FIC, FICF, and FFSC Designation Rules and Regulations
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GENERAL
The Fraternal Insurance Counselor (FIC), Fraternal Insurance Counselor Fellow (FICF), and Fraternal Financial Services Counselor (FFSC) designations are conferred by the Fraternal Field Managers’ Association on candidates who successfully complete prescribed course work and meet required qualifications. Course work for FIC and FICF designations consists of three sections for each designation. The FIC program consists of Part 1 – Basic, Part 2 – Intermediate, and Part 3 – Advanced courses. The FICF program consists of Graduate I, Graduate II, and Graduate III courses. The FFSC program consists of four sections: Parts 1 & 2 — Intermediate and Parts 3 & 4 — Advanced courses.
Qualification Requirements
FIC candidates must pass the Basic, Intermediate, and Advanced final examinations. They must also have been working for at least six consecutive months with a fraternal benefit society which is a member of the Fraternal Field Managers’ Association and the American Fraternal Alliance.
FICF candidates must have already received FIC designations. They must pass the Graduate I, II and II final examinations. They must also represent a fraternal benefit society which is a member of the Fraternal Field Managers’ Association and the American Fraternal Alliance.
The FFSC designation is intended for fraternal members that hold both an insurance and securities license. To successfully complete the FFSC program, all new candidates must meet the following qualifications:
- Hold the FIC or FICF designation.
- FIC designees can obtain the FFSC by passing any three of the four FFSC courses.
- FICF holders can obtain the designation by passing any two of the four FFSC courses.
Once conferred, the FIC, FICF, and FFSC designations can continue to be used as long as the individual continues to be affiliated or associated with a fraternal benefit society which is a member of the Fraternal Field Managers’ Association and the American Fraternal Alliance.
Qualified CLU, ChFC or CFP
If a fraternal society employs a person with a CLU, ChFC or CFP they can matriculate into the FIC program and become an FIC by completing the following parts of Kaplan’s FIC material. They will need to complete Basic Course Part A: Introduction to Life Insurance and Basic Course Part B: Ethics for the Insurance Professional. All rules and regulations apply for becoming an FIC.
FIC Course Work
Basic Course, Part A: Introduction to Life Insurance
Beginning with a discussion of the history, development, and scope of fraternalism, this course explains the fundamental of life insurance and successful selling.
Basic Course, Part B: Ethics for the Insurance Professional
This excellent ethics guide is a balanced presentation of an insurance agent’s principled relationship with his culture.
Intermediate Course: Needs Analysis
A presentation of needs-based consultative selling. Producers learn to compare clients’ financial objectives to their existing resources. This approach clarifies the necessity of additional insurance to clients.
Advanced Course: Introduction to Advanced Markets
An outline of the concepts producers must understand to move into advanced markets. This course explains how to prospect for and get the attention of business owners. It discusses succession planning, group insurance, executive bonus plans, split-dollar plans, qualified retirement plans, and more.
FICF Course Work
Graduate I: Estate Planning
This is an advanced markets course for fraternal field agents seeking the knowledge required to both successfully sell life insurance for estate protection purposes and work with other members of the estate planning team. The course covers the use of estate liquidity in connection with trusts – both as a funding medium for business agreements and as an effective combination with the estate tax marital deduction.
Graduate II: Business Insurance Concepts
The life and health insurance needs of partnerships, close corporations, sole proprietorships and corporations are discussed in this course. Also included is information on recognizing the need for business continuation and employee incentive plans.
Graduate III: Introduction To Financial Products
Intended to expand your knowledge of financial planning, this course offers an extensive overview of the many investment options available today and their roles in the changing economic picture.
FFSC Course Work
Intermediate Course: Principles of Retirement Planning
This course familiarizes agents with the retirement planning market and the retirement planning process by covering three main areas: analyzing and identifying retirement income needs and how to address those needs; health care and health insurance options; and estate and distribution planning. Topics include needs analysis, Social Security, life insurance and annuities, investment products, qualified plans and IRAs, plans for small business owners, long-term care, and wealth distribution.
Intermediate Course: Investing Retirement Assets
Numerous factors must be taken into account to formulate suitable strategies for investing retirement assets for today’s retirees. This course provides an introduction to distributions from tax qualified retirement plans, as well as an overview of principles of asset allocation that may be appropriate for a retired or retiring client.
Advanced Course: Retirement Income Strategies
Retirees need to stretch their assets for 20 to 30 years or more. Savvy distribution planning can help. Learn when to tap different asset categories and how taxable funds differ from tax-free and tax deferred funds. Manage your clients risk so they won’t outlive their resources.
Advanced Course: Financial Planning Process
Get clued into the financial planning process and the financial services industry. This course covers the basic analytic tools of the trade, income tax planning, risk management planning, retirement planning, wealth accumulation planning, estate planning, and business planning, and concludes with a look at the profession.
TIME LIMIT
Candidates for either designation must complete all course work and pass the three exams within three years of initial enrollment in their study program. No credit will be given for exams passed outside of the three-year time period. Separate three-year time periods apply to the FIC, FICF, and FFSC study programs.
COURSE WORK AND TESTING
Member societies shall conduct these courses by classroom study, group study, correspondence, or other method by which the student completes every chapter in each text.
If a course is taken on a correspondence basis through Kaplan Financial Education, the course may be eligible for state continuing education credit, if approved. (The majority of states have approved the FIC, FICF, and FFSC courses for this purpose.) A separate, state continuing education correspondence certificate fee is payable by the candidate or society to Dearborn, as a provider of state continuing education credit.
The final exams for these correspondence courses consist of multiple choice questions. Grades are reported as a percentage of correct answers. Students who answer 70% or more of the questions correctly pass the test. Those not passing a test are to re-study the course material. They may re-test after thirty days and payment of required fees.
APPLYING FOR EXAMS
The candidate must apply for each examination on the forms furnished by Kaplan Financial Education. Candidates must be recommended by a society official. The society official will forward the applications for examinations to Kaplan.
The examination questions will be sent from Kaplan to the proctor named in the application. Exams are to be conducted under the auspices of the designated proctor. Candidates have forty-five days from the date the exam is received by the proctor to return the completed exam to Kaplan. Except for substantiated medical emergencies, no refunds or exchanges will be given after exams have expired.
EXAM ADMINISTRATION RULES
The candidate shall have a private place free from distractions in which to write the exam. The candidate must not have at hand, or refer to, the study courses or any sources of reference. Exams are designed to be fair and adequate tests of a candidate’s knowledge of FIC, FICF, and FFSC course materials. The candidate must not see the test questions prior to sitting for the exam. If the exam is being taken for state CE credit, any state proctoring or other course completion rules will apply.
After an examination is completed, the proctor shall forward the exam paperwork and any other required forms to Kaplan Financial Education, certifying that the rules have been observed. Failure to observe the above rules will result in penalties for both the candidate and proctor.
FEES
The cost of each examination is to be borne by the candidate or the candidate’s society.
DIPLOMA AND PIN
Candidates who successfully complete their exams and who meet the qualification requirements will receive their FIC, FICF, and FFSC designations. Diplomas and lapel pins are sent to the successful candidate’s society.
Fraternal Professional Certificate Designation
Kaplan is also pleased to offer the Fraternal Professional Certificate. For more information, click the image below to access the e-brochure.
For more information, please email fraternals@kaplan.com or visit Kaplan website