Can a Posp sell both life and general insurance?
Asked by: Rusty Pollich | Last update: July 16, 2023Score: 4.8/5 (26 votes)
Why is POSP the best career? While normal insurance agents sell can sell the insurance products of their companies alone, POSP can sell policies of multiple insurance companies and across both life and non-life categories. POSP can issue the insurance policies straightway without underwriting.
Can I work for 2 different insurance companies?
Yes, you can write policies with more than one carrier, depending on the contract you set up with each carrier. Keep in mind that not all insurance providers allow their products to be sold with other insurance. GEICO and State Farm are good examples. They are both considered captive insurance agencies.
What is the difference between PoSP and agent?
A PoSP primarily caters to the customers looking for simple and basic insurance policies. For e.g., car insurance/two-wheeler insurance policies, comprehensive health policies, etc. An agent caters to all customers whether looking for simple or complex and customised insurance solutions - for e.g. marine insurance.
Can insurance agent sell multiple companies in India?
Individual agents can sell multiple insurance policies once they surrender their existing agency license and clear the broker exam. Individual agents can sell multiple insurance policies once they surrender their existing agency license and clear the broker exam.
Can you sell life insurance for two companies?
There's no rule issued by life insurance companies that disallows you from owning multiple life insurance policies. And there are some scenarios where it may make sense to do so.
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Can you have 2 insurance policies?
While it sounds confusing, having dual insurance like this is perfectly legal—you just need to make sure you're coordinating your two benefits correctly to make sure your medical expenses are being covered compliantly.
Can a person have 2 life insurance policies?
Fortunately, there are no legal limits as to how many life insurance policies you can own. However, while many life insurance companies generally have very little concern over the number of policies you own, they may look more closely at the total amount of your benefits.
Which insurance policy Cannot be sold by PoS?
As per a circular (read it here) issued by Irdai on 25 October, the PoS will now be allowed to sell these insurance products to individuals but only up to a sum assured limit of Rs5 lakh. The PoS cannot sell group policies. And, the regulator has capped the number of such PoS products per insurance company to three.
Can I sell all insurance policy?
The Insurance Regulatory and Development Authority of India (IRDAI) notified new norms.
Can an insurance agent also be a Posp?
PoSP stands for Point of Sales Person. A PoSP is essentially an insurance agent, who has the authority to sell insurance policies directly to consumers. This agent can sell a variety of insurance products, right from motor and health to business insurance.
Can insurance agent become Posp?
A POSP (Point of Salesperson) is the name given to an insurance agent who can sell specific insurance products. For becoming a POSP, you only need to have the minimum educational qualifications as given by the IRDAI and undergo training provided by us.
How many insurance companies can an agent represents?
Corporate Agents can represent one life insurer, one non-life insurer and one standalone health insurer. In addition they can represent the two specialised insurance companies, Export Credit Guarantee Corporation and Agriculture Insurance Corporation of India.
Which insurance company pays highest commissions?
Max Life and LIC are the highest commission paying life insurers in India as their commission outgo is in excess of 5.5% of their total premium income, shows LIC's draft IPO prospectus. Max Life pays the highest commission to agents.
How many number of insurance companies can corporate agent go for tie up?
3, Corporate Agents may have arrangements with a maximum of three life, three general and three health insurers to solicit, procure and service their insurance products and the Specified Person can work for all the insurer/s with whom they have tied up, provided the Specified Person has certificate for the respective ...
Can LIC agent sell other insurance policy?
MUMBAI: The Insurance Regulatory and Development Authority (Irda) plans to allow agents to sell products of more than one insurance company, allowing private insurers to access the vast army of agents selling products of the market leader - the Life Insurance Corporation (LIC).
Who all can sell insurance?
Since an insurer can't reach out to all customers individually, it hires agents to do this job. Agents are trained and licenced individuals, and as per the rules, can only represent one insurer from a sector. This means that an agent can sell policies of only one life, one non-life and one health insurance company.
Who all can sell insurance in India?
Who can become an insurance agent? The only requirement for becoming an insurance agent is that the candidate must be over 18 years of age and should have completed Class 10. This means that anybody who has an aptitude for selling insurance policies can become a POSP Agent.
Which type of endowment policy a PoSP can sell?
As a PoSP (Point of Sale Person) you can sell policies of multiple insurance companies, across both life and non-life categories, such as term life, ULIP, endowment life, motor, health, personal accident, home and travel.
What is PoSP in insurance?
The PoSP full form in Insurance is the Point of Sales Person. It is a term used to describe an insurance agent who is qualified to sell many insurance products.
What is the qualification of PoS?
What is the minimum qualification to become a POS agent? Any candidate wishing to be a PoS agent should be 10th pass and of 18 years of age or above.
How many life insurances can you have?
There's no legal limit on the number of life insurance policies you can have, and you may want to take out more than one to cover all your financial needs.
Can you have both term and whole life insurance?
Mixing term and permanent life insurance
Term and permanent life insurance, however, are not mutually exclusive. Many policyowners have one (or more) of each, depending on their financial needs. Some may also own multiple term and/or whole life, policies, as appropriate.
What is the disadvantage of life insurance?
The biggest disadvantage: You have to pay monthly or annual premiums for this benefit. The pros of having life insurance outweigh the cons for most people with financial responsibilities such as mortgage payments, children, or student debt.