How Do You Start An Insurance Premium Financing Company?
Insurance premium financing is one of the newest offerings in the insurance market. Basically, this activity involves having a bank extend an individual a line of credit to pay for an insurance policy over the course of a certain amount of time. Generally, this option is only available to clients over the age of 65, and most will need to already have a good financial standing. If the policy is needed during the term, the loan is paid in full from the funds. If not, the client can either pay off the loan and keep the policy or sell the policy on the secondary insurance market. Now you can get involved in this profitable approach to insurance; here’s how. Get Licensing. Because you are going to be working in the insurance field, you’ll need to have a license to do so in every state in which you hope to offer your services. Be aware that many states have very different licensing requirements and some are fairly strict. Because this can be a time-consuming process, hand over the responsibi
