FLMI study plan

Define risk, peril, hazard, and loss exposure, and classify pure versus speculative risk using three original examples of each

Explain indemnity, insurable interest, utmost good faith, and subrogation, and state which party each principle protects

Diagram the life and health insurance value chain from product design through underwriting, issue, administration, and claims, labeling where value is created and where cost is incurred

Distinguish stock insurers, mutual insurers, fraternal benefit societies, and reinsurers by ownership, source of capital, and relationship to policyowners

Explain how mortality tables, morbidity tables, interest assumptions, and expense loading combine to produce a gross premium, and work a two-year net premium example by hand

Compare term, whole life, universal life, and variable life on premium flexibility, cash value accumulation, and who bears investment risk

Identify the need each of the four product families satisfies (death benefit, savings, retirement income, living-benefit protection) and justify a recommendation for three hypothetical buyers

Describe the roles of the field underwriter, the home-office underwriter, and the actuary in linking a customer need to a priced contract

Contrast individual medical expense coverage structures, including indemnity plans, managed care arrangements, deductibles, coinsurance, and out-of-pocket maximums

Distinguish own-occupation from any-occupation definitions of disability and explain how elimination periods and benefit periods change the premium and the payout

Separate the accumulation phase from the payout phase of annuities, and classify immediate versus deferred and fixed versus variable designs

Explain how long-term care and critical illness products define a covered event and how benefit triggers differ from those used in disability income

Sequence the new-business process from application completion through underwriting classification, policy issue, delivery, and the free-look period, stating the purpose of each step

Evaluate the information sources an underwriter may use, including the application, attending physician statements, paramedical exams, and inspection reports, and explain what each source is used to verify

Explain grace periods, reinstatement, policy loans, dividend options, and nonforfeiture options, and identify the policyowner consequence of each

Describe how the MIB and state-based consumer reporting rules constrain what underwriting information may be collected and shared

List the documents and verifications required to pay a death claim and explain how contestability, suicide, and misstatement-of-age provisions change the payable amount

Trace a claim from first notice of loss through claim review, benefit determination, and payment, identifying the control point at each stage

Explain yearly renewable term reinsurance and calculate how a stated retention limit determines the reinsured amount on a large policy

Distinguish the administrative functions of premium accounting, policy records management, correspondence control, and customer service reporting

Explain the state-based regulatory framework, the role of the NAIC model laws, and how guaranty associations protect policyowners in an insolvency

Differentiate express, implied, and apparent authority, and describe the fiduciary and recordkeeping duties an agent owes a client and an insurer

Read a simplified insurer balance sheet and identify admitted assets, policy reserves, and capital and surplus, explaining why reserves are liabilities rather than funds set aside

Explain what risk-based capital ratios and IRIS tests are designed to detect and how regulators use them

Define twisting, churning, rebating, misrepresentation, and commingling, and match each to the ethical duty or legal prohibition it violates

Compare the state and federal roles in insurance oversight, including the McCarran-Ferguson Act and the practical limits of federal involvement

Explain the federal tax treatment of premiums, death proceeds, cash-value inside buildup, and distributions from a modified endowment contract

Apply a four-step ethical decision framework to two original field scenarios involving replacement and suitability, and justify the recommended action

Complete a timed 100-question mixed-domain mock exam under exam conditions and record the score by domain

Analyze every missed item to identify the underlying concept gap rather than the surface wording, and rank gaps by frequency

Re-teach the three weakest concepts aloud or in writing as if explaining them to a new hire, then re-test those areas

Rehearse exam-day logistics, including pacing per question and a plan for flagging and returning to hard items