When exposing molecules to resonant laser light, a new feature emerges. This feature is a conical intersection induced by the light, which cannot be avoided even in the case of diatomic molecules. The angle θ between the laser polarization and the molecular axis becomes the missing dynamical variable that, together with the stretching coordinate, establish the space in which the induced conical intersection (called the "light-induced conical intersection", LICI) can exist. In contrast to natural CIs, which are ubiquitous in polyatomic systems and hard to manipulate, the light-induced conical intersections can easily be steered. Their positions can be controlled by the laser frequency, while the laser intensity determines the strength of the nonadiabatic coupling. The presence of a LICI in a molecular system provides a source for numerous static and dynamic nonadiabatic phenomena. Among others the LICI has a strong impact on the spectroscopic and dynamical properties of diatomic molecules. Motivated by recent theoretical works, several subjects are reviewed and analyzed showing that the LICI in diatomics gives rise to a variety of nonadiabatic phenomena.