Here’s A Detailed Guide on the List of Documents Required to Become an Insurance Agent

couple consults with agent, signing paperwork

One of the biggest opportunities or responsibilities of an insurance agent is that they have a chance to assist and protect people as well as families through the utilization of insurance products. Whether someone is facing a financial obligation to lenders or caring for an ailing spouse and children, by utilizing insurance products to organize benefit payments in cases like client’s death, unforeseen medical emergencies, or disability, you will be given life-defining protection. Insurance agents have the ability to make a difference in the lives of their family members, friends, neighbours, and various other customers. They have the potential to be involved in your community as a trust-worthy and compliant source while structuring and marketing your business.

The earnings of an insurance agent are extremely individual and depend on a wide range of factors such as the kind of products marketed, the geographical location of the agent, and the amount of hard work that an insurance agent puts in. They may be remunerated through the commissions, salary, or even both. The best performing insurance agents also get plenty of bonus opportunities. In this present day and age where the occupations are becoming more and more mechanical and demanding less interpersonal interactions, the insurance agents still play an integral role. It is hard to think about a future in which the role and responsibility of an insurance agent are totally phased out as people will always be required to serve the needs of their loved ones. Click here to know more about the detailed list of documents that will be required by you to complete the procedure of how to become an insurance agent.

How to become an insurance agent and the list of required documents for the same

Documentation needs

1) A duly completed application form as well as a declaration approved by a minimum of two directors or partners.

2) A demand draft against the license charges.

3) In the case of a company, a memorandum or article proving the association of the company or the contract of partnership in the event of existing partnership firms.

4) The company’s balance sheet for an audit.

5) Proof and confirmation of fixed deposit with any scheduled financial institution needed as per rules and regulations.

6) An elaborated statement about the shareholding structure of the company comprising the variety of shares held the share certificate number as well as folio numbers, and names of the shareholders. All this should be positively verified and approved by the auditor.

7) The documents showing the IT returns filed for the last three years by the individual shareholders in conjunction with their affidavits specifying the source of invested funds and net-worth certificate of the agent.

8) A yearly report about the shareholding corporations for the past three years.

9) An elaborate CV along with attested testimonials containing a training certificate that has been authorized by the principal officer.

10) Comprehensive information about the people qualified and trained with their training certificates and testimonials.

11) A list of people responsible for obtaining insurance business together with their testimonials.

12) Necessary evidence of skilled manpower, infrastructure, and office space.

13) A record of potential clients along with the anticipated premium.

14) The projected estimation of income and business for the next three years with class-wise categorization.

15) An estimated account of revenue, balance sheet, and profit and loss for the next three years.

16) An elaborately organized chart providing information about various roles and responsibilities.

17) Undertaking concerning a non-holding of some surveyor or agency by either a director or an employee.

18) Undertaking by the officer regarding the non-violation of the rules and regulations.

Therefore, the above-mentioned points will answer your questions about how to become an insurance agent and what all documents do you need to become one.