Topics
- Insurance Company Organization and Operations
- Corporate Governance, Ethics, and Control
- Risk and Risk Management
- Legal and Compliance
- Human Resources Management
- Information and Technology
- Financial Management
- Accounting, Treasury Operations, and Auditing
- Investment Management
- Marketing
- Product Development
- Product Distribution
- New Business and Underwriting
- Claim and Annuity Benefit Administration
- Customer Service
Objectives
- Describe how life insurance companies operate in today’s global environment — how they are organized and managed, and the roles specific functional and support units play in developing, distributing, issuing, and administering life insurance and annuity products.
- Explain traditional ways that insurers organize operations and organizational concepts such as authority, responsibility, accountability, chain of command, delegation, centralized organizations, and decentralized organizations.
- Describe types of customer-related confidential information and how insurance company employees should handle such information to comply with privacy and confidentiality requirements, as well as ethics and regulatory guidelines.
- Understand the differences between legal functions and compliance functions, including how each is organized, resolves disputes, and conforms to market conduct protocols.
- Describe how human resources (HR) organizations are typically organized and their primary responsibilities, notably planning and staffing, training, performance evaluation standards, and oversight of compensation and benefits programs.
- Identify the main elements in information management, including databases, database management systems, data warehouses, document management systems, and workflow management systems.
- Describe how business intelligence, business analytics, and expert systems are used in insurance companies.
- Describe common risks life insurance companies face and the risk management techniques deployed (i.e., diversification, hedging, expense, and enterprise risk management).
- Describe the different types of financial accounting — premium accounting, investment accounting, general accounting, and tax accounting — and distinguish among Generally Accepted Accounting Principles (GAAP), statutory accounting practices, and International Financial Reporting Standards (IFRS).
- Discuss the product development process — generating and screening ideas for new products, product implementation, and monitoring, evaluating, and using feedback to improve product offerings.
- Identify the benefits to insurers of providing effective customer service, including typical customer service department organization, and the tools that automate and simplify customer service delivery.
- Explain why effective claim administration is critical to an insurer’s success in guiding claim practices, as well as the steps taken in evaluating a typical claim, and any “red flags” that indicate potentially fraudulent claims.
Format
Course Format
Course portals include the following elements:
- All the assigned study materials needed for the course
- Interactive practice questions and sample exams
- Recommended study plans to help you set goals and manage your study schedule
- Additional media and features to help in the study and review process
Exam Format
The LOMA 290 proctored exam has 60 questions and a time limit of 2 hours. It is available in I*STAR and paper exam formats.
Study Materials
Insurance Company Operations, Third Edition (LOMA, 2012)
ISBN 978-1-57974-380-2
Test Preparation Guide for LOMA 290 (LOMA, 2012)
ISBN 978-1-57974-381-9
Optional printed textbook (not included in bundled fee)
Insurance Company Operations, Third Edition (LOMA, 2012)
ISBN 978-1-57974-380-2
Order LOMA 290 printed textbook
Pricing and Enrollment
Pricing
See North American course pricing.
Enrolling in Courses With Proctored Exams
LOMA requires proctored examinations for some of its professional designation courses. Proctored examinations are administered through our online testing system:
Proctored exams are administered in LOMA member organizations and in independent testing locations around the globe. LOMA exams vary in length from 2 – 3 hours. Consult the Designation Study Materials Roadmap for specific information about the form and length of your exam.
Enrollment Step-by-Step
- Log in to your LOMA Learning account using your login ID and password.
- Browse the Learning Catalog for the course in which you would like to enroll.
- Select ADD TO CART next to the items in which you would like to enroll.
- 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 about Independent Student enrollment. When you have selected an exam site, click “Save.”
- 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.
- Review your shopping cart. Click CHECK OUT to proceed.
- If you are purchasing a physical product (example: a textbook), complete the SHIPPING information screen.
- 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.
- Review your order, accept LOMA’s Terms and Conditions, and click BUY NOW. An enrollment confirmation will be emailed to you.