in North Carolina, you must first obtain a North Carolina insurance license. Here is a detailed, step-by-step guide on how to submit your insurance license application:

Step 1: Complete a Pre-Licensing Education Course

Before you can apply for your license, you must complete a pre-licensing education course that is certified by the North Carolina Department of Insurance. This course will cover various insurance concepts, definitions, insurance laws, and agent regulations. The course must meet a minimum hour requirement, with at least 20 hours for most lines and 10 hours for the Medicare Supplement/Long Term Care line.

Step 2: Submit Your Insurance License Application

Once you have completed the required pre-licensing course, you can submit your license application online through the National Insurance Producer Registry (NIPR). The application fee is $82, plus an additional fee of $50 per line of authority. There is also a processing fee of $5.60 for each application submitted.

It is important to note that you must complete all the subsequent steps and meet any licensing requirements within six months of submitting your application. Failure to do so will result in your application being canceled, and you will have to start the process again.

Step 3: Complete a Fingerprint and Background Check

After submitting your application, you will receive an email with instructions on how to submit your fingerprints electronically through Live Scan to the NC Licensing Office of Pearson VUE. This is a requirement under 11 NCAC 06A.0418 of North Carolina's Administrative Code. The process costs $38 and will initiate a background check to ensure you meet the state's insurance agent regulations.

You must submit your fingerprints within 30 days of filing your license application.

Step 4: Pass the Relevant North Carolina Insurance License Exam(s)

Within an hour of submitting your application, you should receive an email from Pearson VUE with instructions on how to schedule your exam. You will need to provide the following information to verify your approval to take the exam:

• Your PLE completion date
• The school code of your PLE course provider
• The details contained within the email from Pearson VUE

The insurance exam will be specific to the line you wish to specialize in. For example, if you plan to work as a health insurance associate, you will need to pass the Accident and Health or Sickness Agent exam, which consists of 55 questions and lasts for 1 hour and 15 minutes.

All insurance exams in North Carolina are multiple-choice and cost $46 per attempt.

Step 5: Application Review

After completing all the above steps and submitting your license application to the North Carolina Department of Insurance, you will need to wait for your application to be reviewed. This process typically takes around 60 days.

If there are no issues with your background check, you will receive an email with instructions on how to print your new insurance license.

Additional Requirements and Information

It is important to note that there are specific requirements to obtain an insurance license in North Carolina. You must be at least 18 years old and a resident of the state. Additionally, you must not have committed any acts that would be grounds for denial, suspension, or revocation of the license.

The total cost of obtaining your insurance license in North Carolina is approximately $530, including the pre-licensing education course and application fees.

Remember, becoming an insurance underwriter typically requires a bachelor's degree in a related field, such as accounting or finance, and on-the-job training. Obtaining your North Carolina insurance license is just the first step toward becoming a licensed insurance underwriter.

Pass the North Carolina Insurance License Exam

To pass the North Carolina Insurance License Exam, you must first complete a pre-licensing insurance course that is certified by the North Carolina Department of Insurance. This course will cover various insurance concepts, definitions, insurance laws, and agent regulations outlined in the North Carolina Examination Content Outline. It will also include instructional videos, interactive illustrations, practice exams, and student support.

Once you have completed the pre-licensing course, you will need to register with Pearson Vue to take your state insurance exam. Exam reservations can be made online or over the phone. You will be required to provide a copy of your Exam Admission Ticket, which is valid for 90 days, and two current forms of identification. The name on the identification must match the name on the registration, and at least one form of ID must be government-issued and photo-bearing with a signature, such as a driver's license or passport.

The North Carolina insurance exam will be multiple-choice and will cost $45 per line of authority. You will need to pass with a score of 70% or higher. The exam will cover the material from your pre-licensing course, including insurance concepts, definitions, laws, and regulations. It is recommended that you utilize the practice exams and other resources provided in your pre-licensing course to prepare for the exam.

It is important to note that you must pass the exam within 90 days of completing your pre-licensing course or within five attempts, whichever comes first. If you are unable to pass within this time frame, you will need to retake the pre-licensing course before becoming eligible to retake the state licensing exam.

Complete a background check

To become an insurance underwriter in North Carolina, you must complete a background check as part of the licensing process. Here is a detailed, step-by-step guide on how to do this:

After submitting your insurance license application through the National Insurance Producer Registry (NIPR), you will receive an email with instructions on completing your background check. This typically includes submitting electronic fingerprints, which can be done through Live Scan. The email will contain a link to access and print the necessary Insurance Producer Fingerprint Criminal Background Packet.

Fingerprint Submission

You must submit your fingerprints within 30 days of filing your application for an Insurance Producer License through NIPR. You can have your fingerprints taken at various law enforcement agencies in North Carolina. A list of Live Scan locations is provided by the NC Department of Insurance. The process costs approximately $38.

Once your fingerprints have been taken, you will need to get the fingerprint form signed by a law enforcement officer. This form can then be submitted to the NC Licensing Office of Pearson VUE by fax, email, or mail.

Background Check Process

The background check will review your past conduct to ensure you meet the state's insurance agent regulations and do not have any disqualifying criminal or social services history. This process is required by the North Carolina Department of Insurance under 11 NCAC 06A.0418 of its Administrative Code.

Timing

The entire licensing process, including the background check, typically takes around 60 days. However, it's important to note that if there are any issues with your background check, the process may take longer. The state will likely contact you if they need to review any items from your background check.

Results and Next Steps

Once your background check and application have been approved, you will receive a congratulatory email with instructions on printing your new insurance license. This email is typically sent within 48 to 72 hours of your background check and application being approved.

Frequently asked questions