Risk management and insurance is a diverse field. Earning a designation or obtaining a license demonstrates that you have acquired specific insurance expertise and is often encouraged or required by employers. In an effort to ensure that our risk management/insurance students remain competitive in the job market, the department provides financial assistance for the costs associated with earning a designation or obtaining a license. The exact level of financial assistance may vary unless specifically indicated.
To learn more, contact Dr. Cassandra Cole, Department Chair, at 850-644-9283.
For insurance professionals working in the state of Florida, licensing is managed by the Florida Department of Financial Services. There are several types of licenses for agents and agencies as well as for adjusters; some are general in nature, while others are for specific lines of coverage. The requirements for each of these licenses vary.
Completion of the risk management/insurance undergraduate or graduate program meets the educational requirements to receive several licenses without sitting for the licensing exams. These include:
- General Lines Agent License (2-20)
- Health & Life (Including Annuities & Variable Contracts) Agent License (2-15)
- All-Lines Adjuster License (6-20)
- Personal Lines Agent License (20-44)
- Customer Representative (4-40)
To obtain a license(s), students need to visit the MyProfile page on the Florida Department of Financial Services website, create an account, and follow the instructions for applying for a license(s). Students are able to apply for multiple licenses at the same time and only pay one application fee ($50). Note, there is a $5 fee per license.
The National Alliance’s University Associate Designations
The National Alliance offers two designations for undergraduate students, the University Associate Certified Insurance Counselor (UACIC) and the University Associated Certified Risk Manager (UACRM).
For the UACIC designation, students must: 1) complete RMI 4224 - Property and Liability Insurance Contracts with a grade of “C” or better; and 2) take a second CIC exam through The National Alliance (note: this course can be completed while taking RMI 4347 - Commercial Risk Management). The cost for each is $100. Students completing the designation are eligible for full reimbursement. Students passing RMI 4224 - Property and Casualty Insurance Products only are eligible to apply for CIC credit, but will not receive reimbursement. Graduate students are also eligible for this program and can receive credit for one part of the CIC designation for completion of RMI 5225 - Property/Liability Insurance Contract Analysis with a grade of “C’ or better and eligible for the UACIC designation by taking a second CIC exam through The National Alliance. Graduate students are not eligible for reimbursement if they elect to take the exam and receive the UACIC designation. To learn more, visit The National Alliance website.
For the UACRM designation, students must: 1) complete RMI 4347 - Commercial Risk Management with a grade of “C” or better; and 2) take the Principles of Risk Management exam through The National Alliance (note: this course can be completed while taking RMI 4347 - Commercial Risk Management). The cost for each is $100. Students completing the designation are eligible for full reimbursement. Students passing RMI 4347 only are eligible to apply for CRM credit, but will not receive reimbursement. Graduate students are also eligible for this program and can receive credit for one part of the CRM designation for completion of RMI 5345 – Risk Management in the Business Enterprise with a grade of “C’ or better and eligible for the UACRM designation by taking a second CIC exam through The National Alliance. Graduate students are not eligible for reimbursement if they elect to take the exam and receive the UACRM designation. To learn more, visit The National Alliance website.
Collegiate Studies for CPCU Program
The Institutes, a leading provider of professional education, allows you to earn course waivers for completing coursework with a “B” or better at approved universities through its Collegiate Studies for CPCU Program. The following FSU risk management and insurance classes have been approved: RMI 4292 (CPCU 520), RMI 5710 (CPCU 520), and RMI 4420 (CPCU 530). In addition, students that are enrolled at an approved college or university, earn two course waivers, and take The Institutes’ Ethics 312 course online can earn the Collegiate Studies for CPCU Certificate.
Designations are sponsored by a number of organizations and are earned by completing a set of courses or exams. While there are more than 40 designations, the most common include the Associate in Risk Management (ARM), Certified Insurance Counselor (CIC), Chartered Life Underwriter (CLU), Chartered Property Casualty Underwriter (CPCU) and Certified Risk Manager (CRM).
Associate in Risk Management (ARM)
The ARM designation is administered by the Insurance Institute of America (The Institutes). The ARM requires completion of three courses and exams which cover risk assessment, risk control and risk financing. Those focusing on risk management of public entities may want to consider obtaining the ARM-P, which involves completing one additional course. Most recently, The Institutes introduced an ARM-E, which covers enterprise-risk management theories and practices. As with the ARM-P, this designation requires completing one additional course.
Certified Insurance Counselors (CIC)
The CIC designation is offered by The National Alliance for Insurance Education and Research and requires the completion of five courses and exams covering the following topics: personal lines, commercial casualty, commercial property, life and health and agency management.
Chartered Life Underwriter (CLU)
The CLU designation is managed by the American College. This designation requires the completion of eight courses and exams, five core courses plus three electives. The core courses cover basic insurance planning, individual life insurance, life insurance law, estate planning and planning for business owners and professionals. The elective courses include such topics as individual health insurance, group benefits, retirement needs, investments, and advanced financial planning and estate planning.
Chartered Property Casualty Underwriter (CPCU)
The CPCU designation is administered by The Institutes. Similar to the CLU, there are several core courses covering basic risk management and insurance concepts, insurer operations, business law for insurance professionals, and financial and accounting for insurance professionals. There is also an elective course requirement, which covers such specialty topics as workers compensation, financial services and reinsurance. An additional three courses in the either commercial lines or personal lines are also required for a total of eight courses and exams.
Certified Risk Managers (CRM)
The CRM designation is offered by The National Alliance for Insurance Education and Research. Similar to the CIC, the designation involves completion of five courses and exams covering various aspects of risk management including: principles of risk management, analysis of risk, control of risk, financing of risk and practice of risk.
Other Useful Designations
The Associate in Commercial Underwriting (AU), the Accredited Advisor in Insurance (AAI), the Associate in Claims (AIC), Certified Employee Benefits Specialist (CEBS), Chartered Financial Consultant (ChFC), the Personal Lines Coverage Specialist (PLCS), the Registered Employee Benefits Consultant (REBC) and the Registered Health Underwriter (RHU) are other designations that typically demonstrate knowledge in more focused areas. For a more complete list of insurance designations, including a brief description information regarding the sponsoring organizations and how to obtain more information, review the yearly summary provided in Best’s Review. Copies are available in the department office.