Paying Back For My License To State Farm

[merlint]

Hi long time lurker, first time posting. I currently work for a State Farm agent in Texas . I love what I'm doing but have recently decided to get serious about pursuing my MBA at night. Unfortunately my MBA program would be out of the city.

In my employment contract it states that if I leave the agent any licensing and classes I received would need to be paid back. I would be happy to do that. I was just wondering if any agents have an estimate on how much it would cost to pay those back. (P&C Life and Health, and Banking).
I don't want to tell my agent just yet because I haven't even gotten into any schools yet, and I don't want to alarm him. I just want to prepare myself and start saving now just in case I get lucky and I get accepted. Thanks!!!

 

[b61mack]

re: Paying Back License To State Farm

sit down with the agent, explain to him that you want to go back to school. you may be able to work part time with him or another state farm agent.. i don't think he will go after you for the schooling.. unless he is a jerk..good luck

 

[Norwayguy]

re: Paying Back License To State Farm

Is there a time limit on this clause of the contract? You can't be telling me if after working for this agent for 10 years you decide to get a different job he would come after you for the cost of your license.

 

[xrac]

re: Paying Back License To State Farm

You should know what classes you took. It should be easy to go on line and see what that cost unless it was something State Farm offered. The costs of the license should be easy to determine at you state department of insurance site. If you don't pay he may have a hard time collecting. He would have to take you to court and win and then collect. He would probably figure it isn't worth the effort. He might have a hard time persuading a judge.

 

[merlint]

re: Paying Back License To State Farm

yes the time clause is one year. I've been there for about 7 months. Yeah I realize he'd probably have a hard time collecting, but he's been generally really kind to be and I want to continue doing insurance so I feel it'd be the right thing to do.
It was through State Farm so I was hoping another State Farm Agent knew what they usually charge employees that quit before that 1 year time frame. If not anyone know what's the general price on P&C and Life and Health licenses in Texas. I researched that online classes range from 100-300 for each license, but if anyone could tell me what they paid for the 2 licenses it'd help me out. Mainly I'm kinda a newbie and was just looking for reassurance that I won't be paying 1000+ dollars or something ridiculous if I do decided to go to school. Thank for all the replies so far!

 

[xrac]

Re: Paying Back License To State Farm

yes the time clause is one year. I've been there for about 7 months. Yeah I realize he'd probably have a hard time collecting, but he's been generally really kind to be and I want to continue doing insurance so I feel it'd be the right thing to do.
It was through State Farm so I was hoping another State Farm Agent knew what they usually charge employees that quit before that 1 year time frame. If not anyone know what's the general price on P&C and Life and Health licenses in Texas. I researched that online classes range from 100-300 for each license, but if anyone could tell me what they paid for the 2 licenses it'd help me out. Mainly I'm kinda a newbie and was just looking for reassurance that I won't be paying 1000+ dollars or something ridiculous if I do decided to go to school. Thank for all the replies so far!

It looks like Texas chanrges $70 on eaxams and $50 for the license so here is a guess:

Class.................$300
License x 2...........100
Exam Fees x 2.......140
Total..................$540​

I would say the most would be about $600. Maybe I should go back to school and get an MBA.