Got a Lead in Another State?

[jhuang]

Suppose you got a lead from another state and you are thinking about obtaining a non-residence license for that state, that's the time frame for each state?

I'll Start:
California: Application Procedures-Individual Non-Residents

I have no clue on time frame because I'm a resident!
- - - - - - - - - - - - - - - - - -
btw, I have someone waiting on a resident license and it's been almost 30 days. DOI is "reviewing"

 

[GeminiGroup]

Normally...I'll been able to get my a non-res MOMENTS after paying a service like Sircon or National Insurance Producer Registry
if you're talking about simply adding a non-res in another State and I've gotten several.

The physical 'paper' license may take some time in the mail but your # is usually given to you right then.
The other state doesn't REVIEW anything they just get their dough.....the 'reviewing' is done by the resident state only.

I can get 10 non-res licenses before Domino's can get a pizza to my house.....there is something off this your scenario.....

 

[WinoBlues]

The bigger question will be the cost and will the policy be worth writing.

 

[moonlightandmargaritas]

The bigger question will be the cost and will the policy be worth writing.

An "average" after the NIPR fees is $75/per. Some more, some less.

 

[WinoBlues]

An "average" after the NIPR fees is $75/per. Some more, some less.

Agreed, Arkansas at about $50. For a term case was OK. Alaska or Nevada at +- $200. Maybe not for a small term case.

 

[GeminiGroup]

Sounds like he ALREADY paid the money.....
But you're right, Moonlight to be licensed in all 50 is around 5k
Which avgs about $100 each state and NIPR charges $6.18 per....

Some are really cheap like $30-75 (of course worth it)...while others can set you back a few hundred (like IL, NV & HI)
where you might want to see if you want to spend the cash for one deal.

If you sell by phone and other the state's time zone works for you, why not scoop it up and call it a day
however a f2f guy might want to think about it.unless you're near the border (state border)

 

[jhuang]

I totally forgot about the NIPR, I will check into them. Thanks for the feedback! I will have to take a lead on a case by case basis to see if it's worth pursuing and keep the license each renewal.

 

[Insurance Junkie]

NIPR is the best. Have gotten several non-resident licenses and some even post same day. Usually you can even print the license the next day as states have gotten away from actually mailing you a license.

Good Luck.

 

[BNTRS]

In my experience Texas and Washington state have been some of the best in terms of turn around time. The worst was Georgia (they never told me I needed proof of ID until I called them, then they couldn't find my application on file when I called back to follow up).

California took a little while, but wasn't terrible. If you're prepared for the process you know what to expect, fingerprints (which are a bit of hassle around here because they are only done once a week) despite having been fingerprinted for FINRA, they still made me do it, again.

Actually, now that I think about it, the worst experience was NY when I originally got my resident license. They lost it and made me pay them an additional $15 to print a new one. It took them two weeks to do it, too. Don't even get me started on the two hours I sat on hold...

 

[BlockO]

In my experience, acquiring the non-residence license is the easy part. It's standardized enough now to where it's just a matter of whipping out your credit card to NIPR or Sircon (don't know which is better, I go through NIPR simply because of easier site navigation). I have 5 non-res licenses and I don't think I had wait longer than a week or two for any of them.

I've had much more difficulty in getting activated with individual carriers than I have getting the license itself. Some carriers have no problem with it, while other carriers do. For example, some carriers only allow you to sell in a state if your office is located within so many miles (50-100) of a state border. Other carriers require that you have a physical office located within that state. Those two reasons alone have cost me some appts. (and of course the fact that many carriers do not sell at all in many states).
Another thing: don't underestimate the learning curve it takes to learn each state's different laws (some states are as different as night and day). Knowing each state's laws is one thing, knowing it well enough to explain it to a prospect is another.

3 pieces of advice I would highly suggest:
1. Check with your carriers beforehand to make sure they're hip to you branching out elsewhere.
2. If the carrier is fine with it and does sell in the state you're going after, don't overlook finding out if they're even competitive in that state. You'll be amazed at how much some carrier's appetite changes from state to state (and sometimes even product to product).
3. Go after one state at a time and thoroughly learn it's laws before moving on to other states. Otherwise you will find yourself way behind the 8 ball in product knowledge.