How do I add a variable contract entitlement to my life insurance agent license only? To sell variable insurance products, a person must have a life insurance license and an agent license registered by the Financial Sector Regulatory Authority (FINRA). In Florida, agents who have fully met the requirements of a life insurance license, including passing a license exam covering variable annuities, can sell or apply for variable annuity contracts. Variable life insurance refers to a relatively new form of total life insurance sold in the United States. Instead of the traditional fixed face value and cash surrender values, the variable life insurance policy varies these benefits to reflect the investment experience of a separate set of equity investments that support reserves for such policies. These contracts are designed to counteract the impact of inflation on the value (purchasing power) of nominal fixed policies per year. Variable insurance products are regulated as securities by the state and the SEC. A prospectus approved by the SEC (information on the nature and purpose of the plan with full disclosure, separate closing and risk) must be provided by law at the time of submission. General accounts consist of prudent investments designed to match the liabilities and guarantees of the contracts they support. Variable insurance products are considered both securities contracts and life insurance contracts and do not contain guarantees of contractual value. The insurer guarantees a minimum return credited to the present value of the policy (funds invested through the insurer`s general account). The policyholder assumes any additional investment risk.
If you need further assistance, please call the California Department of Insurance (CDI) Producer Licensing Office at (800) 967-9331 or email the Producer Licensing Bureau. .