LOMA logo

LOMA 371 — Risk Management and Product Development for Life Insurance Companies

New format now available!

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



Overview

LOMA 371 provides a holistic picture of risk management and the entire product development process to help you understand more about the reasoning behind your company’s decisions, the structure of a well-designed product, and how your own responsibilities contribute to the achievement of company financial goals.

Topics

  • Introduction to Risk Management and the Actuarial Function
  • Solvency Standards and Risks Life Insurers Manage
  • Risk Management Strategies
  • Financial Modeling in Risk Management and Product Design
  • New Product Considerations, Planning, and Analysis
  • Technical Product Design, Product Introduction, and Product Monitoring
  • Investment Earnings and Technical Product Design
  • Mortality Tables and Assumptions
  • Operating Expenses and Policyholder Behavior in Technical Product Design
  • Life Insurance Technical Product Design
  • Annuity Technical Product Design
After completing this course, you will be able to: 
  • Gain a broad understanding of the ways in which risk management and product development are connected, such as how a well-designed product manages and exploits certain risks to ensure solvency and profitability.
  • Learn about the actuarial function, and how actuaries contribute to both risk management and product development.
  • Describe the various risks that life insurers face, and the strategies that insurers use to manage those risks. 
  • Describe the product development cycle, from product planning to product launch and post-launch activities.
  • Demonstrate how insurers use the time value of money concept to calculate how much return can be expected from an investment, or how much capital is necessary to reach an investment goal. 
  • Describe the use of mortality tables and assumptions in product development, and explain how insurers incorporate operating expenses into technical product design.
  • Learn about the basic structure of life insurance and annuity products, and describe how to calculate factors such as the cost of benefits for a product.

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 

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:

  • Timed, self-proctored end-of-module exams available through the Course Portal. Learners complete a short online exam at the end of each course module. The total number of questions across all end-of-module exams is 60.
  • Proctored end-of-course I*STAR exam. The time limit for the proctored exam is 2 hours and the exam includes 60 questions. Proctored examinations can take one of two forms:
    • Computerized / I*STAR exams at a LOMA member organization
    • Computerized / I*STAR exams at Prometric Testing Centers (available in the United States and Canada only)

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

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:
• Timed, self-proctored end-of-module exams available through the Course Portal. Learners complete a short online exam at the end of each course module. The total number of questions across all end-of-module exams is 60.
• 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 60 questions.
The course content is the same regardless of the testing option chosen. 

Study Materials

Risk Management and Product Development for Insurance Companies (LOMA, 2021)
ISBN 978-1-57974-392-5

LOMA’s e-books include text-based content with interactive and multi-media features. Practice and review questions, videos, and other interactive features are integrated in the e-book content. This creates a more dynamic, engaging way to learn important topics.

The content downloaded to the e-reader will be available indefinitely. Features that are accessible only through the course portal (sample exam, end-of-module exams, etc.) will no longer be available after the 6-month enrollment period.

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.


See the LOMA 371 video
LOMA 371