Behavioral Insurance Agent Interview Preparation Guide
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Insurance Agent Frequently Asked Questions in various Insurance Agent job interviews by interviewer. The set of questions are here to ensures that you offer a perfect answer posed to you. So get preparation for your new job interview

108 Insurance Agent Questions and Answers:

Table of Contents:

Behavioral  Insurance Agent Job Interview Questions and Answers
Behavioral Insurance Agent Job Interview Questions and Answers

1 :: Tell me what is the Surrender Value?

Surrender Value is the amount when you stop paying the premium and withdraw the entire amount. The policy ceases as soon as you withdraw the money, and the insured will lose out all the returns on it.

2 :: Explain me what was the work environment like?

It was good. I had my own office, 2 screen computer. There was 5 of us at our agency, pretty easy, laid back, dress business casual. Had a good lunch break, everything was pretty good. I really did enjoy that.

3 :: Tell us what is Elimination period in insurance?

In the disability income insurance or loss of income insurance, the elimination period is the amount of time you have to wait before benefits are paid. In other words,it is a time-period between the beginning of the injury and the benefits you are paid off. Longer the Elimination period lower the premium and vice versa.

4 :: Tell me what is most challenging about what you do?

Most Challenging for everybody in my business is to get introduced to more good people and make the calls out to those people.

5 :: Explain me what is ‘gap insurance’?

‘GAP insurance’ is also known as Guaranteed Auto Protection. It covers the difference between the actual cash value of the vehicle and the balance still owed on financing like loan. GAP insurance amount is generally paid up front.

6 :: Tell us what do you mean by term “Annuity”?

An annuity is the term used for the regular amount paid by the insurance company to the insured, after a certain period of time. The payment can be monthly or quarterly, this is often done to supplement income after retirement.

7 :: Tell us how much did you make starting out in this career?

I made almost the exact same starting out as I did in my previous job. I was 24 years old in 2003 and made around 40ish. Again I earned more money than that on a deferred basis, but that is what I took home.

8 :: Tell me what is Paid Value?

The paid value is something, when the insured stops paying the premium but do not withdraw the amount. The sum assured by the insurance company is reduced proportionally depending when insured has stopped paying the premium. You will get the amount at the end of the term.

9 :: Tell me how were you notified that you received the job?

My interview was more or less on the floor, I guess. They asked me to make a phone call and to see if I could sell. I did, I ended up calling a business. I ended up talking to the business owner. I ended up getting a quote for him. Through that my boss was like, “Okay we understand that you can do that. Try doing a residential.” I got a quote through them and therefore I did my job in front of them. I showed them that I was capable of doing it.

10 :: Tell me what does it mean when company says “no physical exam”?

Such insurance company that says,“No physical exam” gives freedom to the policyholder to take policy and exempt the physical test that is mandatory by certain life insurance company. Normally, such insurance company is more expensive and the insured has to pay a higher premium on their policy.

11 :: Explain me what is ‘declaration page’ in insurance policy?

‘Declaration page’ in insurance policy, bears all the information of the policy holder like name, address, vehicle information, type of coverage and loss payee information.

12 :: Tell me what advice would you give someone considering this career?

I would help them on their training and sales language, but the biggest advice is to know you are doing good, and when someone rejects you, they are making the mistake, not you.

13 :: Tell me as an insurance sales agent, what have been your prime duties in the past?

As an insurance agent, I have been responsible for assessing clients’ individual insurance coverage requirements and providing them with suitable coverage plans. Additionally, my work has involved assisting clients in understanding risks and coverage options, along with providing them with insight into their rights and benefits of each policy.

14 :: Explain does it cover silver or golden ornaments if I have ‘Home insurance’?

You can cover your valuable items like silver or golden ornaments in home insurance, but your premium and policy amount will rise accordingly.

15 :: Tell us is it safe to pay the premium through Insurance Agent?

It is safe to pay the premium through your agent as far as you are making the payment through cheques on the name of Insurance Company and receiving all the receipts for the payments.

16 :: Explain me how much time off do you get/take?

I take a couple vacations and now that I have a decent base, maybe more time off than I should. It is so flexible. Old guys sometimes take months off at a time and some people can’t afford to take any vacation days. Sorry to not give a straight answer, but it really is up to the person.

17 :: Tell us what are the different types of Insurance Coverage?

Insurance policy is categorised into two

a) General or Non-life Insurance
b) Life Insurance

18 :: Tell me what is the different type of Life Insurance?

There are two type of life insurance

a) Term Life Insurance:
Term life Insurance is a type of life Insurance, which provides coverage for fixed rate of premium for a limited period of time. Term Insurance can cover you for the term of one or two years.

b) Permanent Life Insurance:
Permanent Life Insurance coversan individual for the whole life; people take permanent life insurance about 25-30 years normally. The premiums are slightly higher than Term Life Insurance.

19 :: Tell us what qualities do you have that make you a great insurance agent?

I would say it’s my exceptional interpersonal and analytical skills. Being a liaison between clients and insurance carriers has given me the ability to effectively communicate with insurance novices and professionals alike. I can gain an understanding of a client that allows me to develop an accurate risk profile. From there, I use my knowledge of insurance providers’ risk appetites to negotiate a customized product for the client. I can then decode policy language so that it’s more palatable for someone not familiar with legal terminology. This is how I was able to build a $2 million book of business.

20 :: Explain me is it advisable to replace the policy with another policy?

If it is not a long duration that you have bought the policy, then you can replace the policy. But in other case it is not advisable as you will lose all the benefits of the previous policy also the premium will go high as you go older. Also, the two-year period of contestability will also begin again.

21 :: Explain me what do you mean by ‘insurance coverage’?

The term ‘insurance coverage’ means, when an individual takes an insurance policy the insured will be covered by insurance company for a specific amount for themselves or the things that he had taken the insurance policy, for which he would be paying premiums to the insurance company. The insurance company will pay the insured in case of damage or claims made by the insured according to their ‘insurance coverage’.

22 :: Tell me what happens to the cash value after the policy is fully paid up?

After the policy is fully paid up, the company plans to use the cash value to pay your premium until you die. If you take the cash value out, the insurer will require you to pay the premium or reduce the amount of the death benefit so the remaining cash value will support.

23 :: How would you describe the application and interview process as Insurance Agent?

My interview was more or less on the floor, I guess. They asked me to make a phone call and to see if I could sell. I did, I ended up calling a business. I ended up talking to the business owner. I ended up getting a quote for him. Through that my boss was like, “Okay we understand that you can do that. Try doing a residential.” I got a quote through them and therefore I did my job in front of them. I showed them that I was capable of doing it.

24 :: Explain what is a common misconception people have about what you do?

I think the biggest misconception that people have is that some of the products I sell are rip-offs because of what they heard on the radio or from some other media outlet. Not only are they dead wrong, it hurts my feelings for someone to call me a crook.

25 :: Tell me what specific work duties do you have after you have sold a policy?

Once the policy is sold, it is my responsibility to make sure that the premium is paid on time. I also have to handle the paperwork included with each policy and educate clients on how the whole thing works. Following up with clients and providing them with answers to their questions regarding policy maturation, and added benefits and riders is also my duty.
Insurance Agent Interview Questions and Answers
108 Insurance Agent Interview Questions and Answers