Return to Homepage

LOMA 280 — Principles of Insurance

Course Type: Course Portal, Traditional Designation Course
Topics: Life Insurance
Designations: ACS, AIRC, ALMI, ARA, CPLHI, FLMI, LCIC, PFLP, PFSL, FLMI Level I
Language: Bahasa Indonesia, Chinese (simplified), Chinese (traditional), English, French, Korean, Portuguese, Spanish



Overview

LOMA 280 introduces the principles of insurance, the process of becoming insured, and the policyowner’s contractual rights. The course includes information on the features of individual and group life insurance, health insurance, and annuity products.

Topics

  • Introduction to Risk and Insurance
  • The Life and Health Insurance Industry and Its Regulation
  • Life Insurance Policies as Contracts
  • Financial Design of Life Insurance Products
  • Meeting Customer Needs
  • Term Life Insurance
  • Cash Value Life Insurance
  • Supplemental Benefits
  • Individual Life Insurance Policy Provisions
  • Life Insurance Policy Ownership Rights
  • Annuities
  • Principles of Group Insurance
  • Group Life Insurance
  • Group Retirement Plans
  • Health Insurance Overview
  • Describe the financial services industry and explain how insurance companies – stock, mutual, and fraternal benefit societies – function within that industry, why they are organized as corporations, and how they are regulated by both state and federal governments.
  • Discuss some of the most common terms that characterize the processes and considerations involved in issuing an insurance policy, among them: speculative risk, pure risk, insurable risk, risk classes, insurable interest, anti-selection, mortality tables, contracts, and premiums.
  • Explain the differences among the numerous types of contracts commonly used by insurance companies, including valid, void and voidable, formal and informal, bilateral and unilateral, commutative and aleatory, and contracts of adhesion.
  • Understand the key considerations that drive the product development process, such as mortality, premium rate, cost of benefits, compound interest and return on investment, as well as the type of policy – whole, term, universal, or variable – and provisions of each.
  • Describe additional benefits, features, or restrictions a life insurance policy might include, such as grace period, incontestability, reinstatement, policy loans, exclusions, dividend, non-forfeiture and settlement options, and transfer of ownership, among others.
  • Distinguish among the different types of annuity products and features, as well as the fees, charges, and taxes that apply to annuities, IRAs, and other retirement products.
  • Identify and describe types of group insurance plans and typical provisions and features contained in a group life insurance policy.
  • Discuss various healthcare products, such as managed care, disability income, and long-term care, and the numerous benefits and features of each.

Course Format

Course Portals include the following elements:

  • PDFs of the assigned course materials that can be printed or read online
  • The same interactive Practice Questions and Sample Exams currently found in LOMA Test Preparation Guides (TPGs)
  • Recommended study plans to help learners set goals and manage their study schedule
  • A variety of additional media-oriented features designed to enhance the study and review process

Exam Format

The LOMA 280 exam has 60 questions and a time limit of 2 hours. It is available in I*STAR, Prometric and Paper exam formats.

Study Materials

Enrollments purchased before January 3, 2017 will be based on the following text assignment:

Principles of Insurance (LOMA, 2011)
ISBN 978-1-57974-351-2

Test Preparation Guide for LOMA 280 (LOMA, 2011)
ISBN 978-1-57974-352-9

Optional printed textbook (not included in bundled fee).

Principles of Insurance (LOMA, 2011)
ISBN 978-1-57974-351-2
PBD Order # 280-10-11

Enrollments purchased on or after January 3, 2017 will be based on the following text assignment:

Principles of Insurance, Second Edition (LOMA, 2017)
ISBN 978-1-57974-455-7
PBD Order # 280-10-17

Test Preparation Guide for LOMA 280 (LOMA, 2017)
ISBN 978-1-57974-456-4

Ordering printed study materials

Most Course Portals include online access to the course’s study materials and do not require purchase of additional printed study materials. However, you can order printed study materials for some designation courses (for an additional cost) via LOMA’s learning system, or by using the textbook order form and information below:

For the United States and Canada, you can order study materials for designation courses through PBD by using the form and information below:

2017

PBD Worldwide
P.O. Box 930108
Atlanta, Georgia 31193-0108
Tel: 1-800-887-3723 or 770-280-4178
Fax: 770-280-4150
Email: LNH@pbd.com
Website: www.lomabookstore.com

Additional textbook order forms

Forms include applicable mailing and contact information

2017

How to Enroll

Enrolling in Courses with Proctored Exams

LOMA requires proctored examinations for many of its professional designation courses. Study materials for these courses are delivered via online Course Portal, and enrollment in the Course Portal also includes enrollment in one of our proctored exam options for the course. Proctored exams are administered in LOMA member organizations and in independent testing locations around the globe. LOMA exams vary in length from two–three hours. Consult the Designation Study Materials Roadmap for specific information about the length of your exam.

Proctored examinations can take one of three forms:

Enrollment Step-by-Step

  1. Log in to your LOMA Learning account using your login ID and password.
  2. Browse the Learning Catalog for the course for which you would like to enroll.
  3. Select ADD TO CART next to the items for which you would like to enroll.
  4. Choose Exam Type — you must choose between Prometric, I*STAR, or Paper Exam enrollment.
    • Select Exam Site — your company’s primary exam site (if applicable) will appear on the screen. To see other available exam sites, click “Search.”
    • Note for Independent Students: Click “Include 3rd party exam sites” to find open exam sites offered by other companies. More information on Independent Student enrollment.
    When you have selected an exam site, click “Save.”
  5. Return to the catalog to continue searching for courses and add additional items to your shopping cart, or click the shopping cart to check out.
    • If you have not already done so, you will be prompted to log in to the LOMA learning system at this time. Once you have successfully logged in, click the shopping cart again to begin the checkout process.
     
  6. Review your shopping cart. Click CHECK OUT to proceed.
  7. If you are purchasing a physical product (example: a textbook), complete the SHIPPING information screen.
  8. Enter payment information
    • If your company has set up direct billing with LOMA, an account code will appear next to the “Bill My Company” field.
    • If you are using direct-to-company billing method, ensure that the radio button next to the “Bill My Company” field is selected and then click “Next” to continue.
    • If you are paying for your enrollment by credit card, enter all of the required fields for a credit card transaction. Once you have provided all of the required information, click “Next” to continue.
  9. Review your order, accept LOMA’s Terms and Conditions, and click BUY NOW. An enrollment confirmation will be emailed to you.

See the video
LOMA 280
Course Comparison Chart

Trying to decide between the course-portal and highly interactive online versions?

ACORD

Certify in ACORD standards with ACE