| LOMA 302 — The Policy Lifecycle: Insurance Administration |
LOMA 302 - The Policy Lifecycle: Insurance Administration traces the lifecycle of a life insurance policy and explores insurance administration functions through real-world examples. Learners will closely examine underwriting processes, customer service practices, reinsurance protocols, and claims evaluation procedures to gain an understanding of how insurers carry out a broad range of administrative activities.
| Online Course, I*STAR Exam is not needed |
This highly interactive online course uses an engaging, multi-media approach that includes video, audio, and scenario-based learning. Integrated exams are built right into the course as part of the learning experience, so no separate exam enrollment is required.
LOMA's highly interactive online course allows student to complete courses step-by-step anywhere and anytime by using desktop computer, tablet computer (including iPad), mobile computer or similar communication device.
| Free Demostration |
You may click here and experience LOMA's highly interactive online course demonstration for free.
| Learning Outcomes |
- Describe how life insurers maintain productivity, profitability, and compliance with regulatory and ethical standards in the following areas of insurance administration: underwriting, customer service, and claim administration
- Define reinsurance and explain why insurers use it
- Describe the new business process and explain how insurers collect information on medical risk factors, personal risk factors, and financial risk factors to assess risk and determine whether a risk is preferred, standard, substandard, or uninsurable
- Explain how key concepts such as insurable interest, material misrepresentation, suitability, and anti-selection impact the underwriting decision
- List the basic features of and underwriting considerations for various types of insurance, including multi-life policies, juvenile insurance policies,key-person life insurance, split-dollar life insurance, creditor insurance, and direct response policies
- Describe the group underwriting process and the importance of a request for proposal, master proposal, master application, and a master group insurance contract in this process
- Explain the importance of providing effective customer service and improving the overall customer experience; and identify the strategies, technologies, and service options that insurers use to meet customer needs
- Identify and explain routine and complex policyowner service transactions, including handling payments, complaints, conversions, terminations, reinstatements, beneficiary changes, policy loans and making product changes
- Describe approaches to efficiency in claim administration, the steps claim analysts take in evaluating a typical claim, warning signs of potentially fraudulent claims, and legal issues related to claims
- Explain how claim analysts determine the proper payee for life insurance policy proceeds and describe situations involving the beneficiary, policy assignments, adverse claimants, community property laws, divorce, and simultaneous deaths that can complicate the payment process
| Course Outline |
Number of Lessons: 11
Module I: Overview of Insurance Administration and Underwriting
- Lesson 1: Overview of Insurance Administration
- Lesson 2: The New Business Process and Underwriting Principles
- Lesson 3: Individual Life Insurance: Assessing Mortality
- Lesson 4: Individual Life Insurance: Financial Underwriting and Risk Classification
Module II: Specialized Underwriting
- Lesson 1: Underwriting Specialized Coverages and Supplemental Benefits
- Lesson 2: Underwriting Group Life Insurance
Module III: Customer Service
- Lesson 1: Effective Customer Service
- Lesson 2: Policyowner Service
Module IV: Claim Administration
- Lesson 1: Overview of Claim Administration
- Lesson 2: Administering Life Insurance Claims
- Lesson 3: Completing the Claims Evaluation Process
| Remarks |
- LOMA302 is offered in English only
- Student must complete this course within 6 months after enrollment.
- Estimated study hours： 12-15 hours
| Relevant LOMA professional qualifications |
This course shall form part of the following professional qualifications:
- AIRC - Associate, Insurance Regulatory Compliance
- ACS - Associate, Customer Service
- ARA - Associate, Reinsurance Administration
- Associate, Life Management Institute (ALMI)
- FLMI Fellow, Life Management Institute (FLMI)