Definition: Insurance license classes are a type of insurance license that allows a person or entity to sell insurance policies, but not to carry out other types of financial activities such as investing or lending.
In the United States, insurance license classes are divided into three categories:
1.
Professional agents: These individuals have licenses to represent other licensed professionals in the field of insurance, such as attorneys, brokers, and life and disability agents.
2.
General agents: This category includes individuals who operate on their own and sell their own policies.
3.
Independent contractors: Individuals or organizations who are not licensed but are associated with a licensed agent or broker and have experience in selling insurance.
Some common examples of insurance license classes include:
1.
Professional agents, such as attorneys and brokers
2.
General agents, such as life and disability agents
3.
Independent contractors, such as individuals or organizations that have experience in selling insurance but are not licensed to do so.
4.
Insurance carriers, such as large insurance companies.
The definition of 'insurance license classes' is complex and varies by jurisdiction and state regulations. However, the general idea is that these licenses allow an individual to sell insurance policies but not to engage in financial activities like investing or lending.
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