Summary of Major Activities
The primary focus for the NAIFA Certification Commission in 2018 was establishing the cut score for the first form of the Life and Annuity Certified Professional (LACP) examination that was offered during the January 2018 test window. Another major focus during the year was the equating of the second form to the first following the July testing window. Results of that determination are reflected in the Summary of Certification Activity for 2018 below.
In addition, the Commission participated in the process to apply for accreditation for the LACP certification program through the National Commission for Certifying Agencies (NCCA) for the August 31, 2018 application deadline period.
Summary of Certification Activity for 2018
The score that candidates for certification must achieve to pass the LACP examination was determined for the base form of the test using the Modified Angoff Technique, the most widely used and thoroughly researched method for setting criterion-referenced passing standards. Using this procedure, a group of subject matter experts evaluated the percentage of minimally proficient candidates who will answer each question correctly. The recommendation based on this analysis then was presented to the NAIFA Certification Commission, which set the score. When new versions of the test are used, statistical equating procedures that are widely accepted in certification testing are employed to maintain consistency in the difficulty of each new form.
Equated Summary Statistics for LACP Form 1 and Form 3
|Form 1||Form 3||Form 1||Form 3|
|Examination ID||10187||10187||Form ID||1||3|
|Number of Candidates||72||72||Scored Question Count||125||125|
|Candidates Analyzed||72||72||Cut Score||98||98|
|Candidates Passing||58||59||Passing Percentage||80.6||81.9|
|Candidates Failed||14||13||Failing Percentage||19.4||18.1|
|Mean Score||103.2||103.2||Low Score||78||60|
|Standard Deviation||8.7||8.1||High Score||122||117|
|KR-20||0.82||0.86||Average Item Difficulty||0.82||0.80|
|Decision Consistency||0.77||0.83||Average Discrimination||0.16||0.19|
|Conditional Standard Error||3.8||3.3||Std Error Measurement||3.68||3.98|
As of August 1, 2018, there are 409 Life and Annuity Certified Professional (LACP) certificants*.
* Note: Of the 409 LACP certificants, 292 attained the certification through a non-exam alternate pathway by satisfying specific eligibility criteria. This option was offered for a limited time-period, June 4-September 30, 2017, and has permanently expired.