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The Oregon Insurance Division requires that prospective insurance agents obtain educational hours through the Division, and Department of Education, approved schools.
Depending on the students area of interest, the different classifications of insurance licenses are Life, Health, Property & Casualty, and Personal Lines. Most students will enroll in a combination of either Life and Health, or Property and Casualty courses.
Courses are completed under monitored conditions. The three forms of approved study are Resident Student (Study Room), Live Instruction, and Online. The more popular form of Insurance instruction is the live classroom setting, which allows the student to fulfill his Division required hours in just a few days.
The Oregon Department of Consumer & Business Services Insurance Division requires that Pre-licensing education training be completed before taking the required exams. Resident producer license candidates must obtain training specific to the class for which they wish to be licensed. The different classifications each require a minimum of 20 hours of Insurance Division approved study in either Life, Health, Property, Casualty, and/or Personal Lines.
Once you have completed a pre-licensing course, the course provider will issue you a Certificate of Completion which is valid for one year. You must bring the original certificate with you to the test center on exam day.
Pre-licensing education is not required for:
If you were previously licensed in another state, you need not complete any education or examination requirements if you are applying for the same lines authority and your application is received no more than 90 days after the cancellation of your license in the other state and the establishment of your Oregon residency.
Generally, to qualify to receive an Oregon resident producer license, you must:
Surplus lines producers must also be licensed for property and casualty and take a surplus lines exam.
In addition to holding a current license in the correct line of insurance, producers who wish to sell insurance must also be employed with or under contract to an authorized insurer or licensed business entity. Producers who are not employed with or under contract to an insurer or business entity retain their licenses but may not transact insurance.
After you receive your license, you may begin to adjust insurance claims. If you are employed by or contracted with a licensed adjusting firm or corporation, it must file a Notice of Affiliation (Form 440-2139) with the Division within 30 days.
Generally, to qualify for an Oregon resident consultant license, you must:
A Variable Life Insurance License is required before an agent may sell, solicit or negotiate a variable contract. To earn this license, you must pass either exam Series 6 or 7 given by the National Association of Securities Dealers (NASD). In addition, you must be registered with an Oregon securities dealer.
Nonresidents can be licensed to transact insurance in Oregon as producers, adjusters and consultants. If you are already a licensed agent or broker in your home state, you are exempt from the pre-licensing education and examination requirements. You may only conduct your insurance business as an appointed representative of an insurer in Oregon even though licensed as a broker in your home state. Brokering is not permitted in Oregon. Producers should submit either the NAIC Business Entity Application or the Oregon Individual Insurance License Application (Form 440-3000).
Before you can test, you are responsible for completing any required pre-licensing courses and scheduling the time and place to take your exam with PSI. After passing the exam you will be fingerprinted at PSI and then you need to send in your application to the state.
The exam contents were developed in cooperation with the Division and an Examination Review Workshop (ERW) consisting of individuals from the Oregon insurance industry. The purpose was to identify and classify the level of knowledge that insurance licensees need to properly serve their clients.
You will take your exam using a computer at a PSI testing center. You can locate testing centers in other states at http://candidate.psiexams.com. You do not need any computer experience or typing skill to take your exam. Before you start the exam, a testing center employee will provide you a personalized introduction to the testing system. You can also take an introductory lesson on the computer.
You should arrive at least 30 minutes before your scheduled exam appointment. This allows time for you to sign in and for the staff to verify your identification.
You are required to bring your original Certificate of Completion to the testing center or the original waiver letter (if your pre-licensing education was waived by the Division). If you do not bring the original document, you will not be allowed to test and will have to pay a new exam fee before choosing another appointment.
You must present two valid pieces of identification before you may test and one piece must:
Although you may use a testing center locker, it is recommended you not bring personal items into the testing center. Note the following:
You may not use any electronic devices or phones during breaks.
The questions in your insurance licensing examinations are multiple choice. For each question, you must select your answer from four options.
Question formats. Three different multiple-choice formats are used. Each format is shown in the following examples. An asterisk (*) indicates the correct answer in each sample question.
Up to a specified limit, which of the following losses are covered under Section I of a Homeowners (’91) Policy?
A guaranteed renewable Disability Income Insurance Policy:
A life insurance policy may include provisions that do all of the following EXCEPT:
At the end of your exam, your score will be shown on the screen and you will receive a printed score report. The report indicates your overall score and grade, including the numerical percentage of questions answered correctly and whether you passed or failed. A total score of 70 percent is required to pass the exam.
The report also displays your percentage correct in each major section of the exam, as defined by the exam content outline. These section scores are shown to guide you about areas requiring additional preparation for retesting if you do not pass the exam.
The section percentages will not average out to your total percentage score. That is because individual exam outline sections are allocated different numbers of questions on the exam. Your total percentage score is computed by dividing the number of questions you answered correctly by the total number of questions in the exam. The total score is not computed by adding the section percentages and dividing by the total number of sections.
If you pass your exam, the Division will issue your license within 15 days. The Division no longer issues printed initial, renewal or replacement licenses. To view your license status or print a copy of your license, visit the Division’s Web site at www.cbs.state.or.us/external/ins/
Additional information can be obtained at the Division’s or PSI's Web sites.