FLMI study guide
FLMI · Work through your exam, one topic at a time.
The Fellow, Life Management Institute (FLMI) is a professional designation awarded by LOMA, the insurance education and trade association that operates alongside LIMRA as part of LL Global. LOMA describes the FLMI as part of its Professional Growth track, positioned above entry-level credentials such as the FLMI Level 1 Certificate in Insurance Fundamentals. The designation is aimed at insurance-industry employees who want a broad, business-wide grounding rather than a single specialized skill: underwriters, claims and policy administration staff, customer service and operations professionals, compliance and audit personnel, and the managers and analysts who support them. LOMA reports that more than 110,000 people worldwide hold the FLMI designation, and it congratulates each new class of designees annually. The FLMI study guide has 4 sections and about 1,200 words.
01Insurance Principles and the Business Environment
Insurance transfers and pools pure risk-loss or no loss-rather than speculative risk, which offers gain or loss. An insurable risk generally requires many similar exposure units, accidental and measurable loss, calculable probability, an economically feasible premium, and no severe catastrophic correlation.
309 words, about 2 min02Life and Health Insurance Products
Term insurance provides death protection for a stated period and builds no cash value. Whole life is permanent, level-premium coverage with guaranteed cash value and nonforfeiture options.
332 words, about 2 min03Insurance Company Operations and Administration
The application, producer report, exams, and attending physician statements feed underwriting. Underwriters classify risks as preferred, standard, substandard, or declined, and apply retention limits.
269 words, about 1 min04Regulation, Ethics, and Financial Management
insurance is regulated primarily by states under the McCarran-Ferguson Act, which leaves insurance to the states while preserving federal antitrust reach where state law does not regulate. The NAIC drafts model laws and coordinates accreditation but has no legislative authority.
290 words, about 1 min