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LOMA 301 — Insurance Administration

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



Overview

LOMA 301 provides a detailed discussion of the activities of insurance administration for individual and group life coverages, focusing on underwriting, reinsurance, claims, and customer service.

Topics

  • Overview of Insurance Administration
  • New Business Process and Underwriting Principles
  • Legal Aspects of Underwriting
  • Underwriting Individual Life Insurance: Assessing Mortality Risk
  • Underwriting Individual Life Insurance: Financial Underwriting and Risk Classification
  • Niche Policies, Business Life Insurance, Replacements and Supplemental Benefits
  • Underwriting Group Life Insurance
  • Overview of Claim Administration
  • Administering Life Insurance Claims
  • Reinsurance Overview
  • Reinsurance Administration
  • Effective Customer Service
  • Customer Service Practices
  • Explain the importance of efficient administration practices to a company’s business processes, productivity, profitability, and compliance with regulatory and ethical standards.
  • Describe how marketing, actuarial, accounting, treasury operations, legal, compliance, human resources, and information technology coordinate with staff in insurance administration, notably underwriting, claim administration, reinsurance, and customer service.
  • Describe how governments in the United States and Canada regulate discrimination, privacy, medical testing, replacements, money laundering, and financing terrorists during the underwriting process for both individual and group business.
  • Define key considerations, such as insurable interest, risk assessment and classification, suitability, information sources, and anti-selection that influence the decision to approve and issue insurance; how these determine whether coverage is preferred, standard, sub-standard, or declined; and if reinsurance may be necessary.
  • List the basic features and underwriting considerations of various types of insurance, including multi-life policies, juvenile insurance policies, buy-sell agreements, key-person life insurance, split-dollar life insurance, creditor insurance, and direct response policies.
  • Explain the importance of an insurer’s claim philosophy in guiding its claim practices, the steps it takes in evaluating a typical claim, and any “red flags” that indicate potentially fraudulent claims.
  • Explain how claim analysts determine the proper payee for life insurance policy proceeds and describe situations involving the beneficiary, policy assignments, adverse claimants, community property laws, divorce, and simultaneous deaths that can complicate the payment process.
  • Recognize actions that qualify as unfair claim practices according to the NAIC Unfair Claims Settlement Practices Act, and requirements imposed on insurers by the NAIC Unfair Life, Accident and Health Claims Settlement Practices Model Regulation.
  • Describe how a database management system, data mining, predictive modeling, a business rules engine, a document management system, and an automated workflow system enhance insurance administration processes and reduce security risks.
  • Identify the benefits to insurers who provide effective customer service, including the typical ways insurers organize customer service departments and the tools that automate and simplify customer service delivery.

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

Study Materials

Insurance Administration, Fourth Edition (LOMA, 2011)
ISBN 978-1-57974-354-3

Test Preparation Guide for LOMA 301 (LOMA, 2011)
ISBN 978-1-57974-355-0

Optional printed textbook (not included in bundled fee)

Insurance Administration, Fourth Edition (LOMA, 2011)
ISBN 978-1-57974-354-3
PBD Order # 301-10-11

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 LOMA 301 video
LOMA 301