LACP Product Knowledge Outline

A. Life Insurance
  1. Permanent
    • Whole Life (e.g., participating, non-participating, single premium, limited pay)
    • Universal Life
    • Variable Life
    • Variable Universal Life
    • Index Universal Life
    • Modified Benefit Life (Guaranteed Issue/Senior Life Plans)
    • Pre-Need Burial Insurance
    • Debit/Industrial Life Insurance
    • Joint Life Insurance (first/last to die)
    • Group Life Insurance
    • Family Policy
    • Life/Long-Term Care Hybrid
  2. Term
    • Level
    • Annual Renewable
    • Convertible
    • Group
    • Return of Premium
    • Accidental Life Insurance
    • Credit Life Insurance
B. Annuities

1. Immediate Type
  • Fixed
  • Fixed Equity Indexed
  • Variable
  • Settlement Options
  • Single/Joint Life
  • Period Certain
  • Life Certain
  • Installment Refund
  • Medically Underwritten
  2. Deferred Type
  • Fixed
  • Fixed Equity Indexed
  • Variable
  • Longevity/Defined Income Annuity
  • Settlement Options
  • Single/Joint Life
  • Period Certain
  • Life Certain
  • Installment Refund
C. Annuity/Long-Term Care Hybrid

D. Riders

1. Life
  • Term
  • Spouse/Other Insured
  • Child
  • Accidental Death & Dismemberment/Double Indemnity
  • Return of Premium
  • Accelerated Benefit
  • Waiver of Premium or Charges
  • Disability Income
  • Guaranteed Insurability
  • Conversion Options
  • Critical Illness
  • Long Term Care
  • Paid-Up Additions

2. Annuity
  • Withdrawal/Income Benefits
    • Guaranteed Minimum Income Benefit
    • Guaranteed Minimum Withdrawal Benefit
    • Guaranteed Lifetime Withdrawal Benefit
  • Long Term Care
  • Cost of Living/Inflation-Adjusted
  • Disability, Unemployment & Terminal Illness
  • Death Benefit (e.g., enhanced, stepped up)
  • Impaired Risk
  • Cash/Installment Refund
E. General Policy Provisions
  • Company Ratings
  • Participating/Non-Participating
  • Underwriting Classifications
  • Replacements
  • Modified Endowment
  • Parties to Contracts
    • Ownership
    • Annuitant
    • Beneficiaries
  • Elements of Contracts
    • Policy Loans
    • Mortality Costs
    • Fees and Expenses
    • Accumulation Values
    •  
C. Concepts and Uses:

1. Life insurance Individual
  • Income replacement
  • Estate planning
  • Legacy planning
  • Debt reduction
  • Children’s insurance
  • Education funding
  • Pension maximization
  • Premium financing
  • Business market
    • Succession planning
    • Debt reduction
    • Key person
    • Buy Sell
    • P.S.-58 Rates
    • Retirement plans
      • Defined benefit
      • Deferred compensation
        • Executive bonus
Annuities
  • Qualified and Non-qualified Tax Status
  • Accumulation and Distribution Phases
  • IRC 72(t), IRC 72(q)