Certification Archives - Insurance BlogX Insurance Tips Sat, 27 Jul 2024 19:01:13 +0000 en-US hourly 1 https://wordpress.org/?v=6.6.1 https://insuranceblogx.com/wp-content/uploads/2024/04/cropped-insurance-blogx-high-resolution-logo-32x32.png Certification Archives - Insurance BlogX 32 32 What Are The Benefits Of Getting A LOMA Insurance Exam Certification? https://insuranceblogx.com/benefits-of-getting-a-loma-insurance-exam-certification/ https://insuranceblogx.com/benefits-of-getting-a-loma-insurance-exam-certification/#respond Wed, 10 Jan 2024 22:13:52 +0000 https://insuranceblogx.com/2024/01/10/benefits-of-getting-a-loma-insurance-exam-certification/ The major benefit of being LOMA certified is that it gives you an edge over your peers. Firstly, because LOMA is a well-respected body in ... Read more

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The major benefit of being LOMA certified is that it gives you an edge over your peers. Firstly, because LOMA is a well-respected body in the insurance industry, it boosts your credibility as an insurance agent/broker. Secondly, it positions you better in the job market as a person with an in-depth understanding of the industry. Lastly, LOMA courses count towards the continuing education requirement needed to maintain your insurance license.

LOMA is an abbreviation for Life Office Management Association. The organizations offer employee training and development programs that have become critical in American insurance companies and in over seventy countries worldwide.

To become a member of the institute, you are required to complete a series of examinations that cut across insurance, marketing, accounting, law, etc.

The examination has gained a lot of traction because of the benefits associated with being LOMA certified. The first benefit is that it makes you stand out.

You and thousands of others may have taken the state examination to become a licensed insurance agent, so why should you be given a chance and not them?

Taking the LOMA certification exam portrays you as someone who is willing to take the extra step needed to create additional value for yourself and whatever organization you become a part of.

Experienced insurance agents can also take LOMA courses to count towards the continuing education requirement needed to maintain their license.

In a nutshell, the LOMA examination is made of three levels – Level 1, Associate Level, and the Fellow Level.

In Level 1, candidates get to learn basic insurance concepts and gain more confidence in what the industry is about.

The next level, the Associate Level, is best described as position-specific. The courses in this level focus on administration, marketing, business, and financial concepts. In addition, this level aims to help candidates understand how core functions in insurance work.

The final level of the LOMA certification course is the Fellow Level. This level is an advanced course level that hammers on subjects critical for building a successful insurance career.

Courses at this level provide candidates with the business knowledge needed to address complex problems in the industry.

FLMI courses are available in other languages, asides from English – French, Korean, and Chinese. The costs of the exam vary depending on what courses you are taking. Not to mention, there are discounts available to members.

Designation Papers Theme
Level I LOMA 280 or LOMA 281 Principles of Insurance
LOMA 290 or LOMA 291 Insurance Company Operations
Associate, Life Management Institute (ALMI) All papers in Level I
LOMA 301 or LOMA 302 Insurance Administration
LOMA 307 or LOMA 308 Business and Financial Concepts for Insurance Professionals
LOMA 320 or LOMA 321 Insurance Marketing
Fellow, Life Management Institute (FLMI) All papers in ALMI
LOMA 311 Business Law for Financial Services Professionals
LOMA 335 Operational Excellence in Financial Services
LOMA 357 Institutional Investing: Principles and Practices
LOMA 361 Accounting and Financial Reporting in Life Insurance Companies
LOMA 371 Risk Management and Product Design for Insurance Companies

Source: Wikipedia

Many people may know LOMA certification as the Fellow Life Management Institute (FLMI). This may be because it is the final level of the 10-course program before certification.

The courses at this level provide applicants with a deeper level of understanding of insurance and financial topics.

The program was established in the early 1930s and currently holds the rank of one of the largest university-level finance and insurance education programs. The exam is administered by the Life Office Management Association (LOMA). This is why it is also popularly known as the LOMA exam.

Factors such as what courses you are taking and whether or not you have a membership will affect the cost of your exam. Without membership, you can expect to spend an average of $300 – $700 on a LOMA exam. Members usually enjoy discounts on examinations and can spend $150 – $500 on LOMA examinations.

You can enrol for the LOMA certification exam online via their official website. The website is designed to walk you through the proc

ess, so all you have to do is follow the step-by-step prompt on the screen.

There are no requirements or prerequisites to taking the FMLI examinations. All that is required is that students pass each course taken in the 10-course program to qualify as certified members. The courses cover topics across insurance, business, marketing, law, etc.

Some people may think that these two are the same thing, but they aren’t. The Life Office Management Association is an educational body that offers development training by offering administrative and technical courses to insurance professionals. However, the Fellow Life Management Institute is a level of one of LOMA’s designated courses.

Life Office Management Association is an educational body that offers industry-specific training for insurance professionals.

They are well-respected not only in America but worldwide. This is why taking the exam comes with many benefits. The main benefit is being positioned as a credible professional in the insurance industry.

We would advise anyone hoping to build a strong career in insurance to take the examination, and even seasoned insurance practitioners. This is because the courses count towards the continuing education requirement needed to maintain your license.

Sources

Is LOMA Certification Really Worth It?

Life Office Management Association

What is the Fellow Life Management Institute?

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