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LOMA 307 — Business and Financial Concepts for Insurance Professionals

Course Type: Course Portal, Designation
Topics: Finance & Accounting, Financial Services & Financial Planning, Life Insurance
Designations: ACS, ALMI, FLMI
Language: Chinese (simplified), Chinese (traditional), English, French, Korean, Portuguese, Spanish


LOMA 307 introduces industry employees to basic financial concepts and terminology and relates these concepts to the business of insurance and company operations and profitability.


  • The Role of Insurance in the Economy
  • Insurance Company Management
  • Managing Solvency and Profitability
  • Product Design and the Time Value of Money
  • Achieving Operational Efficiency
  • How the Economy Affects Insurance Companies
  • Financial Reports and Plans
  • Understanding Financial Ratios
  • Presenting Data Visually
  • Analyzing
  • Population Data
  • Analyzing Sample Data
  • Define economics and explain the primary sectors that make up local, national, and global economies, as well as the different types of financial institutions and the roles they play in the economy.
  • Describe the three types of insurance companies – stock, mutual, and fraternal benefit societies – and how their products can satisfy one or more of the four basic financial needs of customers.
  • Explain the steps in the control process and describe the important control mechanisms insurance companies use to measure, evaluate, and improve their operational performance, including risk management, profitability, and solvency.
  • Understand key financial concepts such as simple and compound interest, minimum reserve requirements, minimum capital standards, required and risk-free rates of return, risk premium, the rule of 72, and future and present value calculations.
  • Describe how insurers can use benchmarking, total quality management (TQM), Six Sigma, lean management, and Business Process Reengineering (BPR) to improve operating efficiency, and how they use outsourcing, enhanced information technology, and remote work accommodations to reduce operating expenses.
  • Explain how changes in price levels due to inflation, deflation, or increasing / decreasing market interest rates can affect insurance or financial services institutions.
  • Recognize essential information contained in the income statement and the balance sheet, as well as the purpose of cash flow and owners’ equity statements and Annual Reports.
  • Describe the ratio-based systems used by regulators and rating agencies to monitor and evaluate insurance company solvency and profitability.
  • Describe the three primary elements of a financial model and explain how insurers can use modeling to forecast future financial conditions. Depository Institutions.

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

Study Materials

Business and Financial Concepts for Insurance Professionals, Second Edition (LL Global, Inc., 2018)
ISBN 978-1-57974-459-5

Test Preparation Guide for LOMA 307 (LL Global, Inc., 2018)
ISBN 978-1-57974-460-1

Optional printed textbook (not included in bundled fee)

Business and Financial Concepts for Insurance Professionals, Second Edition (LL Global, Inc., 2018)
ISBN 978-1-57974-459-5
PBD Order # 307-10-18

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 (if available) 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.