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The Fellow, Life Management Institute (FLMI) is a 10-course training program that focuses on industry-specific education in the insurance and finance industries. The FLMI also addresses insurance and financial concepts beyond the average consumer’s knowledge threshold and provides a greater understanding of the insurance industry in general.
Here’s a glimpse at how FLMI helps professionals address insurance, regulations,  the insurance industry, and the business skills necessary to do their jobs.

FLMI: The Basics 

Established in 1932, the FLMI program is a 10-course professional development program focusing on business education as it relates to the insurance and financial industries. Further, it is the world’s largest university-level finance and insurance education program. Subsequently, it is administered by the Life Office Management Association (LOMA), an educational body and trade organization specializing in the insurance industry.

The Fellow, Life Management Institute covers several topics, including compliance and legal issues. In addition, it delves into finance and accounting, and institutional investing. Moreover, it provides insight into life insurance, management and leadership, marketing and business acquisition, operations and administration, and product design and development

The FLMI Program

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The Fellow, Life Management Institute consists of
three levels. First, Level 1 is a certification program that teaches basic information about insurance products. As a result, candidates can gain confidence in the industry and serve customers more effectively. 

Second, the Associate level (ALMI) teaches topics that are position-specific within the insurance industry. Therefore, they explain how core insurance functions work. Meanwhile, they also attempt to give candidates a better grasp of business and finance. Finally, the Fellow level (FLMI), is an advanced course in insurance and financial concepts that are essential to a career in the insurance industry. Most importantly, the five FLMI-level courses give insurance professionals and managers the business knowledge necessary to address in-depth quantitative and financial concepts.

For example, the following courses are part of the Fellow, Life Management Institute program: 

  • Principles of Insurance
  • Meeting Customer Needs with Insurance and Annuities
  • Insurance Administration
  • The Business of Insurance: Applying Financial Concepts
  • Marketing in Financial Services
  • Accounting and Financial Reporting in Life Insurance Companies
  • Risk Management and Product Design for Insurance Companies

The Fellow, Life Management Institute is available in Chinese, English, French, and Korean. Costs of the designation vary, depending on the course and corresponding exam. Members of LOMA receive discounts, with the cost of courses ranging from $150 to $433. Without a LOMA membership, courses cost between $300 and $694 apiece.

FLMI Requirements 

There are no prerequisites for the Fellow, Life Management Institute. However, students must pass an exam for each course of the 10-course professional development program. Meanwhile, for FLMI courses covering topics such as life insurance, compliance and legal issues, marketing and business acquisition, and product design and development, there are self-proctored exams integrated with course material. Proctored exams require separate textbooks for an additional charge.

Who FLMI Benefits 

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Above all, the Fellow, Life Management Institute benefits insurance professionals who choose to pursue the designation. Professionals who obtain their FLMI certificate, ALMI, or FLMI designations will gain a deeper understanding of the insurance industry. Consequently, they’ll have a better grasp of finance and can distinguish themselves to potential clients. 

Once an insurance professional obtains an FLMI designation, it can go on their website as an additional qualification. As with any financial certification or designation, it can indicate a professional’s commitment. Likewise, it can show dedication to both their continuing education and their profession. Therefore, it also can suggest that a client has a knowledgeable professional working on their behalf.

The Bottom Line

In conclusion, the Fellow, Life Management Institute (FLMI) is a 10-course training program. It focuses on industry-specific education in the context of the insurance and finance industries. 

The program is the world’s largest university-level finance and insurance education program. LOMA, one of the largest insurance trade associations, administers the exam. There are three levels of FLMI certifications. In short, each can help assure clients that they’re getting sound advice on their finances and insurance.

Insurance Tips

  • If aren’t sure how insurance fits into your financial plans, a financial advisor may be able to help. Finding the right financial advisor that fits your needs doesn’t have to be hard. SmartAsset’s free tool matches you with financial advisors in your area in five minutes. If you’re ready to be matched with local advisors that will help you achieve your financial goals, get started now.
  • How much life insurance do you need? That answer varies by person and circumstance, which is why SmartAsset put together a life insurance guide to help you figure it out. Calculate premiums, get quotes, and read up on all available life insurance options.
  • Need long-term care insurance or other health insurance? Want to know how much your insurance deductible will be? SmartAsset’s insurance coverage spells out the private and government options available and how to navigate them.

Photo credit: ©iStock.com/Cecilie_Arcurs, ©iStock.com/skynesher, ©iStock.com/kate_sept2004

Rachel Cautero Rachel Cautero writes on all things personal finance, from retirement savings tips to monetary policy, even how young families can best manage the financial challenges of having children. Her work has appeared in The Atlantic, Forbes, The Balance, LearnVest, SmartAsset, HerMoney, DailyWorth, The New York Observer, MarketWatch, Lifewire, The Local: East Village, a New York Times publication and The New York Daily News. Rachel was an Experian #CreditChat panelist and has appeared on Cheddar Life and NPR’s On Point Radio with Meghna Chakrabarti. She has a bachelor’s degree from Wittenberg University and a master's in journalism from New York University. Her coworkers include her one-year-old son and a very needy French bulldog.
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