LIFE AND ANNUITY
CERTIFIED PROFESSIONAL
(LACP) PROGRAM

To become an LACP, practitioners will meet the eligibility criteria and successfully complete the LACP examination.

LACP Exam Eligibility Criteria

Individuals become eligible for the certification examination by satisfying the following eligibility criteria.

1. Licensure as a life insurance agent in the jurisdiction(s) of practice
2. Attestation of compliance with the NAIFA Code of Ethics
3. Three (3) years (equivalent to 6,000 hours) of full-time experience as an active life insurance agent. Full-time employment is generally equated to 2,000 hours of work annually. Agents who have worked part-time may achieve eligibility by completing 6,000 hours of work over more than three (3) years.
4. Bachelor’s or higher degree granted by a college or university that is accredited by an entity approved by the United States Department of Education, or the equivalent

Or
Industry designation (CLU, CFP, ChFC, FIC, FLMI, FSCP, LUTCF)
Or
Two (2) years (equivalent to 4,000 hours) of additional experience for a total of five (5) years (equivalent to 10,000 hours) of experience as an active life insurance agent

In addition to completing the above requirements, the successful candidate must:

Achieve a passing score on the examination.

Applicants who submit their application before they have fully satisfied these requirements will be determined ineligible. Applicants who are found to be ineligible will have one (1) year from the date the determination of ineligibility was communicated to the applicant to submit evidence that all requirements have been satisfied. Applicants who cannot or do not satisfy the shortcomings of their applications within this time will be required to submit an entirely new application that will be evaluated against the then-current eligibility requirements.

No applicant with a felony conviction related to any matter that pertains to the scope of services of a Life and Annuity Certified Professional may be deemed eligible for certification.

Exam Schedule and Registration

The proctored exams are administered by Meazure through a network of test centers throughout the world. Test centers, which are subject to change, are listed here.

Test Center Candidate Services | Meazure Learning

Cancellation/Rescheduling Request

No later than 4 business days prior to testing appointment

Candidate eligibility will be valid for 366 days. If a candidate does not take the examination for which he or she applied or does not successfully complete the examination within the eligibility period, the application will be closed, all fees will be forfeited, and the candidate must submit a new application with the full fee.

Examination results will be available approximately four to six (4-6) weeks after completing the examination. Examination scores will be available through the online candidate system and will not be released by telephone or email. When results are available, the candidate will receive an email with instructions on logging into the online system and accessing his/her score report. Results will be released to the candidate only. Results will not be released to a third party. In the case of an eligibility audit, examination scores will be held until the audit is complete.

Individuals who do not pass the examination may retest. Candidates may not take the examination more than two (2) times in any 12-month period.

Exam Fees

Application and examination fees are $500 for NAIFA members, $700 for Non-NAIFA Members, and $500 for non-U.S. candidates.

Other fees include:

Re-examination Fee: $300, if retaking the exam within the 366-day eligibility period. Candidates will be allowed no more than one (1) re-testing attempt per eligibility period. If the candidate has not successfully passed the exam within 366 days, he or she must reapply and pay the full application and examination fees again.

Reschedule/Cancellation Fee – $50

If a candidate schedules a testing appointment and wishes to reschedule the testing appointment, he or she can pay a scheduling fee to cancel the current testing appointment and schedule a new appointment as long as the request is made at least four (4) business days prior to the original appointment date. If a candidate schedules a testing appointment and wishes to cancel the testing appointment, he or she may do so as long as the request is made at least four (4) business days prior to the appointment date and the cancellation fee is paid. Candidates whose applications remain eligible (366 days from the application submission) will receive a Notice to Schedule (NTS) email. The $50 rescheduling fee must be paid before scheduling a new testing appointment

How Can I Prepare for the LACP Exam?

NAIFA offers several materials to help you prepare for the LACP exam. Each of these products was prepared by experienced subject matter experts guided by the LACP Exam Content Outline.

The LACP Exam Prep Course is a self-paced, web-based training course created to help you review essential information from all three subject domains covered in the exam. NAIFA members can save $100 on the LACP Exam Prep Course. In order to receive the member discount, you must first log in as a NAIFA member at the Member Login page. Once logged in, go to the online portal to purchase your course. You will automatically receive the $100 discount. If you are not a NAIFA member, go directly to the online portal to purchase your course.

The LACP Study Guide provides an overview of the three subject domains covered in the exam: Insurance and annuity product knowledge; the consultative sales process; and ethical, legal and regulatory requirements for insurance and annuity sales. The Study Guide is available for purchase as an electronic document.

In developing its recertification requirements, NAIFA serves its stakeholders with the goal that LACPs demonstrate continuing competence by maintaining the level of knowledge that the certification implies throughout the time the certification is valid. Recertification is defined as the process by which LACPs address their need to learn about new and emerging trends in the life insurance and annuity industry and document continuing education activity. Recertification helps to ensure that LACPs are informed about new insurance and annuity products, the changing needs of the public, and updates in regulations. The recertification program applies to all LACPs.

Recertification is required every three (3) years. Within the three-year period, certificants must document no less than 30 hours of continued education comprised of 10 CEUs within each of the three domains encompassed by the certification: life insurance and annuities product knowledge; consultative sales process; and ethical, legal and regulatory requirements from providers approved by NAIFA (see list below), or they must take and pass the certification examination. There is no grace period. Certificants whose certification expires must submit an application that satisfies the then-current requirements and pass the certification examination.

In addition to maintaining industry licensure, certificants must also attest to working 500 or more hours per year in a practice that incorporates regular use of life insurance and annuities.

Candidates must complete and submit their recertification applications no later than 30 days prior to their certification expiration date and no earlier than 12 months prior to their certification expiration date. If the application is not completed within 180 days of opening, the application will be closed. Application processing fees are nonrefundable. The fee for recertification is $300.

Applicable courses that address topics in the following three domains: life insurance and annuities product knowledge; consultative sales process; and ethical, legal, and regulatory requirements will be accepted from the following approved LACP continuing education providers:

• Courses approved by State departments of insurance
• Training provided by insurance companies / broker dealers
• Programs offered by NAIFA National, State and Local organizations (i.e., NAIFA conferences and webinars, NAIFA Live)
• NAIFA ClientCast Programs
• NAIFA Learning Center Programs

NAIFA Life and Annuity Certified Professionals (LACP) are agents and advisors with knowledge and experience beyond the requirements for industry licensure. Certification exemplifies excellence in the following areas:

• Product Knowledge
• Ethical, Legal & Regulatory
• Consultative Sales Process

Product Knowledge

Professionals who wish to become a LACP must possess a depth of knowledge in order to deliver thorough and competent advice to clients seeking financial services and solutions in life insurance and annuities.

Consultative Sales Process

LACP holders are agents and advisors who have developed an effective consultative selling approach by applying the skills, techniques and best practices to the sales process. They establish trust and rapport with clients using appropriate communications strategies while employing a fact-finding process to understand a client’s situation, including goals, needs, tolerance for risk, and perceptions about their circumstances. They present solutions and Initiate execution of the plan as agreed upon by clients using appropriate resources, applications, and follow up to ensure the solution is implemented.

Ethical, Legal and Regulatory Requirements

LACP holders agree to adhere to a high standard of ethics in accordance with prevailing standards to protect client interests. They monitor industry legislative and regulatory changes to ensure compliance, and they observe good business practices in accordance with the law and professional expectations to safeguard client interests.

Prepare for the LACP Exam

The LACP Study Guide provides an overview of the three subject domains covered in the exam: Insurance and annuity product knowledge; the consultative sales process; and ethical, legal and regulatory requirements for insurance and annuity sales. The Study Guide is available for purchase as an electronic document.

1. What is the LACP certification?

NAIFA developed the Life and Annuity Certified Professional (LACP) certification for advisors who wish to demonstrate knowledge and experience beyond the requirements for industry licensure. A NAIFA LACP assesses client needs and implements solutions in accordance with the highest ethical standards, ensuring that client needs are met on an ongoing basis.

Certification is a means for qualified individuals to indicate to customers, employers, co-workers, insurance companies, and other stakeholders that they have met the standards of an impartial, recognized organization. Certification provides assurance to stakeholders that persons certified have met objective standards of knowledge and experience.

2. What is the LACP Certification Exam?

The LACP Certification Exam is a proctored exam administered at conveniently located testing centers around the world. The exam includes 150 multiple-choice questions. Exam development is based on psychometrically validated procedures and testing industry standards. NAIFA and Meazure Learning, our professional certification development strategic partner, ensure that the LACP Certification Examination is valid, reliable, statistically sound, and legally defensible. NAIFA has a study guide available to purchase to aid in your exam preparation.

The LACP Certification examination is developed and built around three content areas Product Knowledge, Ethical, Legal & Regulatory and Consultative Sales Process. Download LACP Exam Content Outline

3. How long does the LACP exam last?

The scheduled test duration time is three (3) hours. During the examination, candidates will have the opportunity to review questions, change answers, mark questions to return to, or skip questions. Should a candidate’s time expire while taking the exam, all answers, regardless of how they are marked, will be calculated into the score. Once the allotted time has expired, or the candidate exits the examination, questions cannot be seen or reviewed again.

4. How is the exam scored?

The exam is based on a scaled score. The raw score is converted through a statistical formula, revealing a scaled score. As such, we cannot indicate an exact number or percentage of questions that needs to be answered correctly to pass the exam. Because there is no penalty for incorrect answers, it is recommended that candidates try to answer each question to the best of their ability.

5. What are the eligibility requirements to sit for the exam?

To be eligible to sit for the examination, all candidates must demonstrate the following qualifications:

• Licensure as a life insurance agent in the jurisdiction(s) of practice
• Attestation of compliance with the NAIFA Code of Ethics
• Three (3) years (equivalent to 6,000 hours) of full-time experience as an active life insurance agent. Full-time employment is generally equated to 2,000 hours of work annually. Agents who have worked part-time may achieve eligibility by completing 6,000 hours of work over more than three (3) years.
• Bachelor’s or higher degree granted by a college or university that is accredited by an entity approved by the United States Department of Education, or the equivalent
  Or
  Industry designation (CLU, CFP, ChFC, FIC, FLMI, FSCP, LUTCF, others may be approved as needed)
  Or
  Two (2) years (equivalent to 4,000 hours) of additional experience for a total of five (5) years (equivalent to 10,000 hours) of experience as an active life insurance agent In addition to completing the above requirements, the successful candidate must: Achieve a passing score on the examination.

6. What are the fees for the application and the exam?

Application and examination fees are $500 for NAIFA members, $700 for Non-NAIFA Members, and $500 for non-U.S. candidates.

Other fees include:

Re-examination Fee: $300, if retaking the exam within the 366-day eligibility period. Candidates will be allowed no more than one (1) re-testing attempt per eligibility period. If the candidate has not successfully passed the exam within 366 days, he or she must reapply and pay the full application and examination fees again.

Reschedule/Cancellation Fee – $50:

If a candidate schedules a testing appointment and wishes to reschedule the testing appointment, he or she can pay a scheduling fee to cancel the current testing appointment and schedule a new appointment as long as the request is made at least four (4) business days prior to the original appointment date. If a candidate schedules a testing appointment and wishes to cancel the testing appointment, he or she may do so as long as the request is made at least four (4) business days prior to the appointment date and the cancellation fee is paid. Candidates whose applications remain eligible (366 days from the application submission) will receive a Notice to Schedule (NTS) email. The $50 rescheduling fee must be paid before scheduling a new testing appointment.

If the cancellation or rescheduling request is made fewer than four (4) business days in advance of the testing appointment, the candidate will be considered a no-show and the full testing fee will apply.

All fees must be paid in U.S. funds to Meazure Learning by Visa or Mastercard.

7. Where is the LACP administered?

The proctored exams are administered by Meazure through a network test centers throughout the world. Test centers, which are subject to change, are listed here.

8. When will the exam results be available?

Examination results will be available approximately four to six (4-6) weeks after the examination. Examination scores will be available through the online candidate system and will not be released by telephone or email. When results are available, the candidate will receive an email with instructions on logging into the online system and accessing his/her score report. Results will be released to the candidate only. Results will not be released to a third party. In the case of an eligibility audit, examination scores will be held until the audit is complete.

9. Is there an opportunity to take the exam again if I do not pass at my first attempt?

Individuals who do not pass the examination may retest. Candidates may not take the examination more than two (2) times in any 12-month period.

10. What about recertification?

Recertification is required every three years. The recertification fee is $300. Within the three-year period, certificants may document no less than 30 hours of continued education from providers approved by the LACP Certification Commission, or they must take and pass the certification exam. Certificants whose certification expires must submit an application that satisfies the then-current requirements and pass the certification exam. Certificants must also attest to working 500 or more hours per year in a practice that incorporates regular use of life insurance and annuities in addition to maintaining industry licensure. For more information and to access the recertification application visit the recertification section of the NAIFA website: LACP-Recertification

11. Describe the differences between NAIFA’s designation and certification programs.

While some may use the terms “designation” and “certification” interchangeably, NAIFA’s LUTCF® designation and LACP certification are two different pathways to success.

To obtain the LACP certification, practitioners must meet the eligibility criteria for experience, education and commitment to ethical conduct and successfully complete the LACP examination.

To obtain the LUTCF Designation, professionals must complete required coursework and fulfill specific requirements

NAIFA’s LUTCF® designation program – often considered the first designation any insurance professional should earn – has delivered value to more than 70,000 professionals since 1984. The NAIFA LACP certification is the logical “next step” for those who wish to demonstrate their knowledge and expertise beyond the requirements of industry licensure.

12. How can I prepare for the LACP exam?

NAIFA offers several materials to help you prepare for the LACP exam. Each of these products was prepared by experienced subject matter experts guided by the LACP Exam Content Outline.

The LACP Exam Prep Course is a self-paced, web-based training course created to help you review essential information from all three subject domains covered in the exam. NAIFA members can save $100 on the LACP Exam Prep Course. In order to receive the member discount, you must first log in as a NAIFA member at the Member Login page. Once logged in, go to Exam Prep Course to purchase your course. You will automatically receive the $100 discount. If you are not a NAIFA member, go directly to Exam Prep Course to purchase the course.

The LACP Study Guide provides an overview of the three subject domains covered in the exam: Insurance and annuity product knowledge; the consultative sales process; and ethical, legal and regulatory requirements for insurance and annuity sales. The Study Guide is available for purchase as an electronic document.