What Is License Renewal? Definition

Why it matters

Many states renew every one or two years, often on the agent's birthday or a fixed date. Agents with many nonresident licenses may have many renewal dates. Missing one can lead to a late fee or a lapse. NIPR offers online renewal for many states. A calendar reminder for each state is a simple way to avoid trouble.

Source: nipr.com

Where we use this term

How to get a multi-state life insurance license: resident first, then nonresident

Related terms

Continuing Education (CE): Continuing education, or CE, is required coursework that licensed agents complete each renewal period to keep their licenses. Hours and topics are set by each state.
License Lapse: A license lapse happens when a producer license expires because the agent did not renew it on time. A lapsed agent cannot legally sell or be paid on new sales in that state.
National Insurance Producer Registry (NIPR): NIPR is the National Insurance Producer Registry, a nonprofit affiliate of the NAIC. It runs systems that help agents apply for and renew licenses and help carriers verify them.
Nonresident License: A nonresident license lets an agent who is licensed in a home state sell insurance to people in another state. The agent applies to each additional state and pays that state's fee.
Producer License: A producer license is a state-issued credential that lets a person sell, solicit, or negotiate insurance. States issue it by line of authority, such as life, and the holder must follow that state's insurance laws.

All 241 terms

Why it matters

Where we use this term

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