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ARA 440 — Reinsurance Administration

Course Type: Course Portal, Designation, Traditional Designation Course
Topics: Reinsurance
Designations: ACS, ARA
Language: English



Overview

ARA 440 shows how reinsurance strengthens the insurance industry and increases the likelihood that insurance companies will have sufficient funds to pay anticipated claims. This course also discusses reinsurance principles, regulation of reinsurance, typical provisions in a reinsurance agreement, the administration of reinsurance business, and the importance of quality control for reinsurance.

Topics

  • Introduction to Reinsurance
  • Reinsurance Environment
  • Regulation of Reinsurance
  • Forms of Reinsurance
  • Defining the Reinsurance Coverage
  • Reinsurance Administration Procedures
  • Claims, Rescission, and Potential Problems
  • Financial Arrangements for Reinsurance
  • Risk Management and Reinsurance
  • Managing Retention Limits
  • Reinsurance Activities, Staff, and Systems
  • Administering New Business
  • Administering In-Force Business and Terminations of Reinsurance
  • Quality Control in Reinsurance
  • Identify the roles that insurance companies take in a reinsurance transaction and arrangements in which reinsurers combine forces, including reciprocal arrangements and reinsurance pools.
  • Understand the model laws, regulations, and licensing requirements affecting reinsurance in the United States, as well as the regulatory requirements related to reserve credit and risk transfer, privacy, money laundering, and corporate governance in reinsurance transactions.
  • Compare and contrast the automatic, facultative, and facultative-obligatory methods of transferring reinsurance risk.
  • Describe the general characteristics of a reinsurance treaty and explain the provisions that define the scope of the agreement, including the parties to the agreement provision, the entire agreement provision, the duration of the agreement provision, and the recapture provision.
  • Discuss the administration of changes that can affect reinsurance coverage, including recapture of ceded risk, increasing death benefits, continuation of reinsured policies, conversion of reinsured policies, and reinstatement of reinsured policies.
  • Explain the role that departments such as marketing, actuarial, underwriting, law and compliance, accounting, auditing, and claims play in the insurer’s reinsurance business.
  • Understand the steps a reinsurer takes to examine, approve, and settle a claim submitted under a reinsured policy.

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

Study materials for this course are delivered via the online Course Portal, and enrollment in the Course Portal also includes enrollment in one of the exam options for the course:

  • A timed, self-proctored end-of-course exam available through the Course Portal. The time limit for the proctored exam is 100 minutes and the exam includes 50 questions.
  • Proctored end-of-course I*STAR exam at a LOMA member organization. The time limit for the proctored exam is 2 hours and the exam includes 50 questions.

The course content is the same regardless of the testing option chosen.

Study Materials

Principles of Reinsurance, Second Edition (LOMA, 2013)
ISBN 978-1-57974-414-4

Test Preparation Guide for ARA 440 (LOMA, 2013)
ISBN 978-1-57974-413-7

How to Enroll

Enrolling in a Course with Proctored and Self-Proctored Exam Options

  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. At the bottom of the course description page, choose Exam Type — you must choose between
    • self-proctored, end-of-module exams
    • a proctored, end-of-course I*STAR exam
    Download the "What Exam Format Should I Choose?" flowchart
  4. Select ADD TO CART next to the items for which you would like to enroll.
  5. If you choose the proctored exam option, you must also select your exam site.
    • 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.”
  6. 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.
  7. Review your shopping cart. Click CHECK OUT to proceed.
  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.
What happens if learners make a mistake and choose the wrong testing option?

If, during the enrollment process, you select a testing option by mistake, you must contact LOMA within 72 hours of your enrollment to have the error corrected at no charge.