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4 Cards in this Set
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To sell variable insurance products, an individual must be licensed as a life insurance agent and must also hold a license issued by the Financial Industry Regulatory Authority. In Florida, agents who are licensed as life insurance agents and have completed a licensing exam covering variable annuities may sell variable annuity contracts in the state. |
Licensing for variable annuties |
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Insurers and agents must keep records of the information collected from a consumer and used in making annuity recommendations for five years. |
record keeping |
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Agents are required to complete at least 24 hours of continuing insurance education every two years in order to renew their license. At least three hours must be in ethics. However, a person who has been licensed for six or more years must complete 20 hours of continuing education every two years in intermediate or advanced-level courses. |
Continuing education |
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Life insurance agents must complete at least three hours of continuing education on suitability in annuity and life insurance transactions. However, this requirement does not apply to agents who have not sold any life insurance or annuity contracts during the licensing period. An agent may use these hours to satisfy the continuing education requirement for ethics. |
continuing education |
