RICHMOND — Veterans of the United States Armed Forces and some active duty military and reservists now have a new incentive to become licensed insurance agents in Virginia.
The State Corporation Commission’s Bureau of Insurance recently received approval from the Virginia Department of Veterans Services State Approving Agency for Veterans Education and Training to provide licensure tests to veterans. This allows veterans who sit for certain Virginia insurance licensure examinations to be reimbursed under the GI Bill®. Virginia joins seven other states whose insurance licensing examinations are reimbursable under this federal program.
Veterans may now use their GI Bill® education benefits – available through the U.S. Department of Veterans Affairs (VA) – to pay the cost of approved licensing and certification tests, including insurance licensure examinations. Dependents of totally disabled veterans or veterans who died in service also can use this benefit under certain conditions.
Up to $2,000 can be reimbursed under the GI Bill® for each insurance licensing examination. Reimbursements are paid directly to the veteran or other eligible person after they submit proof of payment to the VA. Other fees connected with obtaining a license, such as insurance license application processing fees or costs for classes to prepare for the insurance licensing exams, are not reimbursable under the GI Bill®. Veterans can be reimbursed under the GI Bill® regardless of the number of insurance agent licensing exams they take or the number of times they take an exam.
“We are pleased to announce the availability of these reimbursements to our veterans and active duty military members, and encourage them to consider the many job opportunities in the insurance industry,” said Virginia Insurance Commissioner Jaqueline K. Cunningham.
For questions about obtaining an insurance agent license in Virginia, visit the Bureau of Insurance website at http://www.scc.virginia.gov/boi/pro/index.aspx or call toll-free at 1-877-310-6560 or in Richmond at (804) 371-9631. For questions about insurance licensing examination reimbursement, visit the VA website at http://www.benefits.va.gov/gibill/licensing_certification.asp or call 888-GIBILL-1 (888-442-4551).