What is PoSP training?
Asked by: Jakayla Borer | Last update: February 11, 2022Score: 4.7/5 (28 votes)
A PoSP (Point of Sale Person) license or certification lets you do just that. 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.
How do you become PoSP certified?
- Download the app and create an account.
- Verify your documents (educational certificates, ID proofs, etc.). Also share your bank details so that we can transfer your earnings as a PoS agent.
- Take our 15-hour training and give the PoSP exam.
What is the meaning of PoSP in bank?
Posp stands for Point of sales person.
Can I become PoSP for two companies?
Unlike regular insurance agent, a PoSP can sell insurance products from multiple companies, without any restrictions and across approved insurance categories too, like term life plans, motor insurance, health insurance plans and more.
Who can become a Posp?
A POSP should be 18 years of age at least and a class 10th pass with a Aadhaar card. As per IRDAI Regulations, Insurer or any intermediaries will conduct a 14 hours in-house training session and an examination following that. Then they will issue a certificate and maintain the records for at least 5 years.
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What is the difference between agent and Posp?
A PoSP can sell policies like motor, health, personal accident etc., which are mainly pre-underwritten products. ... An agent can sell motor, health, travel, personal accident etc. as well as customised products like fire, marine and similar business insurance products.
What is POS example?
Point of sale (POS) system is the spot where your customer makes the payment for goods or services that are offered by your company. ... For example, restaurants, retail businesses, and grocery stores all have their specialties and that is why they need a POS system that meets their specific needs.
What is POS limit?
According to RBI norms, the limit on cash withdrawal through debit cards at PoS devices is up to ₹1,000 per day in Tier-I and II centres and ₹2,000 per day in Tier-III to VI centres. ... Customer charges, if any, on cash withdrawals through debit cards from PoS devices should not be more than 1% of the transaction amount.
What is POS transaction?
POS stands for Point of Sales. POS transactions usually occur whenever a buyer pays a certain amount offline or online to purchase goods from a seller. The purpose of POS is to monitor and record all transactions between a buyer and a seller.
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.
Which is the best Posp in India?
Without any doubt, Square insurance is the best PoS insurance company and manufactures the best insurance PoS in India.
Is the full form of IRDA?
Insurance Regulatory and Development Authority (IRDA) Act, 1999 spells out the Mission of IRDAI as: “... to protect the interests of the policyholders, to regulate, promote and ensure orderly growth of the insurance industry and for matters connected therewith or incidental thereto......”
Which types of policies a PoSP can sell?
The “Point of Sales Person-Non Life” can sell only the following pre-underwritten product. Motor Comprehensive Insurance Package Policy for Two-wheeler, Private Car and Commercial Vehicles. Third party liability (Act only) Policy for Two-wheeler, Private Car and Commercial Vehicles.
What is the full form of PoSP in insurance?
The sector regulator has specified the condition under which a Point-of-Sales Person (PoSP) is allowed to sell life insurance policies. The concept of a (PoSP)was introduced late last year by the Insurance Regulatory and Development Authority of India (Irdai).
What is premium amount?
Definition: Premium is an amount paid periodically to the insurer by the insured for covering his risk. ... For taking this risk, the insurer charges an amount called the premium. The premium is a function of a number of variables like age, type of employment, medical conditions, etc.
How do I withdraw money from POS?
- Dial *7799*8*Amount#
- Visit POS Machine that is Paycode enable.
- Punch your pin code and paycode to get your casH OR pay to merchant for goods and service.
How much can I withdraw from POS?
The daily POS withdrawal limit per card is N500,000. All withdrawal transactions require additional checks on customer KYC by agents.
What is a POS service?
A POS system allows your business to accept payments from customers and keep track of sales. ... A point-of-sale system used to refer to the cash register at a store. Today, modern POS systems are entirely digital, which means you can check out a customer wherever you are.
Why POS system is important?
A POS system is important because it gathers all your data on sales, inventory, and customers. With this information, you can calculate and run marketing campaigns that encourage customers to come to your store while maintaining your bottom line.
What are the types of POS?
- All-In-One POS System. Some POS systems give you robust functionality in one application. ...
- Cloud-Based POS System. Cloud-based POS systems are basically mobile apps your business can use on any device. ...
- EMV Chip Readers.
Which POS is the best?
- Square: Best overall.
- Toast: Best for restaurants.
- Lightspeed: Best for inventory management.
- Shopify: Best for e-commerce.
- Vend: Best for retail.
- Clover: Best hardware.
- QuickBooks Desktop Point of Sale: Best for QuickBooks Desktop integration.
Who is PoS agent?
PoS Insurance Agents can sell the product of only one company. That is the employer. Though, the same person can become an agent of a Life Insurer as well as a General Insurer. So, he or she can sell the products of 1-Life Insurer as well as 1-General Insurer and 1 Health Insurer.
Can a PoSP sell both life and general insurance?
A PoSP (Point of Sale Person) license or certification lets you do just that. 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.
How do I apply for IC 38?
You cannot directly appear for IC38, you need to be an insurer first at which you have to attend 50 hours training by IRDA to be called a Life, General or Health Insurance Agent, while for first timers, and it is 75 hours of training.