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LOMA 361 — Accounting and Financial Reporting in Life Insurance Companies

Course Type: Course Portal, Designation
Topics: Finance & Accounting, Life Insurance
Designations: ARA, FLMI
Language: Chinese (simplified), Chinese (traditional), English, French



Overview

LOMA 361 provides a broad exposure to financial and managerial accounting in life insurance companies, including the corporate and regulatory environment in which accounting functions occur.

Topics

  • The Accounting Function
  • Accounting Regulation and Monitoring
  • Accounting Principles and Concepts
  • Financial Statements and Reports
  • Asset Accounting and Invested Assets
  • Accounting for Other Assets
  • Accounting for Reserves
  • Accounting for other Liabilities
  • Accounting for Capital and Surplus
  • Accounting for Revenues and Expenses
  • Financial Analysis
  • Responsibility Accounting
  • Cost Accounting
  • Cost Analysis
  • Budgeting
  • Internal Control and Auditing
  • Identify the main sources of revenue for life insurance companies, and explain why the accounting function is critical to a company’s profitability and continued solvency.
  • Recognize the components and purposes of an insurer’s key financial statements – balance sheet, income statement, cash flow statement, and statement of owners’ equity – and understand the relationships among various financial statements.
  • Describe the major capital and surplus accounts of life insurers and their sources, and explain how changes in assets, liabilities, and the market value of invested assets affect surplus.
  • Understand accounting principles that guide recording and reporting of accounting information, as well as basic accounting concepts – audits, capital, surplus, entries, gross/net income, expenses, taxation, financial ratios, assessments, valuations, liquidity, and scenario analysis – and how they apply to insurance companies.
  • Recognize the function of IRIS ratios, the FAST system, scenario analysis, and onsite regulatory examinations with respect to insurer solvency in the United States, and distinguish among risk-based capital requirements (United States) /Minimum Continuing Capital and Surplus Requirements (Canada) in monitoring insurance company solvency.
  • Describe common reserve valuation methods – gross reserve valuation, net reserve valuation, prospective reserve valuation, retrospective reserve valuation, and modified reserve valuation – as well as the effect of reserve strengthening and reserve de-strengthening on an insurer’s surplus.
  • Describe how insurers account for various policyholder benefits and supplemental options, as well as typical liabilities relating to premiums, expenses due and accrued, debt obligations, and claims incurred but not paid.

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

Study Materials

Accounting and Financial Reporting in Life Insurance Companies (LOMA, 2010)
ISBN 978-1-57974-338-3

Test Preparation Guide for LOMA 361 (LOMA, 2010)
ISBN 978-1-57974-339-0

Optional printed textbook (not included in bundled fee)

Accounting and Financial Reporting in Life Insurance Companies (LOMA, 2010)
ISBN 978-1-57974-338-3
PBD Order # 361-10-10

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 361 video
LOMA 361 promo screen