LOMA 291 study guide
LOMA 291 · Work through your exam, one topic at a time.
LOMA 291 is the exam most candidates meet at the start of the FLMI journey: LOMA's site lists "FLMI Level 1 Certificate in Insurance Fundamentals" among its Essential Knowledge offerings, and the Level 1 credential is the entry point to the broader Fellow, Life Management Institute (FLMI) designation path. It suits new hires in insurance operations, claims, underwriting support, customer service and distribution who need a working vocabulary of the business before specializing, and it is also used by career-changers entering life insurance and related financial services. The LOMA 291 study guide has 5 sections and about 1,652 words.
01Insurance Fundamentals
LOMA 291 tests whether you can explain how insurers make risk transfer work economically and legally: pooling, insurable interest, underwriting selection, and the pricing logic beneath every product. Risk, peril, hazard.
352 words, about 2 min02Life Insurance Products
This domain tests product mechanics and cost structure well enough to compare products for a client: term, whole life, universal life, variable life, and annuities. Death benefit only, no cash value; level, decreasing, or increasing; renewable and convertible.
373 words, about 2 min03Life Insurance Company Operations
Operations questions test how underwriting, claims, actuarial, reinsurance, finance, and technology fit together, and where a handoff or assumption can create a loss. Classify risk using the application, paramedical exam, attending physician statement, MIB codes, prescription databases, motor vehicle records, and financial underwriting.
309 words, about 2 min04Insurance Regulation and Compliance
This domain tests the state-based regulatory architecture, solvency monitoring, market conduct rules, and the compliance duties that sit on producers and insurers. McCarran-Ferguson Act (1945).
340 words, about 2 min05Financial Services and Customer Experience
This domain tests distribution channels, advice standards, service operations, and the measurement tools used to judge whether the customer journey actually works. Career agents, independent producers and IMOs, banks, broker-dealers, worksite marketing, and direct-to-consumer digital channels.
278 words, about 1 min