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LOMA 361 Overview
LOMA 361 focuses on concepts non-accountants need to know about financial and managerial accounting in life insurance companies. The course provides a broad understanding of key accounting principles and how they are applied to company operations.
Topics
- Introduction to Accounting and Financial Reporting
- The Accounting Function
- Accounting Principles and Concepts
- Financial Statements and Reports
- Asset Valuation and Accounting for Invested Assets
- Accounting for Other Assets
- Accounting for Contractual Reserves
- Accounting for Other Liabilities
- Accounting for Capital and Surplus
- Accounting for Revenues and Expenses
- Interpreting Financial Ratios
- Responsibility Accounting
- Cost Accounting
- Financial Analysis
- Budgeting
- Internal Control and Auditing
Objectives
- Distinguish between generally accepted accounting principles (GAAP) and statutory accounting principles (SAP) and describe important reports prepared using GAAP and SAP, such as the Annual Report and the Annual Statement.
- Describe the components and purposes of an insurer’s key financial statements — the balance sheet, income statement, cash flow statement, and statement of owners’ equity — and explain the relationships among these financial statements.
- Define the five major account classifications — assets, liabilities, owners’ equity, revenues, and expense — and identify examples of each type of account classification for life insurers.
- Describe the different types of financial ratios used by life insurers and evaluate the financial ratio results for a life insurer over time and in comparison to the results other companies.
- Explain and apply the tools of management accounting: responsibility accounting, cost accounting, financial analysis, and budgeting.
- Describe the principles of an effective system of internal controls and explain the importance of audits for life insurers.
Pricing and Enrollment
Pricing
See North American course pricing.
Enrolling in Courses With Proctored Exams
- 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.
- At the bottom of the course description page, choose Exam Type — you must choose between
- self-proctored, end-of-module exams
- or a proctored, end-of-course I*STAR exam
Download the "What Exam Format Should I Choose?" flowchart
- Select ADD TO CART next to the items in which you would like to enroll.
- If you choose the I*STAR exam option, you must also
- 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.”
- 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.
- 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.
What happens if I 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.