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LCIC Overview
LCIC Course Requirements and Descriptions
Other
courses in Spanish
For more information
Overview
LOMA announces the February 1,
2007 launch of a unique program for agents, brokers and sales managers in
Latin America: the LOMA Certified Insurance Consultant (LCIC). The LCIC program meets the
needs of agents and brokers who are seeking to position themselves as experts in
the life and health insurance sales industry.
The LCIC program delivers knowledge starting with basic sales skills, and moves
towards more complex content such as ethics and the sales cycle, and concludes
with the development of a strategic plan for the student to excel in a
competitive and demanding environment. All of the LCIC courses are available in
Spanish, and can be customized to complement the company’s specific needs.
The LCIC program is available in both English and
Spanish to fulfill the needs of our members. However, each student must
pass at least one of the PFSL courses (PFSL 280, PFSL 100, or PFSL 320) in
Spanish. Click
here to download the LCIC Brochure (in Spanish).
LCIC
Course Requirements
and Descriptions
The LCIC Program consists of 10 online
courses and 3 college-level textbook courses with online examinations. Upon
successful completion of the 10 online courses, students will receive a
certificate of completion. By successfully completing the 10 online courses and
passing the 3 online examinations based on the textbook material, students will
be awarded the LOMA Certified Insurance Consultant (LCIC) designation and will
receive a diploma.
Overview
of Life Insurance Products
This course defines life insurance terms and describes the characteristics and
features of term, cash value, and endowment insurance. The course introduces a
variety of term life insurance products including level term, increasing term,
and several types of decreasing term life insurance. The course then describes
cash value products, including types of whole life insurance policies. It also
highlights newer cash value products, such as universal and variable life
insurance.
Number of Lessons: 2 (Estimated time to complete:
2 hours)
Overview
of Annuity Products
This course describes the characteristics of the various types of annuity
products, including:
*Fixed and variable
annuities
*Deferred and
immediate annuities
*Individual and group annuities
*Qualified and nonqualified annuities
The course also describes the key participants in
an annuity contract and identifies their rights and responsibilities under the
contract.
Number of Lessons: 1 (Estimated time to complete:
1 hour)
LOMA 280/ PFSL 280: Principles of Insurance: Life, Health and Annuities
Introduces the principles of insurance, the process of becoming insured, and the
policyowner's contractual rights. The course includes information on the
features of individual and group life insurance, health insurance and annuity
products.
Individual Life Insurance Underwriting
Insurance underwriting is the process of assessing and classifying the degree of
risk represented by a proposed insured and making a decision to accept or
decline that risk. This course discusses fundamental individual life insurance
underwriting principles and practices, including:
*The general risk
classes to which underwriters assign proposed insureds
*The medical, personal, and financial risk factors that
underwriters evaluate for individual proposed insureds
*The activities involved in field underwriting and in
home office underwriting
*The sources that underwriters use to obtain medical,
personal and financial information about a proposed insured
*The tools that underwriters use to make an
underwriting decision
*The choices an underwriter has when it comes to
deciding whether to cover a risk
Number of Lessons: 2 (Estimated time to complete:
2 hours)
Reinsurance Overview
Each year, billions of dollars of insurance business is reinsured, enhancing the
financial stability of the insurance industry and allowing insurers to offer
products that consumers want and need. Reinsurance Overview is an online course
designed to provide an introduction to the fundamentals of reinsurance
activities in the insurance industry. Key topics discussed in this course
include:
*The advantages and
disadvantages associated with using reinsurance
*The parties to a reinsurance contract
*The risk transfer process among direct writers,
reinsurers and retrocessionaires
*The distinguishing characteristics of automatic,
facultative, and facultative-obligatory (fac-ob) insurance
*The differences between non-proportional and
proportional reinsurance.
Number of Lessons: 1 (Estimated time to complete:
1 hour)
ACS 100/ PFSL 100: Foundations
of Customer Service
Provides a comprehensive introduction to customer service in a financial
services environment. The course explores the knowledge and skills employees
need to understand and deliver exceptional customer service.
Distributing Insurance Through Agents
Most life insurance is distributed through insurance agents, also referred to as
producers. In this course, you will learn about many aspects of agent-based
distribution, including:
*The way insurance
companies recruit, select, and train producers
*Licensing requirements for producers
*Characteristics of the various agent-based
distribution systems
*The authority granted to a producer to act on behalf
of an insurance company
*The way producers are compensated
Number of Lessons: 1 (Estimated time to complete:
1 hour)
Insurance Sales Process
Describes in detail all of the stages of the personal selling life insurance
sales process. The stages include prospecting for new clients, identifying
prospect's needs, developing appropriate proposals based on those needs, making
the sales presentation, closing the sale, and implementing the proposal.
Number of Lessons: 1 (Estimated time to complete:
1 hour)
Sales
Training for Insurance Producers
Helps train agents to succeed in life insurance sales. The course provides
strategies and tips for success in all facets of the life insurance sales
process, including locating clients, conducting needs analysis, identifying the
right prospects for each client, presenting proposals, and closing the
sale.
Number of Lessons: 5 (Estimated time to complete:
5 hours)
Ethical
Conduct in the Insurance Industry
This course focuses on the responsibility of insurance companies and their
producers to act ethically and to make appropriate ethical decisions in
conducting insurance business. It provides an overview of the licensing
requirements insurers and producers must satisfy in order to conduct insurance
business, and it describes the agency relationship that exists between insurers
and their producers. The course also describes the requirements that must be met
in the course of conducting insurance business, various prohibited sales
practices, and the costs of acting unethically. It explains the advantages of
establishing a corporate ethics office and the importance of corporate
compliance activities.
Number of Lessons: 1 (Estimated time to complete:
1 hour)
Introduction to Needs Selling
This course provides a basic overview of the types of assets a customer may have
- keeping in mind the problems that may arise due to the assets' forms of
ownership and how the assets are distributed at death - so as to encourage the
customer to purchase insurance and to advise the customer as to which insurance
product is best for him.
Number of Lessons: 3 (Estimated time to complete:
3 hours)
Replacement of Life Policies and Annuities
This course provides insights on how insurance policy replacements are
regulated. It distinguishes between transactions that qualify and do not qualify
as replacements. It also describes the insurers' and the producers' duties
imposed by the state and federal regulatory requirements when dealing with
replacements. Underwriting and processing of replacements are also examined.
This course identifies transactions that qualify as Section 1035 exchanges and
explains the advantages of such exchanges.
Number of Lessons: 1 (Estimated time to complete:
1 hour)
PFSL
320/ LOMA 320: Life and Health Insurance Marketing
Covers marketing principles and the functions of marketing as an integral aspect
of the life and health insurance industry.
Other
courses in Spanish
Programa
de Formación en Seguros de LOMA (PFSL)
Comprehensive program that provides students with the
knowledge, self-confidence and professional skills needed to succeed in
today’s competitive environment. The PFSL includes some courses that are
equivalent to the FLMI.
UND 386: Selección de
Riesgos en el Seguro de Vida y Salud
Underwriting Life and Health Insurance
StepOne:
Introducción al Seguro de Vida y Salud
Introduction to Life and Health Insurance
Glosario de Términos
de Seguros de LOMA
LOMA's Glossary of Insurance Terms
For
more information:
For more information about how to get started with the LCIC program, contact:
LOMA's International Division
Phone: 770-984-3730
Fax: 770-984-6420
intl@loma.org
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